Insider Brief
- Xanadu has gone public on the Nasdaq and Toronto Stock Exchange via a SPAC merger, raising approximately $302 million to scale its photonic quantum computing platform and commercialization efforts.
- The company is pursuing additional support of up to C$390 million from Canadian federal and Ontario provincial programs to expand manufacturing and accelerate technology development.
- Xanadu reports growing commercial and government traction across industries and programs, including partnerships with major corporations and participation in DARPA’s Quantum Benchmarking Initiative.
PRESS RELEASE — Xanadu Quantum Technologies Limited (“Xanadu” or the “Company”), a leading photonic quantum computing company, today became a publicly listed company on Nasdaq and Toronto Stock Exchange under the ticker symbol “XNDU,” following the completion of its previously announced business combination with Crane Harbor Acquisition Corp., a special purpose acquisition company.
This transaction provided Xanadu with approximately $302 million in gross proceeds, alongside negotiations for up to C$390 million in potential funding from the Government of Canada and the Government of Ontario, to support continued technology development, expand manufacturing capabilities, and accelerate the commercialization of its photonic quantum computing platform.
“Going public on Nasdaq and the TSX marks a defining moment for Xanadu as we open the door to a broader global investor base and take a significant step forward in bringing our technology to market. Our dual listing strengthens our platform for growth and positions us to scale with greater speed and ambition, while continuing to deliver long-term value to our shareholders,” said Christian Weedbrook, Founder and Chief Executive Officer of Xanadu. “As quantum becomes increasingly relevant to AI, cybersecurity, and advanced computing, this milestone reflects the growing importance of these technologies globally. Xanadu is built on the idea that light-based quantum systems offer a path to scalable, fault-tolerant quantum computing, and by combining photonic hardware with an integrated software and cloud platform, called PennyLane, we are advancing toward practical, real-world use cases.”
Xanadu’s systems and software are already in use by a broad portfolio of industry-leading customers and partners spanning defense, aerospace, pharmaceuticals, semiconductors, and automotive sectors, including Lockheed Martin, AMD, Rolls-Royce, Tower Semiconductor, and Applied Materials. Further collaborations with Mitsubishi Chemical Group, Volkswagen, Toyota Research Institute of North America, and the U.S. Air Force Research Laboratory underscore the breadth of Xanadu’s commercial and government traction. DARPA has advanced Xanadu to Stage B of its Quantum Benchmarking Initiative, recognizing Xanadu as one of a select group of organizations with a credible path to utility-scale quantum computing, and awarded the Company up to $15 million in associated funding. In addition to this, Xanadu has secured up to C$23 million through the Canadian Quantum Champions Program to support continued advancement of its photonic quantum computing platform.
Following its public listing, Xanadu will focus on scaling its technology platform and advancing toward quantum computing applications that are useful and available to people everywhere.
