Xanadu Quantum Technologies has gone public on the Nasdaq and Toronto Stock Exchange under the ticker symbol XNDU, marking a significant milestone as the first pure-play photonic quantum computing company to list on public markets.
The company completed its business combination with Crane Harbor Acquisition Corp., generating approximately $302 million in gross proceeds. In addition, Xanadu is in discussions with the governments of Canada and Ontario for up to C$390 million in potential funding to accelerate technology development, expand manufacturing capabilities, and advance commercialization efforts.
Founded in 2016, Xanadu focuses on building quantum computers using light-based, or photonic, systems. Its approach combines quantum hardware with software and cloud capabilities, including its open-source PennyLane platform, to advance scalable, fault-tolerant quantum computing.
The company has already established partnerships and commercial relationships across multiple industries. Its customers and collaborators include Lockheed Martin, AMD, Rolls-Royce, Tower Semiconductor, and Applied Materials. Additional collaborations span organizations such as Mitsubishi Chemical Group, Volkswagen, Toyota Research Institute of North America, and the U.S. Air Force Research Laboratory.
Xanadu has also received support from the government and research initiatives. The company was advanced to Stage B of DARPA’s Quantum Benchmarking Initiative, with the potential for up to $15 million in funding. It has also secured up to C$23 million through Canada’s Quantum Champions Program.
Following its public debut, Xanadu plans to scale its photonic quantum computing platform and continue progressing toward real-world applications in areas such as artificial intelligence, cybersecurity, and advanced computing.
KEY QUOTE:
“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. 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.”
Christian Weedbrook, Founder and Chief Executive Officer of Xanadu
