Xanadu Quantum Technologies Limited, a photonic quantum computing company, is now publicly listed on Nasdaq and the Toronto Stock Exchange under the ticker “XNDU.” The move follows its merger with special purpose acquisition company Crane Harbor Acquisition Corp.
According to a press release, the transaction raised about US$ 302 million in gross proceeds. The company is also negotiating C$ 390 million (US$ 285 million) in potential funding from the Canadian and Ontario governments to support technology development, expand manufacturing, and accelerate commercialization of its photonic quantum computing platform.
Christian Weedbrook, Founder and CEO, Xanadu, said, “As quantum becomes increasingly relevant to AI, cybersecurity, and advanced computing, 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.”
The Defence Advanced Research Projects Agency (DARPA) has advanced Xanadu to Stage B of its Quantum Benchmarking Initiative, awarding up to US$ 15 million in funding. Xanadu has also secured up to C$ 23 million (US$ 16.56 million) from the Canadian Quantum Champions Program to support its photonic quantum computing platform.
Xanadu’s systems and software are used by clients in defence, aerospace, pharmaceuticals, semiconductors, and automotive industries, including Lockheed Martin, AMD, Rolls-Royce, Tower Semiconductor, and Applied Materials. The company also works with Mitsubishi Chemical Group, Volkswagen, Toyota Research Institute of North America, and the U.S. Air Force Research Laboratory.