Xanadu Quantum Technologies Goes Public in a Groundbreaking $3.6B SPAC Deal
Xanadu Quantum Technologies is set to become a publicly traded entity on the Nasdaq, courtesy of a merger with the blank-check firm Crane Harbor Acquisition Corp. This $3.6 billion deal marks a significant milestone, making Xanadu the first pure-play photonic quantum computing company to go public.
The Canadian quantum computing giant anticipates raising close to $500 million through this SPAC deal. This includes a private investment of $275 million. The deal will enable Xanadu to be listed on both the Nasdaq and the Toronto Stock Exchange. This could potentially make it the first Canadian technology company to make a debut on the TSX in over four years.
Xanadu’s unique approach to quantum computing involves the use of photons, or tiny particles of light. This allows them to build quantum computers that can function at room temperature, eliminating the need for cryogenics. The company has previously showcased quantum supremacy with its 216-qubit Borealis system in 2022. This system demonstrated the capability to solve complex challenges in 2 minutes, a task that would take traditional supercomputers 7 million years.
“Today marks a transformative milestone for quantum computing as we bring the leading photonic quantum platform to the public markets,” said Christian Weedbrook, CEO of Xanadu. “The funding will accelerate development toward a fully fault-tolerant quantum computer by 2029.”
Source: CNBC