Toronto-based Xanadu Quantum Technologies began trading Friday on the Nasdaq and Toronto Stock Exchange under the ticker XNDU. The stock surged 15% in its debut to close at $11.50 on the Nasdaq. This event marks the first public listing for a pure-play photonic quantum computing company. It also represents the first Canadian technology company to debut on the TSX since 2021.
Xanadu went public through a merger with Crane Harbor Acquisition Corp, a special purpose acquisition company. The transaction provided Xanadu with approximately $302 million in gross proceeds.
The company plans to use the capital to advance its technology using light particles for computation. Funds will also support expanded manufacturing and accelerated commercialization.