Xanadu’s $3.6B SPAC Deal Puts Canadian Quantum on the Map

Toronto-based Xanadu Quantum Technologies is set to become the world’s first publicly traded pure-play photonic quantum computing company, following a $3.6 billion SPAC merger with Crane Harbor Acquisition Corp. The deal, which includes nearly $500 million in new capital, will see Xanadu list on both Nasdaq and the TSX. This move gives Xanadu the runway to scale its photonic hardware and software platforms, including its open-source PennyLane library. While the SPAC route offers speed and flexibility, it also brings market scrutiny and volatility. If successful, Xanadu’s public debut could validate photonics as a commercially viable path to scalable quantum computing and cement Canada’s reputation as a quantum powerhouse.

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