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Quantum computing firm Xanadu starts trading on TSX
Xanadu raised $302 million via SPAC to scale photonic quantum computing and software platform PennyLane, advancing applications in AI, cybersecurity, and drug discovery.
- On Friday, March 27, 2026, Xanadu Quantum Technologies Limited began trading on the Nasdaq and Toronto Stock Exchange under the ticker "XNDU," following completion of its business combination with Crane Harbor Acquisition Corp., a special purpose acquisition company.
- Founded in 2016 by Christian Weedbrook, the company pioneered a light-based approach to scale quantum computers at room temperature; this listing provided approximately $302 million in gross proceeds to accelerate its commercial roadmap.
- Investors previously paid $10 per share, but shares hovered around $14 within minutes of trading today, while DARPA awarded the company up to $15 million in funding for its Quantum Benchmarking Initiative.
- Xanadu's systems and software currently support industry leaders including Lockheed Martin, AMD, and Rolls-Royce across defense and pharmaceuticals sectors, with capital intended for manufacturing expansion and platform advancement.
- Founder and Chief Executive Officer Christian Weedbrook said the dual listing marks a "defining moment for Xanadu," while the firm continues developing PennyLane, an open-source software library for quantum application development.
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Xanadu Quantum Technologies Makes Historic TSX and Nasdaq Debut — Canada's Biggest Startup News This Week - BestStartup Canada
Key Takeaway: Toronto-based Xanadu Quantum Technologies became the first Canadian tech company to list on the TSX since 2021 and the first pure-play photonic quantum computing firm to go public globally, in a SPAC deal valued at US$3.1 billion. Meanwhile, Canada Rocket Company emerged from stealth with a $6.2M all-Canadian seed round, and Ottawa committed $29M to cleantech. Canada’s startup ecosystem delivered blockbuster headlines this week, le…
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L 54%
C 38%
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