TORONTO – Canadian company Xanadu Quantum Technologies Inc. has signed a deal to go public with listings on the Toronto Stock Exchange and the Nasdaq market.
The move by the photonic quantum computing company is being made through an agreement with Crane Harbor Acquisition Corp., a publicly traded special purpose acquisition company.
The deal puts the pro forma enterprise value of the combined company at about US$3.1 billion, with existing Xanadu shareholders rolling over all of their equity.
Gross proceeds from the transaction are expected to be about US$500 million, assuming no redemptions from the Crane Harbor trust account and including US$275 million in a private placement of shares.
The net proceeds from the deal will be used to fund the development and deployment of Xanadu’s photonic quantum computer systems and its PennyLane software.
Founded in 2016, Xanadu’s systems and software are already used by customers including Volkswagen, Mitsubishi Chemical Group and Rolls-Royce.
This report by The Canadian Press was first published Nov. 3, 2025.
