Canadian Quantum Computing Firm Xanadu Makes TSX Debut

Xanadu Quantum Technologies, a Canadian pioneer in quantum computing, debuted on the Toronto Stock Exchange with shares trading around $14 under the ticker XNDU. The company develops a light-based approach to scale quantum computers at room temperature and aims to use the funding to build a large-scale quantum computer. Xanadu initially sought $200 million through a funding round but opted for a $3.1 billion merger with Crane Harbor Acquisition Corp. to accelerate development. The merger, facilitated by a deSPAC process, was complicated by redemptions, resulting in a lower-than-expected $302 million.