Xanadu

Toronto-based Xanadu Quantum Technologies has gone public on the TSX and Nasdaq, with shares rising 15 percent on debut to $11.50 USD. The listing makes Xanadu the first Canadian technology company to debut on the TSX since 2021 and the first pure-play photonic quantum computing firm to go public.

The company raised approximately $302 million USD through a SPAC merger, despite broader market volatility impacting investor sentiment. Chief executive Christian Weedbrook said the capital will support commercialization and infrastructure expansion, including plans for a quantum data centre by 2029. Analysts note ongoing uncertainty around quantum technologies.

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Toronto quantum computing developer Xanadu is negotiating up to US$390 million in public financing from the federal and Ontario governments to support domestic manufacturing expansion. The funding would help build capacity to test, prepare, and assemble quantum hardware for a planned Toronto data centre targeted before 2030.

Xanadu already opened a $10-million chip packaging line last year and previously secured $40 million through Ottawa’s Strategic Innovation Fund. Governments are still conducting due diligence before any agreements are finalized. The investment aims to strengthen Canada’s position in the global quantum computing race.

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Toronto-based Xanadu Quantum Technologies will go public through a merger with U.S. special purpose acquisition company Crane Harbor Acquisition Corp., creating the world’s first pure-play photonic quantum computing firm. The combined company will trade on Nasdaq and the Toronto Stock Exchange.

Xanadu, founded in 2016, builds room-temperature quantum computers and is behind PennyLane, an open-source quantum programming platform used by 47 percent of developers globally. CEO Christian Weedbrook said the deal will accelerate development toward a fault-tolerant system by 2029. Xanadu’s clients include Volkswagen, Mitsubishi Chemical, and Rolls-Royce. Financial terms of the transaction were not disclosed.

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Toronto-based Xanadu and Boston’s HyperLight have achieved a major milestone in quantum hardware, announcing record-low waveguide and switch losses in thin-film lithium niobate (TFLN) chips. With waveguide losses under 2 dB/m and switch loss of just 20 mdB, the chips meet critical performance thresholds for scalable, commercial photonic quantum computing.

Fabricated in high-volume semiconductor facilities, the chips align with Xanadu’s roadmap for utility-scale quantum systems. The breakthrough builds on their recent Aurora networked quantum computer demo. Both firms credit their longstanding collaboration as key to the result.

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Toronto-based Xanadu and Mitsubishi Chemical have announced a partnership to advance semiconductor fabrication using quantum computing. The collaboration will focus on simulating extreme ultraviolet (EUV) lithography, a critical process in producing advanced microchips. As chip features shrink, quantum effects complicate modeling, making conventional simulation techniques inadequate.

Mitsubishi Chemical will contribute expertise in EUV photoresist materials, while Xanadu designs quantum algorithms to model light-matter interactions. “Using quantum computers to simulate EUV processes offers an exciting path forward,” said Xanadu’s Torin Stetina. The project aims to establish the first practical quantum computing application in semiconductor materials research.

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Toronto-based Xanadu has unveiled Aurora, a breakthrough quantum computing system that networks 35 photonic chips and 13 km of fiber optics across four server racks. CEO Christian Weedbrook calls it a “baby data centre,” marking the first scalable quantum network that retains critical data.

Published in Nature, the advance uses photonics to minimize data loss and maintain quantum entanglement, solving a key barrier to scaling quantum systems. Backed by US$241M from investors and $40M from Canada’s Strategic Innovation Fund, Xanadu aims to build a full-scale quantum data center by 2029.

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Toronto Metropolitan University (TMU) and quantum leader Xanadu have joined forces to propel Ontario’s quantum computing endeavors.

TMU’s expertise, from quantum-resistant cryptography to healthcare applications, coupled with Xanadu’s prowess, promises to enhance Canada’s quantum standing. The alliance will yield a quantum-focused curriculum for students across TMU faculties.

PennyLane, Xanadu’s open-source software, will be the cornerstone. TMU’s VP Steven N. Liss emphasizes the remarkable opportunity for future quantum leaders.

This collaboration mirrors Canada’s quantum strategy, cementing bridges between academia and industry to bolster quantum research.

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