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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