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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