Xanadu to List on Nasdaq and TSX Following Shareholder Merger Approval
Xanadu Quantum Technologies cleared its last major hurdle before going public Thursday, with Crane Harbor Acquisition Corp. shareholders approving the SPAC merger. The deal is expected to close March 26, with listing on Nasdaq and the Toronto Stock Exchange beginning March 27 under the ticker XNDU.
Xanadu takes a different technical approach from most quantum computing companies listing via SPAC. Its hardware is photonic — using squeezed-light generation and optical gates rather than superconducting circuits or trapped ions. The practical implication is that photonic qubits operate at room temperature rather than inside a dilution refrigerator, which sidesteps the cryogenic infrastructure that dominates capital costs for superconducting and neutral-atom systems. The trade-off is programmability: photonic architectures face different constraints on universal gate completeness compared to superconducting systems.
The company has positioned itself as a contender in the photonic approach for several years, with a stated roadmap toward fault-tolerant quantum computing using Gaussian boson sampling. Its claims have attracted scrutiny — as have all quantum computing timelines — but the hardware approach is genuinely distinct from the dominant superconducting and ion-trap modalities.
The dual-listing on both Nasdaq and TSX reflects Xanadu's Canadian roots: the company is headquartered in Calgary with research in Toronto and Vancouver. A TSX listing gives Canadian institutional investors direct access; most quantum companies that have listed in the US have done so without a home-market dual listing.
This is the second quantum company to complete a SPAC listing in the same week as Horizon Quantum — which begins trading Friday under ticker HQ. Two quantum software/hardware companies reaching public markets within days of each other will be read as a signal of sector maturity by some observers. The more relevant question is what their actual hardware and software performance looks like six months from now, when the post-listing glow has faded and the quarterly reports begin.
The Globe Newswire press release is here: https://www.globenewswire.com/news-release/2026/03/19/3259437/0/en/Crane-Harbor-Acquisition-Corp-Shareholders-Approve-Business-Combination-with-Xanadu-Quantum-Technologies-Inc.html