Xanadu becomes the first pure-play photonic quantum computing company to go public via SPAC merger, raising ~$302M at a $3.1B valuation
Xanadu Quantum Technologies closed its business combination with Crane Harbor Acquisition Corp. and began trading 2026-03-27 on Nasdaq and the Toronto Stock Exchange under the ticker XNDU. The company raised approximately US$302M in gross proceeds at a post-money valuation of approximately US$3.1B, with additional negotiations for up to C$390M from Canadian federal and Ontario provincial programs. Shares ended the trading debut at $11.50, up 15% from opening.
A public-market listing of a pure-play photonic quantum company at a $3.1B valuation is a material capital event and a first-of-kind public comparable for the photonic-modality sub-sector; the ~$302M proceeds fall near the upper end of the score-8 Series B/C hardware band and the IPO mechanic brings ongoing disclosure cadence to the modality.
Creates pricing reference for other late-stage photonic-quantum private names (PsiQuantum, ORCA, QuiX, Aegiq), pressures incumbents on disclosure, and expands the tradable-quantum-stock universe by a modality that previously had no US-listed pure-play.