Canadian photonic quantum computing company Xanadu has started trading on the Nasdaq and Toronto Stock Exchange.

The company went public via a special purpose acquisition company (SPAC) merger with Crane Harbor Acquisition Corp., a publicly traded SPAC.

The deal, which was first announced in November 2025, has provided Xanadu with approximately $302 million, the company said in a statement.

A traditional SPAC merger involves investors creating a SPAC, raising money through an initial public offering, and then using it to acquire a startup. In those cases, the two companies then merge under the startup's name. The move gives startups a fast-track route to going public.

"Going public on Nasdaq and the TSX marks a defining moment for Xanadu as we open the door to a broader global investor base and take a significant step forward in bringing our technology to market,” said Christian Weedbrook, founder and CEO of Xanadu. “Our dual listing strengthens our platform for growth and positions us to scale with greater speed and ambition, while continuing to deliver long-term value to our shareholders.”

He added: "As quantum becomes increasingly relevant to AI, cybersecurity, and advanced computing, this milestone reflects the growing importance of these technologies globally.”

Founded in 2016, in January 2023, Xanadu raised CA$40 million ($27m) from the Canadian government’s Strategic Innovation Fund to build and commercialize photonic-based, fault-tolerant quantum computers. In February 2025, the company announced it had built a prototype of the world’s first universal photonic quantum computer.

Earlier this month, the company announced it had entered into negotiations with the government of Canada and the province of Ontario for funding to support its proposed semiconductor and photonics manufacturing efforts, dubbed Project Optimism.

The company is seeking up to CA$390 million ($286m) in combined government support, arguing that the project would help position both Canada and Ontario as leaders in advanced photonics, semiconductor innovation, and quantum manufacturing.