Xanadu, a Canadian quantum computing firm, set to debut on Nasdaq through a $3.6 billion SPAC merger.

Xanadu Quantum Technologies Goes Public: Toronto-based Xanadu Quantum Technologies is merging with Crane Harbor Acquisition Corp. to go public on Nasdaq, valuing the company at $3B pre-money and $3.1B post-merger.

Funding and Investment Details: The merger is expected to provide approximately $225M from Crane Harbor’s trust account and $275M from new investors through a PIPE investment, with over 90% of the PIPE capital coming from new investors.

Use of Proceeds: The net proceeds from the merger will be utilized to enhance the development of Xanadu's photonic quantum computer systems and to monetize its PennyLane software.

Market Position: Upon completion of the merger, Xanadu will be the first publicly traded company focused solely on photonic quantum computing, with shares expected to trade on both Nasdaq and the Toronto Stock Exchange.