Xanadu Becomes First Pure-Play Photonic Quantum Computing Company to Go Public

Begins trading under the ticker symbol "XNDU"

TORONTO, March 27, 2026 /PRNewswire/ - Xanadu Quantum Technologies Limited ("Xanadu" or the "Company"), a leading photonic quantum computing company, today became a publicly listed company on Nasdaq and Toronto Stock Exchange under the ticker symbol "XNDU," following the completion of its previously announced business combination with Crane Harbor Acquisition Corp., a special purpose acquisition company.

This transaction provided Xanadu with approximately $302 million in gross proceeds, alongside negotiations for up to C$390 million in potential funding from the Government of Canada and the Government of Ontario, to support continued technology development, expand manufacturing capabilities, and accelerate the commercialization of its photonic quantum computing platform.

"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. 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," said Christian Weedbrook, Founder and Chief Executive Officer of Xanadu. "As quantum becomes increasingly relevant to AI, cybersecurity, and advanced computing, this milestone reflects the growing importance of these technologies globally. Xanadu is built on the idea that light-based quantum systems offer a path to scalable, fault-tolerant quantum computing, and by combining photonic hardware with an integrated software and cloud platform, called PennyLane, we are advancing toward practical, real-world use cases."

Xanadu's systems and software are already in use by a broad portfolio of industry-leading customers and partners spanning defense, aerospace, pharmaceuticals, semiconductors, and automotive sectors, including Lockheed Martin, AMD, Rolls-Royce, Tower Semiconductor, and Applied Materials. Further collaborations with Mitsubishi Chemical Group, Volkswagen, Toyota Research Institute of North America, and the U.S. Air Force Research Laboratory underscore the breadth of Xanadu's commercial and government traction. DARPA has advanced Xanadu to Stage B of its Quantum Benchmarking Initiative, recognizing Xanadu as one of a select group of organizations with a credible path to utility-scale quantum computing, and awarded the Company up to $15 million in associated funding. In addition to this, Xanadu has secured up to C$23 million through the Canadian Quantum Champions Program to support continued advancement of its photonic quantum computing platform.

Following its public listing, Xanadu will focus on scaling its technology platform and advancing toward quantum computing applications that are useful and available to people everywhere.

About Xanadu

Xanadu is a Canadian quantum computing company with the mission to build quantum computers that are useful and available to people everywhere. Founded in 2016, Xanadu has become one of the world's leading quantum hardware and software companies. The Company also leads the development of PennyLane, an open-source software library for quantum computing and application development. Visit xanadu.ai or follow us on X @XanaduAI.

Forward-Looking Statements

This communication includes "forward-looking statements" within the meaning of the U.S. federal securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. We have based these forward-looking statements on current expectations and projections about future events. These statements include: statements regarding potential funding from the Governments of Canada and Ontario; expectations regarding funding from DARPA's Quantum Benchmarking Initiative and Canada's Quantum Champions Program; Xanadu's intended use of proceeds to support continued technology development, expand manufacturing capabilities, and accelerate the commercialization of its photonic quantum computing platform; Xanadu's ability to bring its technology to market; Xanadu's ability to scale its technology platform and advance toward practical, real-world use cases; Xanadu's ability to accelerate its commercial roadmap and leadership in photonic quantum computing; the expected benefits from having access to the public markets; Xanadu's ability to deliver long-term value to its shareholders; beliefs regarding the potential of light-based quantum systems to offer a path to scalable, fault-tolerant quantum computing; and Xanadu's mission to build quantum computers that are useful and available to people everywhere. Any support actually provided by either the Government of Canada or the Government of Ontario is subject to both due diligence and the negotiation and execution of mutually acceptable definitive documentation and there can be no assurance that any such agreements will be entered into by Xanadu on terms acceptable to Xanadu or at all, the nature of such funding, or that any such funding will be provided, whether up to C$390 million or at all; any potential government funding may be subject to requirements, including obligations with respect to job creation, performance targets and incurrence of eligible costs which may impose operational restrictions on Xanadu or impose onerous terms that are detrimental.

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, many of which are beyond the control of Xanadu. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause the actual results of the combined company following the transaction, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such statements. Such risks and uncertainties include: that Xanadu is pursuing an emerging technology, faces significant technical challenges and may not achieve commercialization or market acceptance; Xanadu's historical net losses and limited operating history; that there is substantial doubt about Xanadu's ability to continue as a going concern; Xanadu's expectations regarding future financial performance, capital requirements and unit economics; Xanadu's use and reporting of business and operational metrics; Xanadu's competitive landscape; Xanadu's dependence on members of its senior management and its ability to attract and retain qualified personnel; the potential need for additional future financing; Xanadu's ability to manage growth and expand its operations; potential future acquisitions or investments in companies, products, services or technologies; Xanadu's reliance on strategic partners and other third parties; Xanadu's concentration of revenue in contracts with government or state-funded entities; Xanadu's ability to maintain, protect and defend its intellectual property rights; risks associated with privacy, data protection or cybersecurity incidents and related regulations; the use, rate of adoption, and regulation of artificial intelligence and machine learning; uncertainty or changes with respect to laws and regulations; uncertainty or changes with respect to taxes, trade conditions and the macroeconomic environment; material weaknesses in Xanadu's internal control over financial reporting and the combined company's ability to maintain internal control over financial reporting and operate as a public company; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the outcome of any legal proceedings or government investigations that may be commenced against Xanadu; failure to realize the anticipated benefits of the transaction; the ability of the combined company to issue equity or equity-linked securities in the future; and other factors described in Xanadu's filings with the SEC (www.sec.gov) and the Canadian Securities Administrators (www.sedarplus.com). These forward-looking statements are based on certain assumptions, including that none of the risks identified above materialize; that there are no unforeseen changes to economic and market conditions, and that no significant events occur outside the ordinary course of business. Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by Xanadu with the SEC and the Canadian Securities Administrators, including under the heading "Risk Factors." If any of these risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, these statements reflect the expectations, plans and forecasts of Xanadu's  management as of the date of this communication; subsequent events and developments may cause their assessments to change. While Xanadu may elect to update these forward-looking statements at some point in the future, they specifically disclaim any obligation to do so, unless required by applicable securities laws. Accordingly, undue reliance should not be placed upon these statements.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this communication, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

SOURCE Xanadu