Xanadu Quantum Technologies, Inc., a Canadian quantum computing company, has declared its intent to list on the NASDAQ stock exchange in the United States. This will be achieved through a merger with Crane Harbor Acquisition Corp. (ticker symbol: CHAC), a special purpose acquisition company. According to the merger agreement, the combined entity is expected to have a pro forma market capitalization of around $3.6 billion.

As part of the deal, a group of new strategic and institutional investors will acquire shares in the newly merged company. This will be done through a private investment in public equity (PIPE) at a price of $10 per share. Notable investors in this round include AMD, BMO Global Asset Management, CIBC Asset Management, among others.

Christian Weedbrook, the CEO of Xanadu, mentioned that the capital raised will be earmarked for scaling up hardware production capabilities. The long-term vision is to establish a quantum data center. He highlighted that, post-IPO, Xanadu will distinguish itself as the sole publicly traded entity specializing in photonic quantum computing.

Presently, Xanadu caters to a diverse clientele across various sectors, such as pharmaceuticals, artificial intelligence, and materials science. Its customer roster features industry giants like Volkswagen, Mitsubishi Chemical, and Rolls-Royce. With the growing adoption of quantum computing technology, Xanadu aims to broaden its customer reach even further.