Xanadu has created a revolution in Quantum Computing.

Xanadu Quantum Technologies, Inc., a Canada-based quantum computing company, announced that it has signed a merger agreement with Crane Harbor Acquisition Corp. This merger will make Xanadu the first publicly traded photonic quantum computing company. After the merger, the company's shares will be traded on the Nasdaq and Toronto Stock Exchange.

The pre-transaction value of the merger is expected to be approximately 3.1 billion USD, with a market value estimated around 3.6 billion USD. It is noted that existing Xanadu shareholders will retain 100% of their shares in the new company during the transaction.

With this merger, a net revenue of approximately 500 million USD is anticipated. Strategic and institutional investors, including AMD, BMO Global Asset Management, and CIBC Asset Management, are also part of the investment group.

Christian Weedbrook, CEO of Xanadu, stated, "We are experiencing a revolutionary day in quantum computing. By going public with our photonic quantum platform, we have developed the first quantum computer that operates at real room temperature and is modular and scalable." In 2022, the company took a significant step to prove quantum supremacy with its 216-qubit Borealis system.

Xanadu's open-source software PennyLane is used by 47% of quantum programmers worldwide. The company is collaborating with 143 universities across 33 countries to train the future quantum workforce.

Quantum computing has the potential to revolutionize many fields, including artificial intelligence, automotive, and clean energy. Xanadu aims to accelerate the development of quantum computer technologies and generate commercial gains with the necessary software solutions in the market.

With all these developments, Xanadu promises to solidify its leadership in the field of photonic quantum computers while offering significant opportunities for investors and technology enthusiasts.