There’s a new company on the Nasdaq. And they are aiming to be a first mover in photonic quantum computing.

What’s happening:

  • Xanadu Quantum Technologies (NASDAQ: XNDU) has successfully closed their business combination with Crane Harbor Acquisition Corp and begun trading on the Nasdaq

Why it matters:‍

  • Xanadu Quantum Technologies is one of the first publicly traded companies in North America focused exclusively on photonic quantum computing hardware and software

Going deeper:‍

  • Multiple large companies have partnered with Xanadu Quantum Technologies to leverage their photonic quantum software including Lockheed Martin (NYSE: LMT), Toyota, Rolls-Royce and Applied Materials (NASDAQ: AMAT)
  • The United States Department of Energy also just recently awarded $2M USD in new funding to Xanadu Quantum Technologies to develop a photonics quantum simulation platform for next generation batteries

The intrigue:‍

  • Advanced Micro Devices (NASDAQ: AMD) was one of the lead investors in the $275M USD equity financing in Xanadu Quantum Technologies that occurred concurrently with their SPAC transaction with Crane Harbor Acquisition Corp

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