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Toronto-headquartered Xanadu Quantum Technologies Inc. is merging with Crane Harbor Acquisition Corp., a blank-cheque company, to go public in a deal that values the quantum computing startup at US$3.6 billion.
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The new entity will trade on the Nasdaq and Toronto stock exchanges.
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“Today marks a transformative milestone for quantum computing as we bring the leading photonic quantum platform to the public markets,” Xanadu founder and chief executive Christian Weedbrook said in a statement.
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Investor interest in quantum computing has soared in recent months, boosted by endorsements from tech bigwigs like Nvidia Corp. chief executive Jensen Huang, who said in June that the technology is reaching an “inflection point.” Public and private investments in the sector reached a record US$6 billion this year.
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Xanadu said that its proposed deal will raise US$500 million, including US$275 million from new private investors like BMO Global Asset Management, CIBC Asset Management, and California chipmaker Advanced Micro Devices Inc., also known as AMD. Its existing investors include the Government of Canada and venture capital firms Bessemer Venture Partners Trust, Georgian Partners Growth LP, Radical Ventures Investments Inc., among more.
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Founded in 2016, Xanadu uses photons, or small particles of lights, to build its quantum computers. Weedbrook told the Financial Post earlier this year that the company aims to open a large-scale and commercially viable quantum computing data centre by 2029.
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“From the outside, it will look like a normal data centre,” but will be equipped with hundreds or thousands of server racks located on up to two acres of land somewhere in Toronto, Weedbrook said.
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The Xanadu CEO has called on the government to invest “a lot more” into Canada’s quantum computing sector. Artificial intelligence and digital innovation minister Evan Solomon has said that a “major quantum initiative” is coming this month. Ottawa is also expected to announce funding for the sector in Tuesday’s federal budget.
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