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Photo from Horizon Quantum's listing ceremony at the Nasdaq MarketSite in New York City on Friday, March 20, 2026.
Quantum technology firms are defying turbulent markets to go public this year, as the industry seeks to raise capital off recent scientific breakthroughs and push the experimental tech towards commercialization. One such firm, Xanadu Quantum , which builds quantum computing hardware and software, began trading on the Nasdaq and Toronto Stock Exchange on Friday, rallying 15% in the U.S. after a rocky start in public markets. Xanadu — a quantum partner of chip giant Nvidia — debuted after merging with Crane Harbor Acquisition, a Special Purpose Acquisition Company (SPAC), also known as a 'blank-check firm.' A SPAC is a shell company created specifically to raise capital through an initial public offering, and they have become a common route for quantum startups to list. Xanadu's listing came a week after Singapore-based quantum software company Horizon Quantum began trading following its merger with blank-check company dMY Squared Technology Group.
The narrative has shifted from science project to commercial trajectory, and companies are capitalizing on that window Velu Sinha Partner, Bain & Company
dMY Technology Group took IonQ public in 2021 through a merger with one of its shell companies, making it the first publicly traded, pure-play quantum computing company. Since then, SPACs, which offer a quicker path to listing with less regulatory scrutiny, have become a popular path for quantum companies looking to launch an initial public offering. Quantum computing uses the principles of quantum mechanics to process information in ways classical computers cannot, with potential applications spanning across drug discovery, materials science, cryptography and more. While the technology remains experimental, it is widely expected to have a transformative impact on computing.
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