Toronto-based quantum computing firm Xanadu has struck a deal to go public by merging with a special purpose acquisition company (SPAC) called Crane Harbor Acquisition Corp.

Upon completion, shares of the business are expected to trade on both the Nasdaq and the Toronto Stock Exchange (TSX)—which could make Xanadu the first Canadian technology company to make its debut on the TSX in more than four years.

The transaction, which comes as quantum stocks have been soaring, is expected to raise gross proceeds of $500 million USD and give the combined entity a pro forma market capitalization of $3.6 billion.

In light of the United States (US) Department of Defense’s Quantum Benchmarking Initiative program —in which Xanadu is a participant—and the threat of losing quantum companies to the US,

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