Quantum firms are racing to market as the industry hits ‘inflection point’
Photo from Horizon Quantum’s listing ceremony at the Nasdaq MarketSite in New York City on Friday, March 20, 2026.
Quantum computing firms are defying turbulent markets to go public this year, as companies seek to raise funds to capitalize on recent scientific breakthroughs and push the experimental technology closer to 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 Quantum — 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 to raise capital.
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 technology remains experimental, it is widely seen as potentially transformative.
Why now?
The recent wave of quantum listings comes at a tumultuous time for global markets, as conflict in the Middle East roils investor confidence, especially in risky, speculative assets like quantum companies.
Despite ending its first day higher, the Nasdaq-listed shares of Xanadu fell over 10% in after-hours trading. Horizon Quantum, meanwhile, has dropped around 18% since its debut, while Infleqtion, which debuted on the New York Stock Exchange in February through a blank-check deal on Feb. 17, has seen its stock plunge by more than 30%.
Still, companies appear willing to brave these volatile markets to capitalize on recent industry breakthroughs.
“It’s an interesting time to be entering the public markets, of course, with everything happening in the world … But for quantum computing, it’s actually a very ideal time to be coming out,” Dr. Joe Fitzsimons, the founder and CEO of Horizon Quantum, told CNBC.
“We’re really starting to hit something of an inflection point,” he said, adding that there has been a significant number of breakthroughs that have occurred over the past 18…
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