On May 21, 2026, Xanadu Quantum Technologies Limited, a Toronto-headquartered photonic quantum computing company founded in 2016, announced that it had entered into a synthetic at-the-market equity facility for up to US$300 million (the "Program") with YA II PN, Ltd. ("Yorkville Advisors") pursuant to a Standby Equity Purchase Agreement dated May 20, 2026. The Program provides Xanadu with the ability, but not the obligation, to issue and sell to Yorkville Advisors up to US$300 million of its Class B subordinate voting shares in private placements over a term of three years, subject to customary limitations and conditions in the Standby Equity Purchase Agreement.

Xanadu intends to use the net proceeds, if any, for working capital and general corporate purposes. The company expects to access the Program opportunistically, based on prevailing market conditions and valuation levels it believes to be favourable to shareholder value. The Program consists exclusively of treasury offerings by the company, with no secondary sales by existing shareholders. In connection with the launch of the Program, Xanadu announced that it intends to file a registration statement on Form F-1 with the U.S. Securities and Exchange Commission to qualify the resale of shares issued to Yorkville Advisors.

Xanadu is the first pure-play photonic quantum computing company to list on public markets. The company became publicly listed in November 2025 following a cross-border de-SPAC business combination with Crane Harbor Acquisition Corporation, which valued the combined entity at approximately US$3 billion.