Xanadu Quantum Technologies Limited (NASDAQ: XNDU) announced it has entered into a synthetic at-the-market equity facility for up to $300 million with YA II PN, Ltd., an affiliate of Yorkville Advisors, according to a company statement.

The program provides Xanadu with the ability to issue and sell up to $300 million of its Class B subordinate voting shares in private placements over three years, subject to conditions in the Standby Equity Purchase Agreement dated May 20, 2026. The company said it intends to use net proceeds for working capital and general corporate purposes.

The facility consists exclusively of treasury offerings by the company with no secondary sales by existing shareholders. Xanadu plans to file a registration statement on Form F-1 with the U.S. Securities and Exchange Commission to qualify the re-sale of shares issued under the program.

"The Program will provide us with efficient and flexible access to capital as we continue scaling and executing on our long-term roadmap towards fault-tolerant quantum computing," said Michael Trzupek, Chief Financial Officer of Xanadu. "Our objective is to strategically and prudently tap the equity market to enable us to remain well-positioned to fund our growth strategy."

The Toronto-based photonic quantum computing company said it expects to access the program based on prevailing market conditions and valuation levels. Founded in 2016, Xanadu develops quantum computers designed to operate at room temperature and has received more than $500 million in historical funding.

A copy of the agreement will be filed with the SEC and Canadian Securities Administrators. The company noted the program could result in substantial dilution to existing shareholders from the issuance of Class B subordinate voting shares.