Quantum Firm Xanadu Jumps After Rollercoaster Debut Trading

Canadian startup Xanadu Quantum Technologies Inc. rallied after a rocky start in public markets, buffeted by souring sentiment toward equities.

After merging with a blank-check company, the new US shares of Xanadu initially jumped more than 10% on Nasdaq, from the closing level of the special purpose acquisition company. The stock suddenly reversed course, sinking nearly 10% before regaining its footing to trade up 20% at $11.64 at 3:48 p.m. in New York. The company also listed on the Toronto Stock Exchange, trading under the separate ticker XNDU CN.