Why Quantum Computing Stock Xanadu Quantum Technologies Plummeted 56.2% in September

Key Points

• Xanadu completed a business combination with Crane Harbor Acquisition Corp. in March 2026.

• Xanadu announced collaborations with ASML and AMD.

• RBC Capital initiated coverage on Xanadu.

After announcing auspicious developments last month, XanaduQuantumTechnologies gave bulls plenty of reason to suggest it was a good time to click the buy button on the quantum computing stock. That was hardly the case, though. One specific -- and, frankly, unsurprising -- catalyst contributed to the decline in shares last month.

According to data provided by S&P Global Market Intelligence, Xanadu shares plunged 56.2% in September.

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Anticipation and arrival of the lockup period ending were in full bloom

On Sept. 22, the post-merger lockup period following Xanadu's March 2026 business combination with Crane Harbor Acquisition Corp. ended, unlocking shares for early investors and insiders to sell.

Apprehensive of the lockup period's expiration, investors suspected that shares of the quantum computing specialist would drop sharply on Sept. 22, as evidenced by Xanadu's stock sinking 32% from the end of trading in August through the close of trading on Sept. 21 -- a period during which there was no negative news that had surfaced about the company.