Xanadu Quantum Technologies, Inc. (“Xanadu”), a photonic quantum computing company, and Crane Harbor Acquisition Corp. (Nasdaq: CHAC), a publicly traded special purpose acquisition company (SPAC), have entered into a definitive business combination agreement. The transaction is expected to result in Xanadu becoming the first publicly traded pure-play photonic quantum computing company. Shares of the combined company are expected to trade on the Nasdaq Stock Market and the Toronto Stock Exchange.
The transaction values Xanadu at a pre-money rollover equity value of US$3.0 billion, with the combined company having a pro forma enterprise value of approximately US$3.1 billion and a pro forma market capitalization of US$3.6 billion. Gross proceeds are expected to be approximately US$500 million, including US$275 million from a fully committed Common Equity Private Investment in Public Equity (PIPE). Over 90% of the capital committed in the PIPE financing was sourced from new investors, including AMD, BMO Global Asset Management, CIBC Asset Management Inc., and Polar Asset Management Partners.
Xanadu specializes in photonic quantum computing, a room-temperature approach that utilizes light-based systems. Key technical achievements include producing the first networked, modular, and scalable quantum computer with their Aurora system in early 2025, and demonstrating quantum supremacy with their 216-qubit Borealis system in 2022. The company’s goal is to deliver a fully fault-tolerant quantum computer, with a target of up to 100,000 physical qubits and up to 1,000 logical qubits by 2029.
The proceeds from this transaction will be used to accelerate the development and deployment of Xanadu’s systems to fully fault-tolerant scale, with subsequent commercial monetization via both run time sales and its open-source software, PennyLane. PennyLane is integrated across the hardware of all major quantum computer providers and is reportedly used by up to 47% of quantum programmers.
Read the full announcement from Crane Harbor Acquisition Corp. here and review the related SEC filing here.
November 3, 2025
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