Crane Harbor Acquisition Corp. (Nasdaq: CHAC) shareholders have approved the business combination with Xanadu Quantum Technologies Inc., scheduled to close on March 26, 2026. The resulting entity, Xanadu Quantum Technologies Limited, is expected to begin trading on the Nasdaq and the Toronto Stock Exchange (TSX) on March 27, 2026, under the ticker symbol “XNDU”. This transaction establishes Xanadu as the first publicly listed photonic quantum technology company.
The merger is expected to provide gross proceeds of approximately US$302 million, consisting of funds from Crane Harbor’s trust account and a committed private placement (PIPE). This capital is separate from a proposed investment of up to CAD$390 million currently under negotiation with the governments of Canada and Ontario through Project OPTIMISM. The combined funding is intended to support the execution of Xanadu’s technical roadmap and the commercialization of its scalable photonic quantum platform.
Xanadu utilize a light-based approach to quantum computing, focusing on the development of modular and networked systems designed to operate at room temperature. This photonic architecture aims to bypass the cryogenic infrastructure requirements typical of other quantum modalities. In addition to its hardware development, the company maintains PennyLane, an open-source software library for quantum programming and machine learning, which is used for application development across heterogeneous hardware environments.
The transition to a public-market platform is intended to provide the capital base required for Xanadu to scale its hardware and software ecosystems. Founded in 2016 by CEO Christian Weedbrook, the company focuses on the development of fault-tolerant quantum solutions for industrial and institutional applications. Xanadu plans to leverage its public listing and government partnerships to advance the availability of photonic quantum resources through its cloud-based infrastructure.
For the full transaction details and shareholder meeting results, consult the official Xanadu press release here and our previous report on the merger announcement here.
March 19, 2026
