Xanadu to Go Public on Nasdaq Through $3.6 Billion SPAC Merger with Crane Harbor Acquisition Corp.

Toronto-based Xanadu Quantum Technologies, a leading developer of photonic quantum computing systems, announced plans to go public on the Nasdaq through a merger with Crane Harbor Acquisition Corp. (NASDAQ: CHAC). The deal values Xanadu at a pre-money equity value of $3 billion and the combined company at an enterprise value of approximately $3.1 billion, with an estimated market capitalization of $3.6 billion.
The transaction is expected to provide $225 million from Crane Harbor’s trust account, assuming no redemptions, along with $275 million in additional capital from a PIPE investment at $10 per share. Notably, over 90% of the PIPE financing was sourced from new investors not previously associated with Xanadu.
Xanadu stated that proceeds from the merger will be used to accelerate the development and deployment of its photonic quantum computer systems, with the goal of achieving full fault tolerance and expanding commercial opportunities through run-time sales and its PennyLane software platform.
Existing Xanadu shareholders and management will roll over 100% of their equity into the new entity, receiving no cash proceeds. The boards of both companies have approved the transaction, and upon completion, shares of the combined company will be listed on both the Nasdaq and the Toronto Stock Exchange.
Xanadu said it will become the first and only publicly traded pure-play photonic quantum computing company following the merger.
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