Xanadu Quantum Technologies Inc., a leading developer of photonic quantum computing systems, announced plans to go public through a merger with Crane Harbor Acquisition Corp. (NASDAQ: CHAC) in a transaction valuing the combined company at approximately $3.6 billion. Upon completion, the company will list on the Nasdaq Stock Market under the ticker symbol XANQ and on the Toronto Stock Exchange (TSX).

The deal is expected to raise up to $495 million in gross proceeds, including a $275 million private investment in public equity led by Advanced Micro Devices, BMO Global Asset Management, CIBC Asset Management, and existing investors Georgian, OMERS Ventures, and Bessemer Venture Partners. An additional $220 million may come from Crane Harbor’s trust account, depending on shareholder redemptions.Xanadu said the proceeds will fund expansion of its quantum hardware manufacturing capabilities, further develop its quantum software platform Strawberry Fields, and advance its roadmap toward building a data center–scale quantum computer by 2029.

“There’s much more ease of access to significant capital in the public markets compared to the private markets,” said Christian Weedbrook, founder and Chief Executive Officer of Xanadu. “This is a long-term plan, but with significant upside. We see this transaction as a catalyst for accelerating our mission to make quantum computing practical and commercially useful.”

Founded in 2016, Xanadu has raised $241 million in venture capital to date and was last valued at roughly $1 billion following its 2022 Series C round. The SPAC transaction represents a substantial step-up in valuation, reflecting both investor enthusiasm and the company’s growing role in the global quantum race.The company has been a participant in the U.S. Defense Advanced Research Projects Agency (DARPA) Quantum Benchmarking Initiative, which provides up to $316 million in funding to firms demonstrating commercially viable quantum computing solutions. Xanadu has also published two peer-reviewed studies in Nature outlining milestones in fault-tolerant quantum computation using photonics-based architectures.

Quantum computing firms have increasingly turned to public markets via SPAC mergers as investors seek exposure to emerging “deep tech” sectors. In September, U.S.-based Infleqtion announced a similar $1.8 billion merger, underscoring momentum across the industry. Morgan Stanley acted as financial advisor to Xanadu, while JonesTrading served as capital markets advisor to Crane Harbor Acquisition Corp.

About Xanadu Quantum Technologies

Xanadu Quantum Technologies Inc., headquartered in Toronto, Canada, is a global leader in photonic quantum computing and software. Founded in 2016, Xanadu’s mission is to build quantum computers that are useful and available to people everywhere. The company’s platform, Strawberry Fields, allows researchers and enterprises to develop applications for machine learning, chemistry, and optimization problems using cloud-accessible quantum systems. Xanadu’s work is supported by partnerships with leading academic institutions, global technology firms, and government research initiatives.