MilestoneIndustryConfirmed
Xanadu agrees to go public through a SPAC merger valuing it at $3 billion
Nov 3, 2025
Canadian photonic quantum computing company Xanadu agreed to merge with Crane Harbor Acquisition Corp., a listed shell company (SPAC), in a deal valuing Xanadu at $3.0 billion before new money. The combined company planned to list on Nasdaq and the Toronto Stock Exchange.
Why it matters
Xanadu said the money, expected to be about $500 million, would speed its push toward a fault-tolerant photonic quantum computer by 2029.
Related
Sources (2)
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The Quantum Insider
Xanadu Announces SPAC Deal to Go Public, Sets Pre-Money Value at $3 Billion US
“Xanadu Quantum Technologies has entered a definitive merger agreement with Crane Harbor Acquisition Corp. to become the first publicly traded pure-play photonic quantum computing company listed on Nasdaq and the Toronto Stock Exchange.”
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Quantum Computing Report
Xanadu to Go Public via SPAC Merger with Crane Harbor Acquisition Corp.
“The deal values Xanadu at a pre-money equity value of US$3.0 billion, with the transaction expected to provide US$500 million in gross proceeds, including a fully committed US$275 million PIPE investment. The funds will be used to accelerate the company’s roadmap toward a fully fault-tolerant system by 2029.”
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