Core Insights - Xanadu Quantum Technologies Inc. has advanced to Stage B of DARPA's Quantum Benchmarking Initiative, positioning itself as a leader in utility-scale photonic quantum computing [1][2][3] - The QBI aims to evaluate which quantum computing approaches can achieve utility-scale and provide value within realistic budgets and timelines [2] - Xanadu's photonic quantum computing architecture offers advantages such as minimal cooling requirements, enhanced qubit connectivity, and a modular design, which are essential for practical quantum computing [3][4] Company Developments - Xanadu is set to present its strategic roadmap for developing a fault-tolerant, utility-scale quantum computer during the intensive year-long examination of Stage B [2][4] - The company recently announced a business combination agreement with Crane Harbor Acquisition Corp, expected to yield approximately US$500 million in gross proceeds, assuming no redemptions [5] - The combined entity will be listed on the Nasdaq Stock Market and the Toronto Stock Exchange, enhancing its visibility and access to capital markets [5] Industry Impact - Xanadu's advancements in quantum computing are expected to deliver practical value across various industries, including drug discovery, advanced chemistry, aerospace, defense, and AI [4] - Successful completion of Stage B will allow Xanadu to advance to Stage C, where its quantum computer concept will be verified and validated [4]

Core Insights - Xanadu Quantum Technologies Inc. has advanced to Stage B of DARPA's Quantum Benchmarking Initiative, positioning itself among a select few organizations working towards utility-scale quantum computing [1][2][3] - The QBI aims to evaluate which quantum computing approaches can achieve utility-scale and deliver value within realistic budgets and timelines [2] - Xanadu's photonic quantum computing architecture offers advantages such as minimal cooling requirements, enhanced qubit connectivity, and a modular design, which are critical for practical quantum computing [3][4] Company Developments - Xanadu is committed to developing fault-tolerant quantum computers by 2029 and aims to demonstrate its near-term capabilities during Stage B of the QBI [3][4] - The company recently announced a business combination agreement with Crane Harbor Acquisition Corp, expected to provide approximately US$500 million in gross proceeds, assuming no redemptions [5] - The combined entity is anticipated to be listed on both the Nasdaq Stock Market and the Toronto Stock Exchange [5] Industry Impact - Xanadu's advancements in quantum computing are expected to deliver practical value across various industries, including drug discovery, advanced chemistry, aerospace, defense, and artificial intelligence [4] - Successful completion of Stage B will allow Xanadu to advance to Stage C, where its quantum computer concept will be verified and validated [4]

Core Insights - Xanadu Quantum Technologies and Crane Harbor Acquisition Corp. have entered into a definitive business combination agreement, positioning Xanadu as the first publicly traded pure play photonic quantum computing company [1][9] - The transaction is expected to provide Xanadu with approximately US$500 million in gross proceeds, facilitating the acceleration of its quantum computing technology development [4][9] Company Overview - Xanadu is a leading photonic quantum computing company that has achieved significant milestones, including demonstrating quantum supremacy with its 216-qubit Borealis system in 2022 [2][5] - The company has developed the Aurora system, the first networked, modular, and scalable quantum computer, which includes a real-time error correction decoding algorithm [2][3] Technology and Innovation - Xanadu's quantum systems operate at room temperature, eliminating the need for cryogenics or laser cooling, and provide up to 10 times more efficient error correction than other quantum modalities [2][7] - The company aims to develop a fully fault-tolerant quantum computer with up to 100,000 physical qubits and 1,000 logical qubits by 2029 [3] Software Leadership - Xanadu's open-source software, PennyLane, is the most widely used quantum programming platform, utilized by approximately 47% of quantum programmers globally [4][5] - PennyLane is integrated across major quantum computer providers, generating revenue and expected to scale with the quantum computing market [5] Market Potential - The quantum computing sector is projected to create long-term annual value of US$450-850 billion through applications in various industries, including AI, automotive, clean energy, and finance [6][7] - Xanadu's photonic approach is seen as a leading method for large-scale quantum computers, offering advantages in scalability and resource efficiency [7][8] Transaction Details - The business combination values Xanadu at a pre-money equity value of US$3.0 billion, with a pro forma enterprise value of approximately US$3.1 billion and market capitalization of US$3.6 billion [4][9] - Over 90% of the PIPE capital is sourced from new strategic and institutional investors, including AMD and BMO Global Asset Management [4][9]

Financial Performance - For the three months ended June 30, 2025, the company reported a net income of $1,219,449, primarily from interest earned on cash and investments held in the Trust Account of $1,417,961, offset by formation and administrative costs of $198,512 [106]. - Cash used in operating activities from January 2, 2025, through June 30, 2025, amounted to $468,864, with net income of $1,159,136 affected by interest earned on investments [109]. Initial Public Offering - The company completed its Initial Public Offering on April 28, 2025, raising gross proceeds of $220,000,000 from the sale of 22,000,000 Units at $10.00 per Unit [107]. - The company incurred $13,786,773 in costs related to the Initial Public Offering, which included a cash underwriting fee of $4,400,000 and a deferred underwriting fee of $8,800,000 [108]. Trust Account and Investments - As of June 30, 2025, the company had cash and investments held in the Trust Account totaling $221,417,961, which includes approximately $1,417,961 of interest earnings [110]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds used for working capital and growth strategies [110]. Debt and Financing - The company does not have any long-term debt or capital lease obligations, but incurs a monthly fee of $20,000 for office space and administrative support [115]. - The company does not anticipate needing to raise additional funds for operating expenditures but may require additional financing to complete its Business Combination [113]. - Up to $2,500,000 of loans from the Sponsor or affiliates may be convertible into units at a price of $10.00 per unit, should the lender choose to do so [112]. - The company has not entered into any off-balance sheet financing arrangements or established special purpose entities as of June 30, 2025 [114].

Financial Position - As of March 31, 2025, Crane Harbor Acquisition Corp. reported total assets of $290,282, with total liabilities amounting to $325,716, resulting in a shareholder's deficit of $35,434[12][13]. - As of March 31, 2025, the Company had $14,599 in cash and a working capital deficit of $307,373[46]. - The Company has no long-term debt or off-balance sheet arrangements as of March 31, 2025[117]. - Cash balance as of March 31, 2025, was $14,599, indicating limited liquidity prior to the IPO[98]. IPO and Fundraising - The company raised gross proceeds of $220,000,000 from its Initial Public Offering (IPO) of 22,000,000 units at $10.00 per unit, which includes a partial exercise of the underwriters' over-allotment option[27]. - The Company completed its Initial Public Offering on April 28, 2025, selling 22,000,000 Units at a price of $10.00 per Unit, generating gross proceeds of $220,000,000[130]. - In addition to the IPO, Crane Harbor Acquisition Corp. completed a private placement of 640,000 units, generating gross proceeds of $6,400,000, also at $10.00 per unit[28]. - An additional 640,000 Private Placement Units were sold at $10.00 per Unit, generating gross proceeds of $6,400,000[111]. - Total transaction costs incurred during the IPO amounted to $13,786,773, which included a cash underwriting fee of $4,400,000 and a deferred underwriting fee of $8,800,000[132]. Business Operations - The company has not yet commenced operations and will not generate operating revenues until after completing its initial business combination[26]. - The Company does not expect to generate operating revenues until after the completion of its Business Combination[108]. - The Company plans to pursue a business combination with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the trust account[30]. - The Company intends to use substantially all funds held in the Trust Account to complete its Business Combination[113]. - The Company may need additional financing to complete its Business Combination or to address potential redemptions of Public Shares[116]. Shareholder Information - Public shareholders will have the opportunity to redeem their shares upon the completion of a business combination, regardless of their voting stance[33]. - The Company will redeem Public Shares at a per-share price equal to the aggregate amount in the Trust Account, including interest, if it fails to complete a Business Combination within the completion window[40]. - The Initial Shareholders will waive their liquidation rights regarding Founder Shares and private placement shares if the Company does not complete a Business Combination[42]. Financial Performance - The company incurred a net loss of $60,434 for the period from January 2, 2025, through March 31, 2025, with a basic and diluted net loss per share of Class B ordinary shares at $(0.01)[16]. - The Company had a net loss of $60,434 for the period from January 2, 2025 (inception) through March 31, 2025, primarily due to formation and general administrative costs[109]. - Net loss per ordinary share is calculated by dividing net loss by the weighted average number of ordinary shares outstanding, with no dilutive securities as of March 31, 2025[66]. Regulatory and Compliance - The Company is classified as an "emerging growth company" and may take advantage of certain exemptions from reporting requirements[48]. - The Company has registration rights for holders of Founder Shares and Private Placement Units, allowing them to demand registration of their securities[81]. - The company did not have any critical accounting estimates to disclose as of March 31, 2025[121]. - There have been no material changes to the risk factors disclosed in the final prospectus for the IPO[128]. - The company has not faced any legal proceedings as of the date of the report[128]. - The company’s disclosure controls and procedures were deemed effective as of the end of the quarterly period ended March 31, 2025[124]. - There were no changes in internal control over financial reporting during the fiscal quarter that materially affected the company's financial reporting[125]. Trust Account Management - The company has a trust account holding $220,000,000 from the IPO proceeds, which will be invested in U.S. government securities until the completion of a business combination[31]. - The Company will seek to protect the Trust Account by having vendors and service providers waive any claims to the funds held therein[42]. - An aggregate of $220,000,000 from the IPO proceeds was placed in the Trust Account[132]. Other Financial Information - The Company has sufficient funds for working capital needs for at least one year from the date of the financial statements[46]. - The Company does not anticipate needing to raise additional funds for operating expenditures prior to the initial Business Combination[47]. - The fair value of the Company's financial instruments approximates their carrying amounts due to their short-term nature[55]. - The Company has authorized 500,000,000 Class A ordinary shares, with none issued or outstanding as of March 31, 2025[89]. - The Company has authorized 5,000,000 preference shares, with none issued or outstanding as of March 31, 2025[89]. - The Company has a commitment to reimburse the Sponsor $20,000 per month for administrative support services starting April 25, 2025[80]. - The Chief Operating Decision Maker (CODM) has identified only one reportable segment for performance assessment[97]. - The Company had no unrecognized tax benefits or amounts accrued for interest and penalties as of March 31, 2025[59]. Geopolitical Risks - The geopolitical instability from the Russia-Ukraine conflict and the Israel-Hamas conflict may adversely affect the Company's search for an initial Business Combination[86].

As filed with the Securities and Exchange Commission on April 17, 2025. Registration No. 333-284852 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 4 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________ Crane Harbor Acquisition Corp. (Exact name of registrant as specified in its charter) ___________________ (State or other jurisdiction of incorporation or organization) Cayman Islands 6770 98-1830736 (Primary Standard Industrial Classif ...

As filed with the Securities and Exchange Commission on April 11, 2025. Registration No. 333-284852 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________ Crane Harbor Acquisition Corp. (Exact name of registrant as specified in its charter) ___________________ Cayman Islands 6770 98-1830736 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classif ...

As filed with the Securities and Exchange Commission on April 4, 2025. Registration No. 333-284852 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________ Crane Harbor Acquisition Corp. (Exact name of registrant as specified in its charter) ___________________ Cayman Islands 6770 98-1830736 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classifi ...

As filed with the Securities and Exchange Commission on March 21, 2025. Registration No. 333-284852 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________ Crane Harbor Acquisition Corp. (Exact name of registrant as specified in its charter) ___________________ Cayman Islands 6770 98-1830736 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classif ...

As filed with the Securities and Exchange Commission on February 11, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________ Crane Harbor Acquisition Corp. (Exact name of registrant as specified in its charter) ___________________ (State or other jurisdiction of incorporation or organization) Cayman Islands 6770 98-1830736 (Primary Standard Industrial Classification Code Number) ( ...