Core Insights - The collaboration between Xanadu, Rolls-Royce, and Riverlane has successfully advanced quantum computing applications for modeling jet engine airflow, significantly reducing simulation runtimes from weeks to under an hour, thus enabling new prototyping opportunities in the aerospace industry [1][5] Company Summaries Xanadu - Xanadu is a Canadian quantum computing company founded in 2016, focused on building practical quantum computers and developing the open-source software library PennyLane [7] - The company has successfully reduced prototyping runtimes by up to 1000-fold for Rolls-Royce, addressing the long wait times associated with traditional simulations [4] - Xanadu's Catalyst compiler was instrumental in optimizing quantum-classical programs for Rolls-Royce, emphasizing the importance of hybrid quantum-classical computing [4][5] Rolls-Royce - Rolls-Royce is a major player in the aerospace industry, providing power solutions and services across multiple sectors, including defense and civil aviation [9][10] - The company reported an annual underlying revenue of £17.8 billion and an underlying operating profit of £2.46 billion in 2024, indicating strong financial performance [11] - Rolls-Royce's collaboration with Xanadu and Riverlane is part of its strategy to leverage advanced technologies to enhance its design processes and product offerings [3][5] Riverlane - Riverlane specializes in Quantum Error Correction (QEC) and partners with over 60% of the world's quantum computer companies to address challenges in achieving utility-scale quantum systems [12] - The company contributed novel quantum algorithms to the collaboration, enhancing the overall efficiency of the simulation workflow for Rolls-Royce [4][5] - Riverlane's expertise in QEC is crucial for unlocking the potential of quantum computing in various industries, including aerospace [12]

Core Insights - Crane Harbor Acquisition Corp. and Xanadu Quantum Technologies Inc. are moving forward with a proposed business combination, with an expected pro forma enterprise value of approximately US$3.1 billion and a pro forma market capitalization of US$3.6 billion [1][2] Company Overview - Xanadu Quantum Technologies, founded in 2016, is a leader in photonic quantum computing technology, operating at room temperature and offering the world's first networked, modular, and scalable quantum computer through its Aurora system [3] - Xanadu achieved quantum supremacy in 2022 with its 216-qubit Borealis system, marking a significant milestone in quantum computing [3] Financial Aspects - The combined entity, Xanadu Quantum Technologies Limited, is expected to be capitalized with approximately US$500 million in gross proceeds, including US$225 million from Crane Harbor's trust account and US$275 million from strategic and institutional investors through a PIPE investment [2] - The PIPE investment exceeds the minimum cash required to close the transaction under the business combination agreement [2] Strategic Positioning - The business combination positions Xanadu to become the first and only publicly traded pure-play photonic quantum computing company, leveraging photonics for various applications including quantum networking, sensing, and secure communications [4] - Xanadu is also a leader in quantum software through its PennyLane platform, which is widely implemented across major quantum computer providers [4] Regulatory and Transaction Details - The completion of the proposed transaction is subject to customary closing conditions, including shareholder approval and stock exchange listing [5] - The business combination is expected to close by the end of the first quarter of 2026 [5]

Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $1,918,512, primarily from interest earned on cash and investments held in the Trust Account of $2,425,410, after deducting formation and administrative costs of $506,898[109]. - Cash used in operating activities from January 2, 2025, through September 30, 2025, amounted to $982,916, with net income of $3,077,648 being affected by interest earned on investments of $3,843,371[112]. - The company has not generated any operating revenues to date and does not expect to do so until after completing a Business Combination[108]. Trust Account and Investments - As of September 30, 2025, the company had cash and investments in the Trust Account totaling $223,843,371, which includes approximately $3,843,371 of interest earnings[113]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital and growth strategies[113]. 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[110]. - 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[111]. Debt and Capital Needs - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2025, and has a contractual obligation to pay $20,000 monthly for office space and administrative support[118][119]. - The company may need to raise additional capital through loans or investments to meet working capital needs, which raises substantial doubt about its ability to continue as a going concern[116][117]. - 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, at the lender's option[115].

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 ...