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]