Crane Harbor Acquisition Corp

CHAC

Market cap $335M

TORONTO, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Xanadu, Rolls-Royce, and Riverlane have successfully completed their collaborative project on applications relevant to modeling jet engine airflow by utilizing quantum computing. By integrating Xanadu's PennyLane software and Riverlane's state-of-the-art quantum algorithms, the project enabled Rolls-Royce to achieve a reduction in simulation runtimes by orders of magnitude—shrinking calculation costs from weeks to less than an hour, unlocking new prototyping opportunities for the aerospace industry.

TORONTO, Nov. 24, 2025 (GLOBE NEWSWIRE) -- Crane Harbor Acquisition Corp. (Nasdaq: CHAC), a publicly traded special purpose acquisition company (“Crane Harbor”), and Xanadu Quantum Technologies Inc. (“Xanadu”), a leading photonic quantum computing company, today announced the confidential submission of a draft registration statement on Form F-4 (the “Registration Statement”) by a newly-formed entity, Xanadu Quantum Technologies Limited (“NewCo”), with the U.S. Securities and Exchange Commission (“SEC”). The submission of the Registration Statement marks an important milestone toward the completion of the previously disclosed proposed business combination between Crane Harbor and Xanadu, which has an expected pro forma enterprise value of approximately US$3.1 billion and pro forma market capitalization of US$3.6 billion.

Xanadu is a pure play photonic quantum computing company that plans on merging with Crane Harbor in a SPAC deal. The company achieved quantum supremacy in 2022 with Borealis, and it has developed open-source software dubbed PennyLane.

TORONTO, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Xanadu Quantum Technologies Inc. (“Xanadu”), a leading photonic quantum computing company, today announced it has advanced to Stage B of DARPA's Quantum Benchmarking Initiative (“QBI”). This progress positions the company alongside a select few organizations who are demonstrating a credible path toward utility-scale quantum computing and reinforces Xanadu's photonic quantum computing approach.

Xanadu Produced the First Networked, Modular and Scalable Quantum Computer with their Aurora System in Early 2025 1 First Pure Play Quantum Computing Company to Achieve Quantum Supremacy with their Borealis System in 2022 Xanadu's PennyLane Software Offering is the #1 Quantum Programming Software with 47% Usage Among Quantum Programmers 2 Pro Forma Enterprise Value of the Combined Company is Expected to be Approximately US$3.1 Billion and Pro Forma Market Capitalization is Expected to be Approximately US$3.6 Billion 3 , with Existing Xanadu Shareholders Rolling Over 100% of their Equity Gross Proceeds from the Transaction are Expected to be Approximately US$500 Million, assuming no redemptions from Crane Harbor trust account and including US$275 Million in a Fully Committed Common Equity PIPE with a $10.00 Price per Share Over 90% of the Upsized and Oversubscribed PIPE Capital Will be New Money Strategic and Institutional Investors, including AMD, BMO Global Asset Management4, CIBC Asset Management Inc., MMCAP Ventures, PlanetFirst, and Polar Asset Management Partners along with support from existing investors Bessemer, Georgian, and OMERS Ventures TORONTO, Nov. 03, 2025 (GLOBE NEWSWIRE) -- Xanadu Quantum Technologies, Inc. (“Xanadu”), a leading photonic quantum computing company, and Crane Harbor Acquisition Corp. (Nasdaq: CHAC), a publicly traded special purpose acquisition company (“Crane Harbor”), today announced that they have entered into a definitive business combination agreement with a newly formed entity, that is expected to result in Xanadu being the first and only publicly traded pure play photonic quantum computing company. Upon closing of the transaction, shares of the combined company are expected to trade on the Nasdaq Stock Market and on the Toronto Stock Exchange.