Xanadu to become the first and only publicly traded pure-play photonic quantum computing company

Torys acted as counsel to OMERS Ventures and Radical Ventures with a team that led by Konata Lake and that included Christoper Tworzyanski and Tyler Cassack (corporate/M&A), Andy Beck (U.S. securities) and Steve Marshall (tax).

On March 26, 2026, Xanadu Quantum Technologies, Inc. (“Xanadu”) and Crane Harbor Acquisition Corp. (“Crane Harbor”) announced the completion of the previously announced definitive business combination agreement, dated November 3, 2025, 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.

The transaction values Xanadu at a pre-money equity value of US$3.0 billion and a pro forma enterprise value of approximately US$3.1 billion, with a market capitalization of US$3.6 billion. Management and existing Xanadu shareholders, including OMERS Ventures Management Inc. (“OMERS Ventures”) and Radical Ventures Investment Inc. (“Radical Ventures”), did not receive any cash proceeds as part of the transaction and instead rolled over their shares into stock in the combined company.

The transaction was unanimously approved by the Board of Directors of Crane Harbor, as well as the Board of Directors of Xanadu.

Concurrent with the transaction, Xanadu and Crane Harbor announced the completion of an equity financing via a common equity committed private placement investment to purchase shares of the combined company at US$10.00 per share.

Further information can be found on Globe Newswire’s website.

Xanadu is a Canadian quantum technology company, and one of the world's leading photonic quantum hardware providers. Founded in 2016, its mission is to build quantum computers that are useful and available to people everywhere.

Crane Harbor is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

OMERS Ventures is an early-stage tech investor serving fintech, vertical software, enterprise app and AI/infra founders.

Radical Ventures is a venture capital firm investing in entrepreneurs applying deep technology to transform massive industries.