Xanadu announces equity offering
On November 3, 2025, Xanadu Quantum Technologies, Inc. (“Xanadu”) announced an equity financing to partially fund its reverse merger with Crane Harbor Acquisition Corp. (“Crane Harbor”) to make Xanadu the first and only publicly traded pure play photonic quantum computing company.
Under the terms of the PIPE financing, the combined company is expected to receive approximately US$225 million from Crane Harbor’s trust account, assuming no redemptions by Crane Harbor’s public stockholders during the transaction, as well as US$275 million in gross proceeds from a group of strategic and institutional investors participating in the transaction via a common equity committed private placement investment (“PIPE”) to purchase shares of the combined company at US$10.00 per share.
Over 90% of the capital committed in the PIPE financing was sourced from new investors, including AMD, BMO Global Asset Management Inc. (“BMO Global Asset Management”), CIBC Asset Management Inc.(“CIBC Asset Management”), MMCAP Ventures, PlanetFirst Partners (“PlanetFirst”), and Polar Asset Management Partners Inc. (“Polar Asset Management Partners”), along with support from existing investors Bessemer Venture Partners (“Bessemer”), Georgian and OMERS Ventures Management Inc. (“OMERS Ventures”).
Net proceeds will be used to accelerate the development and deployment of Xanadu's photonic quantum computer systems to fully fault-tolerant, with subsequent commercial traction via both run time sales and PennyLane software monetization.
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.