Xanadu-SPAC Merger to Raise US$500M and Advance Quantum Battery Simulations
Crane Harbor Acquisition Corp will merge with Xanadu to gain US$500M gross proceeds, split US$225M from its trust and US$275M from PIPE investors, and list on Nasdaq and Toronto Exchange. Xanadu’s quantum algorithm runs on under 500 logical qubits to simulate Li-rich cathode materials, boosting next-generation battery design.
1. Business Combination
Crane Harbor Acquisition Corp and Xanadu Quantum Technologies have entered into a business combination agreement that will create a publicly listed quantum computing company, NewCo, expected to trade on the Nasdaq and Toronto exchanges following shareholder approval of the merger.
2. Capitalization Details
The combined entity will receive approximately US$500 million in gross proceeds, comprising US$225 million from Crane Harbor’s trust and US$275 million from a committed private placement (PIPE) with strategic and institutional investors.
3. Quantum Algorithm Breakthrough
Xanadu’s newly developed quantum algorithm requires under 500 logical qubits to simulate Li-rich NMC cathode materials using RIXS spectra, reducing resource demands and enabling accurate battery degradation modeling on early fault-tolerant quantum systems.