Xanadu in its cross-border de-SPAC transaction Xanadu in its cross-border de-SPAC transaction

On November 3, 2025, Xanadu Quantum Technologies Inc. (Xanadu) announced its going-public transaction by way of a business combination with Crane Harbor Acquisition Corporation (Crane Harbor), a special-purpose acquisition corporation (SPAC) listed on the Nasdaq Stock Market.

The transaction values Xanadu at a pre-money rollover equity value of US$3 billion and the combined company at a pro forma enterprise value of approximately US$3.1 billion, with a pro forma market capitalization of US$3.6 billion. 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, 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.

Xanadu is a leading photonic quantum computing company, is expected to become the first and only publicly traded pure play photonic quantum computing company. Osler, Hoskin & Harcourt LLP advised as Canadian counsel to Xanadu Quantum Technologies Inc. with a team led by Chad Bayne and James Brown and includes Wesley Cohen, Aliza Zigler, Shae-Lynne Shaheen, Denis Keimakh and Alexander McGuigan (Corporate), David Jamieson, Andrew Irwin, Jennifer Humphrey, Alex Green, Jordan Geist, Kevin Li and Rachel May (EHG), Taylor Cao, Alina Tamm and Okanga Okanga (Tax), Shuli Rodal (Competition and Foreign Investment), Lynne Lacoursiere, Nick Guadagnolo and Sabrina Jackson-Nazareth (Executive Compensation), Damian Rigolo and Carrington Hickey (Employment), Michael Fekete, Sam Ip and Samuel Dobbin (Technology), Adam LaRoche (Privacy), Jon Marin and Aleksandar Galiyash (Pensions & Benefits), Matthew Cronby, Malcolm Aboud and Chelsea Rubin (Trade), Nathaniel Lipkus, Barry Fong and Joanna Xia (IP), Craig Lockwood and Lauren Harper (Plan of Arrangement Litigation) and a team from Osler Works Transactional including Sandra Sbrocchi, Sergey Stefanishin, Tiara McFarland, Sahar Ayub, Chelsea Bland, Asma Bouali, Stephanie Cho, Lynnea Maki, Joshua Murray and Manvir Rai.