Xanadu Quantum Technologies and Crane Harbor Acquisition have filed their joint registration statement with the United States Securities and Exchange Commission in connection with their previously announced $3.1-billion proposed business combination.
The public filing follows the confidential submission of Xanadu’s initial draft registration statement on November 24, 2025.
The Registration Statement, which includes a preliminary proxy statement/prospectus, has not yet been declared effective and remains subject to review and amendment by the SEC.
Once declared effective, the Registration Statement will provide important information regarding Xanadu’s business, technology, and operations, as well as details of the proposed transaction and the matters to be considered by shareholders of Crane Harbor.
Christian Weedbrook, founder and CEO of Xanadu, said the company has built a quantum computing platform focused on practical, real-world applications, with a clear pathway to both hardware and software commercialization and scalability.
“This filing reflects the progress we’ve made to date and our confidence in the long-term opportunity ahead as quantum computing becomes an increasingly important part of the global compute ecosystem,” said Weedbrook.
Bill Fradin, CEO of Crane Harbor, said the filing represents a significant moment in Xanadu’s plans to list on the Nasdaq and the TSX.
Founded in 2016, Xanadu’s quantum computing technology, operating at true room temperature without the complex and energy-intensive cryogenics or laser cooling required by competing approaches, while delivering the world’s first networked, modular, and scalable quantum computer through their Aurora system.
Xanadu made history in 2022 as the first pure-play quantum computing company to achieve quantum supremacy with their 216-qubit Borealis system.
The proposed business combination positions Xanadu to become the first and only publicly traded pure-play photonic quantum computing company, leveraging photonics as the only medium universally compatible across all quantum modalities for commercialization, including quantum networking, sensing, secure communications, and future applications.
Since announcing the proposed business combination with Crane Harbor Acquisition, Xanadu has strengthened its leadership team with the appointment of a CFO and a chief legal officer, and advanced to Stage B of DARPA’s Quantum Benching Initiative.
It has also selected to participate in the Canadian Quantum Champions Program, securing up to CAD$23M, and partnered with Rolls-Royce and Riverlane to unlock dramatic improvements for applications to jet engine airflow simulations.
Xanadu has also expanded partnership with A*Star to advance photonic quantum computing, developed a novel quantum computational Framework to Accelerate Photodynamic Cancer Therapy research, and partnered with Thorlabs to advance optical controls for photonic quantum computing.
Xanadu, Crane Harbor and a newly formed entity, Xanadu Quantum Technologies, entered into a definitive business combination agreement on November 3, 2025.
The proposed transaction is expected to close in the first quarter of 2026, subject to the Registration Statement being declared effective by the SEC, the approval by Crane Harbor and Xanadu shareholders, and the satisfaction of other customary closing conditions.
Upon completion of the transaction, the combined company’s shares are expected to trade on the Nasdaq and the Toronto Stock Exchange under the ticker symbol “XNDU.”
