Xanadu Quantum Technologies Limited
Develops photonic quantum computers and quantum computing software, including the PennyLane programming platform.
Enterprise software and production AITechnology Hardware, Storage & Peripherals ·Nasdaq: XNDU · merged with Crane Harbor Acquisition Corp. (CHAC) · closed 26 Mar 2026, listed
Xanadu Quantum Technologies went public through its combination with Crane Harbor Acquisition Corp., which closed on 26 March 2026, after holders of 19,428,395 public shares redeemed at the closing vote. It received about $302 million in cash at closing, from the trust ($27 million) and a $275 million PIPE. At 30 June 2026 the company held $312.8 million of cash and cash equivalents, and for 2025 it reported revenue of $4.6 million and a net loss of $70.7 million.
As announced, illustrative
- Pre-money equity value
- $3B5
- Pro forma equity value
- $3.59B6
- Pro forma enterprise value
- $3.13B6
- Capital committed, Fully committed common equity PIPE at $10.00 per share
- $275M5
- Assuming
- 0% redemptions from ~$224m trust cash (September 30, 2025); $275m PIPE at $10/share; $40m expenses; 100% target equity rollover; includes existing equity awards/options and 2.2m shares from rights; excludes 1.1m sponsor earnout shares.6†
† Read from investor presentation
At closing
- Revenue, FY2025
- $4.6M1
- SPAC trust at IPO
- $220M2
- Trust cash kept at closing
- $26.6M4
- Financing funded at closing, PIPE (Class B subordinate voting shares)
- $275M1
- Transaction costs, all parties
- $52.2M4
- Net cash at closing, after costs
- $264M4
- Financing funded before closing (not in cash at closing)
- Not disclosed
- Committed, not funded at closing
- Not disclosed
- Equity value at closing, common shares at $10.00
- $2.98B4
- Warrants
- MVS: 383,645 at US$0.02/share and 136,329 at US$0.15/share; SVS: 157,960 at US$1.15/share; all outstanding immediately after closing7
- Options
- Legacy options exchanged for MVS and SVS options; amount represents underlying shares immediately after closing7
- Earn-out shares
- Sponsor Class B shares already issued and subject to forfeiture: 550,000 at US$12.50 and 550,000 at US$15.00; each requires 20 trading days within 30 consecutive trading days during the four-year vesting term7
Latest filings
This record is for informational purposes only. It is compiled from SEC filings and, for share prices, the named market-data provider, with the assistance of AI. Although checked against its sources, it may contain errors or omissions and has not been audited; where it differs from the original filings, the filings prevail. It does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Past performance does not indicate future results.