Xanadu Quantum Technologies, a Toronto-based leader in photonic quantum computing, is set to become the first publicly traded pure-play photonic quantum computing company. The move comes as part of a merger with Crane Harbor Acquisition Corp., a special purpose acquisition company (SPAC), and a newly formed entity.

The deal values Xanadu at a pre-money equity value of US$3.0 billion, with the combined company’s pro forma enterprise value estimated at US$3.1 billion and a market capitalization of US$3.6 billion. The transaction is expected to deliver roughly US$225 million from Crane Harbor’s trust account, assuming no redemptions by shareholders, and an additional US$275 million from a private investment in public equity (PIPE) at US$10 per share, backed by strategic and institutional inv

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