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Xanadu Quantum Technologies (Nasdaq:CHAC) announced a new quantum computational framework to accelerate discovery of photosensitizers for photodynamic cancer therapy and published the work as a pre-print on arXiv on Dec 19, 2025. The research reports simulation of four diverse photosensitizers, highlights modelling of absorption and intersystem crossing rates, and estimates resources for running the algorithms on utility-scale, fault-tolerant quantum computers.
Separately, Xanadu agreed to combine with Crane Harbor Acquisition Corp., creating NewCo expected to list on Nasdaq and the Toronto Stock Exchange and to be capitalized with approximately US$500 million (about US$225 million from Crane Harbor trust assuming no redemptions and US$275 million from committed private placement investors).
Xanadu (CHAC) was selected for the Canadian Quantum Champions Program and will receive up to CAD $23 million from Innovation, Science and Economic Development Canada as part of Phase 1 funding to support development of fault-tolerant quantum computing. Phase 1 begins technical validation and benchmarking led by the National Research Council of Canada through the Benchmarking Quantum Platforms initiative. Xanadu highlighted advantages of its photonic architecture, including room-temperature operation, enhanced qubit connectivity, and a modular design demonstrated by its Aurora prototype.
The funding aims to accelerate practical quantum applications across drug discovery, chemistry, aerospace, defence, and AI.
Xanadu (Nasdaq:CHAC) signed a Memorandum of Understanding with A*STAR to expand collaboration in Singapore by adding A*STAR IHPC and A*STAR Q.InC to an existing relationship with A*STAR IME.
The partners intend to pursue joint R&D on photonic quantum computing, including GKP error mitigation, quantum light sources, integrated photonic connectivity, packaging, ASIC integration, and potential hosting of photonic quantum computers in Singapore.
Separately, Xanadu announced a business combination with Crane Harbor Acquisition Corp. that would create NewCo with approximately US$500 million of gross proceeds (about $225M from Crane Harbor’s trust and $275M from committed investors) and a planned Nasdaq and Toronto listing.
Xanadu, Rolls-Royce, and Riverlane completed a collaboration applying quantum computing to jet engine airflow simulations, using Xanadu's PennyLane and Catalyst compiler plus Riverlane algorithms. The partners reported simulation runtimes fell from weeks to under an hour and prototyping runtimes were reduced by up to 1,000-fold in some cases.
The work targeted hybrid quantum‑classical bottlenecks and prepared algorithm components ahead of Xanadu’s fault‑tolerant hardware. Separately, Xanadu announced a business combination with Crane Harbor Acquisition Corp (Nasdaq: CHAC) to form a public company expected to receive approximately US$500 million in gross proceeds (≈US$225M from the trust assuming no redemptions and ≈US$275M from committed investors) and to list on Nasdaq and the Toronto Stock Exchange.
Crane Harbor Acquisition (Nasdaq: CHAC) and Xanadu confidentially submitted a draft Form F-4 for a proposed business combination to create Xanadu Quantum Technologies Limited.
The combined company implies a pro forma enterprise value of approximately US$3.1 billion and a pro forma market capitalization of US$3.6 billion. The new entity is expected to be capitalized with roughly US$500 million in gross proceeds, including ~US$225 million from Crane Harbor’s trust (assuming no redemptions) and a US$275 million committed PIPE. Closing is subject to customary conditions, shareholder approvals, stock exchange approvals, and is expected by the end of Q1 2026.
Xanadu (Nasdaq: CHAC) advanced to Stage B of DARPA’s Quantum Benchmarking Initiative on Nov 6, 2025, positioning the company among a select group demonstrating a credible path toward utility-scale photonic quantum computing.
Stage B is a year-long, intensive review of development, scaling and cost-control strategies; Xanadu will present a roadmap to fault-tolerant, utility-scale photonic quantum computers and discuss risks and mitigations. Xanadu also announced a business combination with Crane Harbor Acquisition Corp (Nasdaq: CHAC) expected to provide approximately US$500 million in gross proceeds assuming no redemptions, and the combined company is expected to list on Nasdaq and the Toronto Stock Exchange.
Xanadu (expected public ticker: CHAC) signed a definitive business combination with Crane Harbor Acquisition Corp. to become the first publicly traded pure-play photonic quantum computing company, with expected Nasdaq and Toronto Stock Exchange listings.
The transaction values Xanadu at a pre-money rollover equity value of US$3.0 billion, a pro forma enterprise value of ~US$3.1 billion and a pro forma market cap of ~US$3.6 billion. Gross proceeds are expected to be ~US$500 million, including a US$275 million committed PIPE at $10.00 per share, with over 90% of PIPE capital from new investors. Existing Xanadu shareholders will roll over 100% of their equity.
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