Filed by Xanadu Quantum Technologies Limited
Pursuant to Rule 425
under the Securities Act of 1933, as amended
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934, as amended
Subject Company: Crane Harbor Acquisition Corp.
(Commission File No. 001-42617)
Set forth below is a press release dated March
10, 2026 by Xanadu Quantum Technologies Inc. (“Xanadu”) announcing the partnership between Xanadu and AMD.
Xanadu and AMD Accelerate Quantum Computing
for Aerospace and Engineering
TORONTO, March 10, 2026 (GLOBE NEWSWIRE) -- Xanadu Quantum Technologies
Inc. (“Xanadu”), a leading photonic quantum computing company, today announced a major step forward in bringing quantum computing
closer to real-world aerospace and engineering applications by leveraging AMD HPC and AI technologies. By combining Xanadu’s PennyLane
quantum software with AMD high-performance computing solutions on the AMD DevCloud, Xanadu successfully demonstrated how advanced aerospace
simulations can be prepared and run in a hybrid quantum-classical environment.
Aerospace engineers rely on computational fluid dynamics (CFD) simulations
to optimize design and enhance aircraft efficiency. Xanadu, powered by the AMD DevCloud, has successfully demonstrated CFD simulations
within a hybrid quantum-classical program, showcasing the significant potential of quantum computing for the industry. The work centered
on the compilation and execution of a CFD model with 256x256 matrix elements. This hybrid program utilized 20 qubits and approximately
35 million quantum gates, pushing the boundaries of current CFD quantum simulations. As the industry advances toward fault-tolerant quantum
computing, the ability to compile and optimize programs of this scale will become a critical competitive advantage. This milestone demonstrates
that Xanadu and AMD can support next-generation quantum-classical applications by combining their respective technologies and expertise,
helping transition quantum computing from research environments toward industrial use in aerospace and engineering.
“Seeing AMD high-performance compute boost the performance of
PennyLane is a clear proof point of how quantum and classical technologies can effectively work together,” said Madhu Rangarajan,
Corporate Vice President, Compute and Enterprise AI, AMD. “This work further underscores the importance of seamless integration
between classical and quantum computing. The work between AMD and Xanadu expands the boundaries of what is possible for users investigating
hybrid quantum/classical computing using AMD compute today.”
"Accelerating quantum applications for the aerospace industry
requires close collaboration between quantum software and high-performance computing," said Christian Weedbrook, Founder and Chief
Executive Officer of Xanadu. "Our partnership with AMD brings these capabilities together to address real engineering challenges
today. By optimizing how large-scale quantum programs are compiled and simulated, we are helping ensure the aerospace industry is ready
to adopt fault-tolerant quantum computing as soon as it becomes available.”
The collaboration has also improved the performance of a core quantum
algorithm, the Quantum Singular Value Transformation (QSVT), which is a key driver for a variety of applications, including those relevant
to aerospace engineering. Xanadu found that by moving from a traditional CPU to a single AMD GPU, the team reduced simulation time by
25 times, demonstrating the immediate value of high-performance computing in accelerating quantum workflows. Using PennyLane’s Catalyst
compiler, they also translated a 68-qubit quantum circuit into more than 15 million hardware-optimized gates, preparing it for future
fault-tolerant quantum systems. As aerospace organizations look to turn quantum research into practical advantage, scalable software and
powerful computing infrastructure will be essential. Through their partnership, Xanadu and AMD are bringing quantum and classical technologies
together in a way that helps industry prepare today for the next generation of quantum computers.
About Xanadu
Xanadu is a Canadian quantum computing company with the mission to
build quantum computers that are useful and available to people everywhere. Founded in 2016, Xanadu has become one of the world's leading
quantum hardware and software companies. The company also leads the development of PennyLane, an open-source software library for quantum
computing and application development. Visit xanadu.ai or follow us on X @XanaduAI.
Press Contact:
press@xanadu.ai
Investor Relations:
investors@xanadu.ai
Business Combination
Xanadu recently announced a business combination agreement with Crane
Harbor Acquisition Corp. (“Crane Harbor”) (Nasdaq: CHAC), a publicly traded special purpose acquisition company. The combined
company, Xanadu Quantum Technologies Limited (“NewCo”), is expected to be capitalized with approximately US$500 million in
gross proceeds, comprising 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 from a group of strategic and institutional investors participating in the transaction
via a common equity committed private placement investment. NewCo is expected to be listed on the Nasdaq Stock Market and on the Toronto
Stock Exchange.
About Crane Harbor Acquisition Corp
Crane Harbor Acquisition Corp is a blank check company formed for the
purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with
one or more businesses.
Additional Information About the Proposed Transaction and Where
to Find It
The proposed business combination transaction will be submitted to
shareholders of Crane Harbor and Xanadu for their consideration. NewCo and Crane Harbor have jointly filed a registration statement on
Form F-4 (the “Registration Statement”) to the U.S. Securities and Exchange Commission (the “SEC”). The Registration
Statement includes a proxy statement/prospectus to be distributed to Crane Harbor’s shareholders in connection with Crane Harbor’s
solicitation of proxies for the vote by Crane Harbor’s shareholders in connection with the proposed transaction and other matters
to be described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to Xanadu’s
shareholders in connection with the completion of the proposed transaction. After the Registration Statement has been publicly filed and
declared effective by the SEC, a definitive proxy statement/prospectus and other relevant documents will be mailed to Crane Harbor shareholders
as of the record date established for voting on the proposed transaction. Before making any voting or investment decision, Crane Harbor’s
shareholders and other interested persons are advised to read, once available, the preliminary proxy statement/prospectus and any amendments
thereto and, once available, the definitive proxy statement/prospectus, as well as other documents filed with the SEC by NewCo and/or
Crane Harbor in connection with the proposed transaction, as these documents will contain important information about NewCo, Crane Harbor,
Xanadu and the proposed transaction. Shareholders may obtain a copy of the preliminary or definitive proxy statement/prospectus, once
available, as well as other documents filed by NewCo and/or Crane Harbor with the SEC, without charge, at the SEC’s website located
at www.sec.gov, Crane Harbor’s website at www.craneharboracquisition.com or by emailing investors@xanadu.ai.
Forward-Looking Statements
This communication includes “forward-looking statements”
within the meaning of the U.S. federal securities laws and “forward-looking information” within the meaning of applicable
Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements may be identified by the
use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,”
“will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,”
“could,” “may,” “might,” “possible,” “potential,” “predict” or
similar expressions that predict or indicate future events or trends or that are not statements of historical matters. We have based these
forward-looking statements on current expectations and projections about future events. These statements include: the stock exchanges
on which the shares of the combined company are expected to trade; pro forma enterprise value of the combined company; market capitalization
of the combined company; proceeds from the business combination and related PIPE; funds received by the combined company from Crane Harbor’s
trust account and redemptions by Crane Harbor’s public shareholders; projections regarding Xanadu’s ability to commercialize
new products and technologies and the timing thereof; the successful consummation and potential benefits of the proposed transaction and
expectations related to its terms and timing; Xanadu becoming the first and only publicly traded pure-play photonic quantum computing
company; and the expected timing of closing of the business combination.
These forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement
of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, many
of which are beyond the control of Xanadu and Crane Harbor. These forward-looking statements are subject to known and unknown risks, uncertainties
and assumptions that may cause the actual results of the combined company following the proposed transaction, levels of activity, performance
or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied
by such statements. Such risks and uncertainties include: that Xanadu is pursuing an emerging technology, faces significant technical
challenges and may not achieve commercialization or market acceptance; Xanadu’s historical net losses and limited operating history;
that there is substantial doubt about Xanadu's ability to continue as a going concern; Xanadu’s expectations regarding future financial
performance, capital requirements and unit economics; Xanadu’s use and reporting of business and operational metrics; Xanadu’s
competitive landscape; Xanadu’s dependence on members of its senior management and its ability to attract and retain qualified personnel;
the potential need for additional future financing; Xanadu’s ability to manage growth and expand its operations; potential future
acquisitions or investments in companies, products, services or technologies; Xanadu’s reliance on strategic partners and other
third parties; Xanadu’s concentration of revenue in contracts with government or state-funded entities; Xanadu’s ability to
maintain, protect and defend its intellectual property rights; risks associated with privacy, data protection or cybersecurity incidents
and related regulations; the use, rate of adoption, and regulation of artificial intelligence and machine learning; uncertainty or changes
with respect to laws and regulations; uncertainty or changes with respect to taxes, trade conditions and the macroeconomic environment;
material weaknesses in Xanadu's internal control over financial reporting and the combined company’s ability to maintain internal
control over financial reporting and operate as a public company; the possibility that required shareholder and regulatory approvals for
the proposed transaction are delayed or are not obtained, which could adversely affect the combined company or the expected benefits of
the proposed transaction; the risk that shareholders of Crane Harbor could elect to have their shares redeemed, leaving the combined company
with insufficient cash to execute its business plans; the occurrence of any event, change or other circumstance that could give rise to
the termination of the business combination agreement; the outcome of any legal proceedings or government investigations that may be commenced
against Xanadu or Crane Harbor; failure to realize the anticipated benefits of the proposed transaction; the ability of Crane Harbor or
the combined company to issue equity or equity-linked securities in connection with the proposed transaction or in the future; and other
factors described in Crane Harbor’s filings with the SEC. These forward-looking statements are based on certain assumptions, including
that none of the risks identified above materialize; that there are no unforeseen changes to economic and market conditions, and that
no significant events occur outside the ordinary course of business. Additional information concerning these and other factors that may
impact such forward-looking statements can be found in filings and potential filings by Xanadu, Crane Harbor or the combined company resulting
from the proposed transaction with the SEC, including under the heading “Risk Factors.” If any of these risks materialize
or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In
addition, these statements reflect the expectations, plans and forecasts of Xanadu’s and Crane Harbor’s management as of the
date of this communication; subsequent events and developments may cause their assessments to change. While Xanadu and Crane Harbor may
elect to update these forward-looking statements at some point in the future, they specifically disclaim any obligation to do so, unless
required by applicable securities laws. Accordingly, undue reliance should not be placed upon these statements.
In addition, statements that “we believe” and similar statements
reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of
this presentation, and while we believe such information forms a reasonable basis for such statements, such information may be limited
or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all
potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon
these statements.
An investment in Crane Harbor is not an investment in any of Crane
Harbor’s founders’ or sponsors’ past investments, companies or affiliated funds. The historical results of those investments
are not indicative of future performance of Crane Harbor, which may differ materially from the performance of Crane Harbor’s founders’
or sponsors’ past investments.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation
of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
jurisdiction. This communication is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public
offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except
by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom. INVESTMENT
IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON
OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY
IS A CRIMINAL OFFENSE. This press release is not, and under no circumstances is to be construed as, a prospectus, an advertisement or
a public offering in any province or territory of Canada. In addition, no securities commission or similar regulatory authority in Canada
has reviewed or in any way passed upon this press release or the merits of any of the securities described herein and any representation
to the contrary is an offense.
Participants in the Solicitation
NewCo, Crane Harbor, Xanadu and certain of their respective directors,
executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation
of proxies from Crane Harbor’s shareholders in connection with the proposed transaction. Information regarding the persons who may,
under SEC rules, be deemed participants in the solicitation of Crane Harbor’s shareholders in connection with the proposed transaction
will be set forth in proxy statement/prospectus when it is filed by NewCo with the SEC. You can find more information about Crane Harbor’s
directors and executive officers in Crane Harbor’s final prospectus related to its initial public offering filed with the SEC on
April 25, 2025 and in the subsequent Quarterly Reports on Form 10-Q filed by Crane Harbor with the SEC. Additional information regarding
the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus
when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully
when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources
described above.
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