Quantum Firm Xanadu to Go Public in $3.6 Billion SPAC Deal (1)

Xanadu Quantum Technologies Inc. said it will go public through a merger with Crane Harbor Acquisition Corp., a US special-purpose acquisition company, in a deal that values the combined business at about $3.6 billion.

The transaction includes about $500 million in gross proceeds, assuming no redemptions from Crane Harbor’s trust account. There’s a $275 million private investment in public equity as part of the deal.

More than 90% of the private investment in a public equity financing comes from new institutional and strategic investors including Advanced Micro Devices Inc., BMO Global Asset Management, CIBC Asset Management, MMCAP ...