Crane Harbor Acquisition is a SPAC — a blank check company with no operations, revenue, or products. Its sole purpose is to identify and merge with a private company, taking that company public. Crane Harbor raised $220M in an April 2025 IPO, with proceeds held in trust in U.S. government securities while management searches for a target. In November 2025, Crane Harbor signed a business combination agreement with Xanadu Quantum Technologies, a Canadian quantum computing company; if the deal closes, Xanadu will list on Nasdaq and Crane Harbor will cease to exist as a SPAC. The sponsor acquired roughly 7.3M founder shares for $25,000 — the "promote" — which would be worth roughly $73M at $10/share upon deal close, giving management a strong incentive to complete a transaction. Public shareholders have downside protection, with the right to redeem shares for roughly $10 each from trust if they dislike a proposed deal. Crane Harbor must close a transaction by April 28, 2027, or liquidate and return funds to public shareholders. The management team points to prior SPAC deals — including Vertiv, Janus International, BlackSky Technology, and Falcon Minerals — as evidence of execution track record.