{"id":919722,"date":"2025-12-15T10:03:23","date_gmt":"2025-12-15T15:03:23","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/xanadu-to-receive-up-to-23m-from-new-canadian-quantum-champions-program\/"},"modified":"2025-12-15T10:03:23","modified_gmt":"2025-12-15T15:03:23","slug":"xanadu-to-receive-up-to-23m-from-new-canadian-quantum-champions-program","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/xanadu-to-receive-up-to-23m-from-new-canadian-quantum-champions-program\/","title":{"rendered":"Xanadu to receive up to $23M from new Canadian Quantum Champions Program"},"content":{"rendered":"

\nFederal program supports development of fault-tolerant quantum computing in Canada
\n<\/h2>\n
\n

TORONTO, Dec. 15, 2025 (GLOBE NEWSWIRE) — Xanadu<\/u><\/a> Quantum Technologies Inc. (\u201cXanadu\u201d), a leading photonic quantum computing company, today announced that it has been selected to participate in the Canadian Quantum Champions Program (CQCP), a new, first-of-its-kind federal initiative designed to accelerate the development of fault-tolerant quantum computing capabilities in Canada and anchor the country\u2019s quantum leadership for the long term.<\/p>\n

Led by Innovation, Science and Economic Development Canada (ISED), with technical due diligence undertaken by the National Research Council of Canada (NRC), the CQCP is a three-phase, merit-based funding program. Phase 1, which begins the technical validation and benchmarking process, is launching now, with subsequent phases currently under development.<\/p>\n

As part of Phase 1, Xanadu will receive up to CAD $23 million in funding from ISED to support its ongoing mission to build quantum computers that are useful and available to people everywhere.<\/p>\n

\u201cThis is an important moment for quantum computing in Canada. At Xanadu, we aim to harness quantum computing to tackle problems that are beyond the reach of today\u2019s computers and unlock transformative solutions for science, industry, and society,\u201d said Christian Weedbrook, Chief Executive Officer and Founder of Xanadu. \u201cWe\u2019re proud to be selected for this initiative and look forward to working together to advance the future of quantum computing.\u201d<\/p>\n

As a part of the CQCP, the National Research Council of Canada (NRC) will establish the Benchmarking Quantum Platforms (BQP) initiative to undertake the expert assessment of the underlying quantum technologies working closely with the companies. This initiative will use an interdisciplinary, science-based approach to assess each company\u2019s technical progress.<\/p>\n

\u201cCanada\u2019s investment in the Canadian Quantum Champion Program is a bold step to anchor our world-class talent and companies here at home, helping drive innovation in a field that will transform our economy and daily lives,\u201d says the Honourable Evan Solomon, Minister of Artificial Intelligence and Digital Innovation and Minister responsible for the Federal Economic Development Agency for Southern Ontario. \u201cBy strengthening our quantum ecosystem, we are building long-term economic resilience while ensuring Canada\u2019s leadership in science and technology benefits all Canadians.\u201d<\/p>\n

Xanadu’s photonic quantum computing architecture offers distinct advantages over other quantum systems, including minimal cooling requirements due to room-temperature operations, enhanced qubit connectivity that enables more efficient fault-tolerant operations, and a modular, networkable design that is critical for achieving practical quantum computing. Xanadu’s latest photonic quantum computer, Aurora, serves as a proof-of-concept for this approach, providing the fundamental building blocks needed for large-scale, error-corrected quantum computing.<\/p>\n

Participation in CQCP reinforces Xanadu\u2019s efforts to develop quantum computing solutions that deliver practical value across industries, including drug discovery, advanced chemistry, aerospace, defence and AI.<\/p>\n

\n About Xanadu<\/strong>
\n
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<\/u><\/a> or follow us on X @XanaduAI<\/u><\/a>.<\/p>\n

\n About Crane Harbor Acquisition Corp.<\/strong>\n <\/p>\n

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.<\/p>\n

\n Additional Information About the Proposed Transaction and Where to Find It<\/strong>\n <\/p>\n

The proposed business combination transaction will be submitted to shareholders of Crane Harbor and Xanadu for their consideration. NewCo and Crane Harbor have jointly confidentially submitted a draft registration statement on Form F-4 (the \u201cRegistration Statement\u201d) to the U.S. Securities and Exchange Commission (the \u201cSEC\u201d). The Registration Statement includes a proxy statement\/prospectus to be distributed to Crane Harbor\u2019s shareholders in connection with Crane Harbor\u2019s solicitation of proxies for the vote by Crane Harbor\u2019s 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\u2019s 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\u2019s 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\u2019s website located at www.sec.gov<\/u><\/a>, Crane Harbor\u2019s website at www.craneharboracquisition.com<\/u><\/a> or by emailing investors@xanadu.ai<\/a>.<\/p>\n

\n Forward-Looking Statements<\/strong>\n <\/p>\n

This communication includes \u201cforward-looking statements\u201d within the meaning of the U.S. federal securities laws and \u201cforward-looking information\u201d within the meaning of applicable Canadian securities laws (collectively, \u201cforward-looking statements\u201d). Forward-looking statements may be identified by the use of words such as \u201cestimate,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201cforecast,\u201d \u201cintend,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cseek,\u201d \u201ctarget,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cpossible,\u201d \u201cpotential,\u201d \u201cpredict\u201d 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; proceeds from the business combination and related PIPE; funds received by the combined company from Crane Harbor\u2019s trust account and redemptions by Crane Harbor\u2019s public shareholders; use of proceeds from the CQCP; and Xanadu\u2019s ability to harness quantum computing to tackle problems that are beyond the reach of today\u2019s computers and unlock transformative solutions for science, industry, and society.<\/p>\n

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\u2019s historical net losses and limited operating history; that there is substantial doubt about Xanadu’s ability to continue as a going concern; Xanadu\u2019s expectations regarding future financial performance, capital requirements and unit economics; Xanadu\u2019s use and reporting of business and operational metrics; Xanadu\u2019s competitive landscape; Xanadu\u2019s dependence on members of its senior management and its ability to attract and retain qualified personnel; the potential need for additional future financing; Xanadu\u2019s ability to manage growth and expand its operations; potential future acquisitions or investments in companies, products, services or technologies; Xanadu\u2019s reliance on strategic partners and other third parties; Xanadu\u2019s concentration of revenue in contracts with government or state-funded entities; Xanadu\u2019s 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\u2019s 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\u2019s 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 \u201cRisk Factors.\u201d 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\u2019s and Crane Harbor\u2019s 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.<\/p>\n

In addition, statements that \u201cwe believe\u201d 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.<\/p>\n

An investment in Crane Harbor is not an investment in any of Crane Harbor\u2019s founders\u2019 or sponsors\u2019 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\u2019s founders\u2019 or sponsors\u2019 past investments.<\/p>\n

\n No Offer or Solicitation<\/strong>\n <\/p>\n

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.<\/p>\n

\n Participants in the Solicitation<\/strong>\n <\/p>\n

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\u2019s 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\u2019s 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\u2019s directors and executive officers in Crane Harbor\u2019s 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.<\/p>\n

\n Press Contact:<\/strong>\n <\/p>\n

\n
\n press@xanadu.ai<\/a>
\n <\/u>\n <\/p>\n

\n Investor Relations:<\/strong>\n <\/p>\n

\n
\n investors@xanadu.ai<\/a>
\n <\/u>\n <\/p>\n

\"\"
\n
\n \"\"\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Federal program supports development of fault-tolerant quantum computing in Canada TORONTO, Dec. 15, 2025 (GLOBE NEWSWIRE) — Xanadu Quantum Technologies Inc. (\u201cXanadu\u201d), a leading photonic quantum computing company, today announced that it has been selected to participate in the Canadian Quantum Champions Program (CQCP), a new, first-of-its-kind federal initiative designed to accelerate the development of fault-tolerant quantum computing capabilities in Canada and anchor the country\u2019s quantum leadership for the long term. Led by Innovation, Science and Economic Development Canada (ISED), with technical due diligence undertaken by the National Research Council of Canada (NRC), the CQCP is a three-phase, merit-based funding program. Phase 1, which begins the technical validation and benchmarking process, is launching now, with subsequent phases currently under development. … <\/p>\n

Continue reading “Xanadu to receive up to $23M from new Canadian Quantum Champions Program”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-919722","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nXanadu to receive up to $23M from new Canadian Quantum Champions Program - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/xanadu-to-receive-up-to-23m-from-new-canadian-quantum-champions-program\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Xanadu to receive up to $23M from new Canadian Quantum Champions Program - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Federal program supports development of fault-tolerant quantum computing in Canada TORONTO, Dec. 15, 2025 (GLOBE NEWSWIRE) — Xanadu Quantum Technologies Inc. (\u201cXanadu\u201d), a leading photonic quantum computing company, today announced that it has been selected to participate in the Canadian Quantum Champions Program (CQCP), a new, first-of-its-kind federal initiative designed to accelerate the development of fault-tolerant quantum computing capabilities in Canada and anchor the country\u2019s quantum leadership for the long term. Led by Innovation, Science and Economic Development Canada (ISED), with technical due diligence undertaken by the National Research Council of Canada (NRC), the CQCP is a three-phase, merit-based funding program. 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(\u201cXanadu\u201d), a leading photonic quantum computing company, today announced that it has been selected to participate in the Canadian Quantum Champions Program (CQCP), a new, first-of-its-kind federal initiative designed to accelerate the development of fault-tolerant quantum computing capabilities in Canada and anchor the country\u2019s quantum leadership for the long term. Led by Innovation, Science and Economic Development Canada (ISED), with technical due diligence undertaken by the National Research Council of Canada (NRC), the CQCP is a three-phase, merit-based funding program. Phase 1, which begins the technical validation and benchmarking process, is launching now, with subsequent phases currently under development. … Continue reading \"Xanadu to receive up to $23M from new Canadian Quantum Champions Program\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/xanadu-to-receive-up-to-23m-from-new-canadian-quantum-champions-program\/","og_site_name":"Market Newsdesk","article_published_time":"2025-12-15T15:03:23+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTYwMjAwNyM3MzIxNDEzIzIzMDY4NjU=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"12 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/xanadu-to-receive-up-to-23m-from-new-canadian-quantum-champions-program\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/xanadu-to-receive-up-to-23m-from-new-canadian-quantum-champions-program\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Xanadu to receive up to $23M from new Canadian Quantum Champions Program","datePublished":"2025-12-15T15:03:23+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/xanadu-to-receive-up-to-23m-from-new-canadian-quantum-champions-program\/"},"wordCount":2333,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/xanadu-to-receive-up-to-23m-from-new-canadian-quantum-champions-program\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTYwMjAwNyM3MzIxNDEzIzIzMDY4NjU=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/xanadu-to-receive-up-to-23m-from-new-canadian-quantum-champions-program\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/xanadu-to-receive-up-to-23m-from-new-canadian-quantum-champions-program\/","name":"Xanadu to receive up to $23M from new Canadian Quantum Champions Program - 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