Xanadu Adds Executives to Fuel Quantum Data Center Vision

Xanadu Quantum Technologies Inc. announced the appointments of Michael Trzupek as CFO and Natalie Wilmore as CLO to its executive team. These additions will support Xanadu’s work building a quantum data center and scaling its push towards fault-tolerant quantum computing. The company aims to make quantum computers useful and available to people everywhere.

Xanadu Appoints Trzupek as Chief Financial Officer

Michael Trzupek brings extensive financial leadership experience to Xanadu, cultivated across advanced manufacturing and semiconductor companies including Intel and Microsoft. His background includes scaling organizations and managing complex capital markets, skills vital as Xanadu pursues fault-tolerant quantum computing. Previously, Trzupek assisted in taking Core Scientific public and securing significant capital, demonstrating his ability to fund growth initiatives. Trzupek’s appointment coincides with a crucial moment for Xanadu, as the company prepares to build a quantum data center and expands its financial strategy.

The forthcoming combined company, NewCo, is projected to be capitalized with approximately $500 million—$225 million from Crane Harbor’s trust and $275 million from strategic investors—facilitating Xanadu’s mission to deliver accessible quantum computing. He will focus on strengthening the company’s financial foundation and supporting disciplined expansion.

Wilmore Joins Xanadu as Chief Legal Officer

Natalie Wilmore brings significant experience in legal matters for rapidly growing public companies to her role as Chief Legal Officer. Previously, she held the position of VP, Deputy General Counsel and Corporate Secretary at Pagaya Technologies, a fintech company, where she advised on areas like mergers and acquisitions and securities laws. Her expertise includes building scalable legal infrastructures and internal controls vital for sustained growth as a public entity. Wilmore’s background also encompasses key legal roles at Skillz Inc., Exela Technologies, TelevisaUnivision, and IBM, demonstrating a history of advising on complex capital markets transactions.

She specifically led multi-billion dollar debt offerings and executed strategic mergers, adding substantial enterprise value to prior organizations. This experience is expected to support Xanadu’s responsible scaling and governance as it pursues accessible quantum computing.

$500 Million Capitalization via Crane Harbor Acquisition

Xanadu will gain roughly $500 million through a business combination with Crane Harbor Acquisition Corp., a special purpose acquisition company trading on Nasdaq. This capitalization includes around $225 million from Crane Harbor’s existing trust, contingent upon shareholder approval and limited redemptions. An additional $275 million will come from strategic and institutional investors participating in a committed private placement, bolstering Xanadu’s financial position. The resulting entity, named Xanadu Quantum Technologies Limited, is planned for listing on both the Nasdaq Stock Market and the Toronto Stock Exchange.

This dual listing will provide increased access to capital and broaden investor reach for the photonic quantum computing company. The transaction aims to accelerate Xanadu’s development of fault-tolerant quantum computing and its ambitious goal of establishing a quantum data center.

Xanadu’s Vision: Accessible & Useful Quantum Computing

Xanadu aims to create quantum computers accessible for widespread use, backed by a projected US$500 million in capitalization following a business combination. This funding combines approximately US$225 million from existing trust accounts and an additional US$275 million from strategic and institutional investors. Founded in 2016, Xanadu is actively developing both quantum hardware and software, including the open-source PennyLane library. This focus on accessible tools supports the company’s goal of delivering practical quantum computing solutions. The company’s strategy involves scaling operations to achieve fault tolerant quantum computing, signifying a push toward reliable and powerful quantum processing capabilities.

A draft registration statement on Form F-4 has been confidentially submitted to the U.S. Securities and Exchange Commission detailing the transaction. Once the SEC declares the statement effective, a proxy statement/prospectus will be distributed to shareholders of Crane Harbor for their vote. Interested parties can access relevant documents via the SEC website, Crane Harbor’s website, or by contacting Xanadu directly.