Xanadu Quantum Technologies Limited Class B · TSX:XNDU
Xanadu Quantum Technologies Limited Class B — SPAC Merger (March 2026)
46 slides from Xanadu Quantum Technologies Limited Class B's SPAC merger presentation, Mar 5, 2026
Slide 1: Into the Spotlight: Xanadu 2026 Analyst Day
MARCH 4, 2026 INTO THE SPOTLIGHT: XANADU 2026 ANALYST DAY Copyright © 2026 Xanadu Quantum Technologies Inc. | All Rights Reserved Speaker: Natalie Good morning, everyone — and thank you for joining us. 1. Presentation / Q&A session will contain FLS w/in PSLRA 2. Based on expectations, assumptions, a
Slide 2: otherwise. [Now, I will hand it over to Bill Fradin – CEO of Crane
1 otherwise. [Now, I will hand it over to Bill Fradin – CEO of Crane Harbor of Acquisition Corp.]
Slide 3: Cautionary Notes
CAUTIONARY NOTES D sc a mers This presentation and any accompanying oral commentary are provided for informational purposes only and have been prepared to assist analysts in making their own evaluation with respect to a business combination among Xanadu Quantum Technologies Inc., Crane Harbor Acquis
Slide 4: Cautionary Notes
CAUTIONARY NOTES 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 (the “Combined Company”), levels of activity, performance or achievements to be mater
Slide 5: Cautionary Notes: Participants in the Solicitation
CAUTIONARY NOTES Pa t c pants in the So c ta on Crane Harbor, Xanadu and certain of their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from Crane Harbor’s shareholders in connection with the pro
Slide 6: Transaction Overview
▪ Xanadu, a leading photonic quantum computing company specializing in both hardware and software, intends to complete a business combination (the “Business Combination”) with Crane Harbor Acquisition Corp. ▪ The Business Combination is expected to be funded by a combination of Crane Harbor cash in
Slide 7: Transaction speaker notes
5 Today, we’ll walk you through why. Let me begin with the transaction itself. Xanadu intends to complete a business combination with Crane Harbor Acquisition Corp., bringing together a leading photonic quantum computing company — spanning both hardware and software — with an experienced SPAC sponso
Slide 8: We believe the capital structure, the investor base, and the alignment we’ve put in
5 We believe the capital structure, the investor base, and the alignment we’ve put in place position Xanadu to execute its roadmap with strength and stability as a public company. And with that foundation established, let me introduce the team that is building this company.
Slide 9: Today's Speakers
TODAY’S SPEAKERS CHRISTIAN WEEDBROOK FOUNDER & CEO RAFAL JANIK CHIEF OPERATING OFFICER MICHAEL TRZUPEK CHIEF FINANCIAL OFFICER 6 Speaker: Bill You’ll hear from the three leaders responsible for building Xanadu — across technology, commercialization, and financial execution. First, Christian Weedbroo
Slide 10: Christian is here for the right reasons — to build enduring technology, to commercialize
6 Christian is here for the right reasons — to build enduring technology, to commercialize it responsibly, and to lead this company for the long term. As investors, we place enormous value on founder - led companies, and we believe Christian represents the kind of generational technical founder that
Slide 11: Investment Thesis
INVESTMENT THESIS
Slide 12: Today's Agenda
TODAY’S AGENDA QC: The Next Revolution of Compute Xanadu’s Technology Advantage Xanadu’s Path to Revenue & Commercialization Capital Priorities & Financial Profile Summary Q&A 1 Executive Summary 2 3 4 5 6 7 8 Speaker: Christian • Today connects the broader quantum opportunity with what makes Xanadu
Slide 13: Our Mission
9 OUR MISSION Technological requirements of scaling, modularity, and networking ▪ Universal Quantum Computer ▪ Fault tolerant with hundreds of logical qubits ▪ Significant market opportunity and industry leading clients + ▪ Cloud - deployed in a data center - scale system ▪ Accessible through a user
Slide 14: Executive Summary
EXECUTIVE SUMMARY 10 Speaker: Christian • This next section will outline what sets Xanadu apart and why we believe we are well positioned for the next phase of growth.
Slide 15: Key investment highlights
3 1 2 Expected to be the first pure - play, publ c y listed photon c quantum comput ng company, offering differentiated exposure to a credible path to scalability (1) Deeply technical leadership team and post - closing board , combining expertise in photonic chip design and systems engineering with
Slide 16: Xanadu at a Glance
XANADU AT A GLANCE Deeply integrated into Canada’s national quantum strategy, with strong support across government, academia, and industry HEADQUARTERS FOUNDED PEOPLE (1) PH.Ds (1) FUNDING (2) (3 PATENTS + PENDING (4) TORONTO 2016 245+ 135+ $740M+ 130+ CREATORS OF PENNYLANE A LEADING HARDWARE - AGN
Slide 17: Xanadu's Leadership Team
CHRISTIAN WEEDBROOK FOUNDER & CEO • Founded Xanadu in 2016 • Previously, Postdoctoral Research at University of Toronto and MIT • Ph . D . in Photonic Quantum Computing from University of Queensland • Pioneer and co - creator of photonic quantum computing; >15,000 citations RAFAL JANIK CHIEF OPERATI
Slide 18: Experienced Board of Directors Nominees
EXPERIENCED BOARD OF DIRECTORS NOMINEES World - class Board of Directors nominees with extensive publ c company expert se MICHELLE REYNOLDS Chief Accounting Officer & Treasurer, Reddit THE HON. HEIDI SHYU Former Undersecretary of Defense for Research & Engineering, U.S. Department of Defense (“DoD”)
Slide 19: Company timeline 2016-2026
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Began building QC software ecosystem Christian Weedbrook founds Xanadu Announces Borea s, a photonic quantum computer that achieved quantum computat onal advantage Continued hardware progress, including advances toward modular photonic systems a
Slide 20: Why Photonics Outperforms Conventional Technologies
2Q FIDELITY CONNECTIVITY ROOM TEMPERATURE COMPUTATION PHOTONICS TECHNOLOGY IN ROADMAP OTHER PHOTONICS 99.22% ALL - TO - ALL 99.86% NEAREST NEIGHBOR SUPERCONDUCTORS TRAPPED ION 99.99% ALL - TO - ALL IN A SINGLE TRAP NEUTRAL ATOM 99.5% ALL - TO - ALL IN A SINGLE TRAP ANNEALING NO CLOCK RATES/ NO GATES
Slide 21: QC: The Next Revolution of Compute
QC: THE NEXT REVOLUTION OF COMPUTE 17 Speaker: Christian This next section will frame the macro drivers, why classical computing is hitting limits, and why quantum expands what is computationally feasible. 17
Slide 22: Classical Computing Limitations
18 Computational t me (t) Quantum Advantage CLASSICAL COMPUTING LIMITATIONS Becoming increasing y constrained by power, energy, and complex ty Cost of incremental performance continues to rise Algorithms that outperform classica comput ng Classical Computer THE CLASSICAL PROBLEM • Scaling breaks dow
Slide 23: The Quantum Computing Paradigm
THE QUANTUM COMPUTING PARADIGM Within the next decade, quantum computing is expected to emerge as a meaningful segment of global compute, unlocking problem domains that are intractable for classical systems Quantum Addressable Opportunit es Potent al Use Case Quantum Advantage Optimization Explores
Slide 24: Quantum Could Introduce a New Energy Scaling Pathway for AI
1) S&P Global Energy 2) Quantum computational advantage with a programmable photonic processor (Nature), as of 2022 20 QUANTUM COULD INTRODUCE A NEW ENERGY SCALING PATHWAY FOR AI IMPLICATIONS FOR AI SCALING • Select AI workloads such as probabilistic sampling and generative modeling are structurally
Slide 25: Xanadu's Technology Advantage
XANADU’S TECHNOLOGY ADVANTAGE 21 Speaker: Christian This section will connect the macro - opportunity to our architectural choices and what we have demonstrated to date. 21
Slide 26: Xanadu's Approach to Quantum
NO COOLING REQUIRED FOR COMPUTATION MANUFACTURABLE USING SILICON PROCESSES ERROR CORRECTION FLEXIBILITY COMPATIBLE WITH TELECOM FASTER CLOCK SPEEDS MODULAR AND NETWORKABLE 22 XANADU’S APPROACH TO QUANTUM Xanadu s photonic approach delivers dist nct advantages relative to other modalities Speaker: Ch
Slide 27: Photonics Addresses the Challenges Plaguing Other Modalities
23 PHOTONICS ADDRESSES THE CHALLENGES PLAGUING OTHER MODALITIES SUPER - TRAPPED NEUTRAL QUANTUM CONDUCTING ION ATOM ANNEALING Application specific Slower gate speeds and networking Slower gate speeds and networking Significant cooling and networking requirements KEY TECHNOLOGICAL HURDLES Universal a
Slide 28: A Track Record of Firsts
A TRACK RECORD OF FIRSTS Stable & steady progress as validated by our quantum hardware generation releases First photonics device available on the cloud X - SERIES First public cloud - deployed computer with quantum computational advantage BOREALIS First modular, scalable and networked quantum compu
Slide 29: Scalability Achievements
25 SCALABILITY ACHIEVEMENTS Aurora: Achievable Path to Hundreds of Log cal Qubits Aurora: First modular, scalable, and networked quantum computer (1) Demonstration of error resistant photonic qubits on an integrated photonic chip (2) Photonic systems compute without cryogenics or laser cooling Scala
Slide 30: Aurora Error Correction Enables Scalable, Fault-Tolerant Quantum
AURORA ERROR CORRECTION ENABLES SCALABLE, FAULT - TOLERANT QUANTUM AURORA SOLUTION: • First demonstrat on of rea - t me error - correct on decod ng in a photonic system , a critical milestone toward fault - tolerant operation • Loss - resistant photonic qubits as a native foundation , enabling more
Slide 31: Xanadu's Roadmap
ACHIEVED XANADU'S ROADMAP QUBIT FACTORY BUILT FAULT TOLERANCE BUILDING DATA CENTER 2026 — 2027 2028 Target: 2029 Target: 2029 BOOSTING COMPONENT PERFORMANCE QUANTUM DATA CENTER SCALABLE & NETWORKED QC 2025 27 EXPECTED Image for illustrative purposes only. UP TO 500 LOGICAL QUBITS Speaker: Raf • We’v
Slide 32: Progress in Addressing Photonic Loss Challenge
Hardware Loss / Loss Requirement XANADU HAS MADE SIGNIFICANT PROGRESS IN ADDRESSING PHOTONIC’S LOSS CHALLENGE LOSS GAP FACTOR VS TIME Critical Paths L1 (Verification path) L2 (Computational path) Fault Tolerant Threshold 28 200 175 150 125 100 75 50 25 0 2021 2022 2023 2024 2025 2026 • Rapid loss re
Slide 33: Executing Against a Clear Commercial Roadmap
EXECUTING AGAINST A CLEAR COMMERCIAL ROADMAP Offering solut ons across hardware and software, underpinned with leading photonics technology & path to commercialization First chip fabrica ed ACHIEVED & ANTIC PATED HARDWARE MILESTONES ACHIEVED & ANTIC PATED SOFTWARE M LESTONES photonic QCs Xanadu C ou
Slide 34: Xanadu's Path to Revenue & Commercialization
XANADU’S PATH TO REVENUE & COMMERCIALIZATION 30 Speaker: Christian • We’ve spent time walking through the architecture, the modality, and the progress we’ve made toward scalability. • But ultimately, technology only matters if it translates into real - world impact and a durable business. • That’s w
Slide 35: Xanadu Product Overview
m XANADU PRODUCT OVERVIEW HARDWARE AURORA LIGHTNING World’s first networked, modular, scalable quantu computer Leading hardware - agnostic High - performance quantum software platform, quantum simulator, enabling developers to work designed to provide the in Python and connect ultimate performance f
Slide 36: PennyLane: An Ecosystem for Quantum Programming
PENNYLANE: AN ECOSYSTEM FOR QUANTUM PROGRAMMING Enables users to integrate quantum circuits with classical machine learning frameworks 1 Aims to provide an environment for flexible, rapid prototyping developments and deployment 2 ~200K Modality agnostic and performant, scalable workflows 3 TRAILING
Slide 37: PennyLane Powers the Leading Quantum Contenders
NEUTRAL ATOM TRAPPED ION SUPERCONDUCTORS HARDWARE INTEGRATIONS PennyLane offers powerful integrations across the quantum ecosystem Provides diversificat on through PennyLane’s extensive integrations Supports the broader quantum ecosystem across mult ple modalities 1 2 3 33 PENNYLANE POWERS THE LEADI
Slide 38: Working Toward Durable & Diversified Commercial Strategies
WORKING TOWARD DURABLE & DIVERSIFIED COMMERCIAL STRATEGIES ACCESS TO HARDWARE ON THE CLOUD QUANTUM COMPUTING SOFTWARE QUANTUM COMPUTER SYSTEM SALES ADVANCED PHOTONIC DEVICES & IP LICENSING Leverage joint development agreements with blue - chip companies to capture the economic upside of IP generated
Slide 39: Industry Leading Past and Current Strategic Partners
INDUSTRY LEADING PAST AND CURRENT STRATEGIC PARTNERS: Problem • Improving recharge in Li - excess batteries requires understanding cathode redox processes • Experimental data is hard to interpret without quantum simulations Problem (2) • EUV lithography requires probing quantum effects • Classical s
Slide 40: Next Slide: Xanadu's Partners
35 NEXT SLIDE: XANADU’S PARTNERS
Slide 41: Xanadu's Partners
RESEARCH PARTNERS TIER 1 FABRICATION PARTNERS AND SUPPORT GLOBAL UNIVERSITY PARTNERSHIPS XANADU’S PARTNERS 36 Speaker: Raf • Our partner ecosystem reflects the depth and validation of our program. We collaborate with leading national laboratories and advanced research agencies on foundational scienc
Slide 42: Xanadu Hardware Leverages Existing Silicon Supply Chain
XANADU HARDWARE LEVERAGES EXISTING SILICON SUPPLY CHAIN TIER PARTNERS + SUPPORT 1 FABRICATION MARCH 25, 2025 MAY 1, 2025 Xanadu and Corning announce collaboration agreement to advance fiber inter - connects for photonic quantum computing Xanadu announces quantum computing collaboration with Applied
Slide 43: Capital Priorities & Financial Profile
CAPITAL PRIORITIES & FINANCIAL PROFILE 38 Speaker: Raf We’ve outlined how we think about commercialization and how the revenue model is structured. The next step is how we support that plan with disciplined capital allocation and financial execution. As we transition into the public markets, operati
Slide 44: Capital Priorities
CAPITAL PRIORITIES Accelerate core quantum technology roadmap Fund R&D and engineering activities across the technology stack Expand manufacturing readiness and supply - chain capacity Invest in advanced packaging, integration, and test - and - measure capabilities Support productization and commerc
Slide 45: Illustrative Transaction Summary
ILLUSTRATIVE TRANSACTION SUMMARY TRANSACTION HIGHLIGHTS CASH SOURCES & USES ($ MILLIONS) PRO - FORMA OWNERSHIP PRO - FORMA VALUATION ($ MILLIONS) Valuation • Xanadu valuation of $3.0B • Transaction implies ~$3.1B pro - forma enterprise value Financing Structure • Assumes Xanadu raises $275M PIPE at
Slide 46: Valuation and PIPE commentary
40 MMCAP Ventures and Planetfirst to name a few. The size of the capital raise, as well as the fact that it came from new money investors vs the existing cap table, truly validates the business and financial merits of this transaction in our view as it relates to valuation, business model, technolog
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