Crane Harbor's Merger Partner Xanadu Quantum Enters Negotiations Toward Up to C$390M With Government Of Canada And Government Of Ontario For Support For Project OPTIMISM

Xanadu Quantum Technologies Inc. ("Xanadu"), a leading photonic quantum computing company, today announced that it has entered negotiations with the Government of Canada and the Government of Ontario for support for Project OPTIMISM, an initiative to establish advanced semiconductor and photonic manufacturing capabilities for the quantum technology supply chain in Canada. Subject to due diligence and the execution of definitive agreements, up to $390 million in combined government support is under consideration.

Under Project OPTIMISM, Xanadu would aim to establish new domestic capabilities for heterogeneous integration, photonic integrated circuit packaging, wafer-level semiconductor test and measurement, and quantum module assembly. By building this infrastructure in Canada, the initiative is expected to significantly advance Xanadu's roadmap toward utility-scale quantum computing and future quantum data-center infrastructure, while offsetting a substantial portion of the capital required to develop that next phase of quantum computing deployment.