Crane Harbor Acquisition (CHAC) and Xanadu Quantum Technologies said Monday they confidentially submitted a draft registration form for a proposed merger that would take Xanadu public.

The companies said their merger has an expected pro forma enterprise value of about $3.1 billion and a pro forma market value of $3.6 billion.

The merged entity, to be named Xanadu Quantum Technologies Limited, is expected to be capitalized with roughly $500 million in gross proceeds, according to the companies.

The merger is expected to close in Q1 of 2026, the companies said.

Shares of Crane Harbor were up more than 6% in recent Monday premarket activity.