Crane Harbor Acquisition Corp. II

What they do

The company was incorporated on June 19, 2025 for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses. It has generated no operating revenues to date and does not expect to until it consummates an initial business combination. It states it may pursue a target in any industry or geography, but believes the technology, real assets, and energy sectors offer particularly compelling opportunities, with interest in global connectivity, sustainability, and infrastructure development.

Revenue drivers

• Interest income on Trust Account — The only reported income is non-operating interest earned on the $345.0 million held in the Trust Account, invested in U.S. government securities or qualifying money market funds.
• Initial business combination (future) — No operating revenue exists; the company's economic model depends on acquiring a target business, which has not yet been identified.

Recent performance

For the three months ended June 30, 2026, the company reported net income of $2,902,204, consisting of $3,087,178 of interest earned on Trust Account cash and investments, offset by $184,974 of general and administrative costs. For the six months ended June 30, 2026, net income was $5,707,361, consisting of $6,138,648 of Trust Account interest offset by $431,287 of general and administrative costs. For the period from June 19, 2025 (inception) through June 30, 2025, the company had a net loss of $17,420, primarily general and administrative costs. At June 30, 2026, total assets were $353.6 million, total liabilities were $14.8 million, shareholder equity was negative $12.8 million, and cash and equivalents were $1.8 million.

Strategy

Management intends to identify and acquire a high-growth company in the technology, real assets, or energy sectors, favoring targets implementing transformative technologies in global connectivity, sustainability, and infrastructure development. It plans to provide targets with operational and strategic expertise, access to new capital, and a pathway to public markets. Sourcing is conducted through founders and management contacts, sovereign wealth and pension funds, institutional investors, private equity and other sponsors, and industry professionals. The company has a completion window ending December 17, 2027, subject to shareholder approval of an extension. It may use cash from the IPO and private placement, shares, debt, or a combination to fund a combination.

Risks

• No identified target and limited time — The company had not commenced operations as of December 31, 2025 and must complete an initial business combination by December 17, 2027, or face liquidation.
• Conflicts of interest with Crane Harbor I — The same principals manage Crane Harbor I, which raised $220 million in April 2025 and entered a November 3, 2025 business combination agreement with Xanadu Quantum Technologies Inc. and Xanadu Quantum Technologies Limited, creating competing demands for targets.
• Public shareholders may not vote on a combination — The company may choose not to hold a shareholder vote, and holders of founder shares and placement shares would participate if a vote is held, so a combination may be completed even if a majority of public shareholders do not support it.
• Initial shareholders can control the vote — Initial shareholders own 25.8% of issued and outstanding ordinary shares and have agreed to vote in favor of an initial business combination regardless of how public shareholders vote.

Outlook

Management states it continues to identify a target company for a business combination and expects to incur significant costs in pursuit of its acquisition plans. It does not expect operating revenues until after completion of a business combination, at the earliest, and will continue to earn non-operating interest income on Trust Account assets. The company cannot assure that its plans to complete a business combination will be successful.