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Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares

Xanadu Quantum Technologies Limited develops and provides photonic quantum computing technology and related software solutions and applications, including cloud-based access to quantum computers and tools for quantum programming and simulation. The company provides access to photonic quantum computers through x-series devices available via the cloud, supporting programmable quantum gates and photon-number resolving detectors. It offers Pennylane, a cross-platform python library that enables a paradigm and quantum differentiable programming that enables integration with machine learning tools; and Catalyst for just-in-time compilation and optimization of quantum algorithms. It also provides users with access to documentation, guides, and community-led resources for quantum machine learning, quantum chemistry simulations, and other quantum computing applications, along with collaboration and support from a team of quantum experts. The company serves professional clients in the quantum computing, software development, and machine learning sectors, as well as advanced users in research and development, including those utilizing high-performance computing and quantum hardware. Xanadu Quantum Technologies Limited was incorporated in 2016 and is based in Toronto, Canada.

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Xanadu Accelerates Chip Production, Narrows Optical-Loss Gap in Quantum Computing Push

Xanadu Quantum Technologies advanced its hardware roadmap by achieving 0.085 dB edge-coupling loss while increasing thin-film lithium niobate and silicon nitride fabrication by 75% and 50%, respectively. The aggregate optical-loss gap has been reduced by up to 200x over roughly four years, with a further 5-10x reduction still required to reach the threshold for scalable fault-tolerant operation. The company ended 2Q26 with $312.8 million of cash and raised $67.2 million through a synthetic ATM facility, supporting faster roadmap investment. Revenue increased 43% year-over-year to $1.5 million, though it declined sequentially from $2.8 million in 1Q26 due to the timing of DARPA Stage B revenue. Xanadu expects to provide a more detailed loss and hardware roadmap around the end of summer or Analyst Day, which could serve as a near-term catalyst.
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Four Quantum Computing Stocks Went Public This Year—Here’s What’s Next

Four quantum computing companies—Quantinuum, Xanadu Quantum Technologies, Horizon Quantum Computing, and Infleqtion—completed initial public offerings between February and June of this year. Quantinuum, which uses trapped-ion technology, launched its Helios computer commercially in November 2025 and plans to release its Sol system in 2027 and the fault-tolerant Apollo system in 2029, though its first-quarter fiscal 2026 revenue fell 73% year over year to $5.2 million. Infleqtion, focused on neutral-atom sensing, reported $9.5 million in first-quarter revenue, up 14% from a year earlier, and raised its full-year 2026 outlook to at least $40 million after securing over $20 million in additional funding from NASA’s Jet Propulsion Lab. Xanadu, a photonic quantum computing company, posted $4.6 million in 2025 revenue against a $70.7 million net loss and recently expanded its partnership with Lockheed Martin into workforce training. Horizon Quantum, a software provider whose tools enable programs to run across different quantum hardware, agreed to buy one of IonQ’s 256-qubit systems in April but recorded a $6.5 million operating loss in the first quarter of 2026.
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Xanadu Quantum Technologies Achieves 0.085 dB/Facet Edge-Coupling Loss in Photonic Chip Packaging

Xanadu Quantum Technologies Limited announced a new industry benchmark in photonic chip packaging, achieving an average 0.085 dB per facet edge-coupling loss. The company said the result reflects advances in integrated photonic chip design, fabrication techniques, and packaging systems, and is linked to its internal advanced photonic chip packaging facility launched last year. Founder and CEO Dr. Christian Weedbrook called the achievement a significant step forward in delivering efficient, scalable quantum hardware, emphasizing that minimizing loss is essential to unlocking photonic quantum computing potential. The milestone was supported by collaborations including a joint development agreement with Corning Inc. on special fiber and fiber array solutions for low-loss chip networking, and a partnership with DISCO for wafer singulation.
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IonQ Outpaces Xanadu as the Better Quantum Computing Stock for 2026

IonQ emerges as the more compelling quantum computing investment over newly public Xanadu Quantum Technologies, driven by far higher revenue and a stronger cash position. Xanadu, the first pure-play photonic quantum computing company to go public, reported first-quarter revenue of $2.8 million, quadrupling from the prior year, but posted an operating loss of $23.3 million. IonQ, which uses trapped ions, achieved first-quarter sales of $64.7 million, a 755% year-over-year jump, and raised its full-year revenue outlook to between $260 million and $270 million, though its operating loss widened to $271.5 million. IonQ held $3.1 billion in cash, equivalents, and investments at quarter-end, compared with Xanadu's $272.5 million, and its price-to-sales ratio of 98 is far lower than Xanadu's ratio above 700. The analysis concludes that IonQ's greater market traction, larger cash reserves, and more attractive valuation make it the better long-term buy.
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