Summary · why it matters
Xanadu Quantum Technologies shares fell 10% this week as insider selling and a $300 million at-the-market stock offering weighed on the stock. Millennium Management disclosed it had trimmed its stake from over 5% to under 0.2% of the business. The company went public via a SPAC merger in late March and the stock surged to nearly $40 from a $10 merger price before retreating. Xanadu Quantum generated just $2.8 million in revenue last quarter and posted large losses, leaving it with a market cap of $5 billion Canadian dollars.
Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares