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Xanadu Quantum Technologies Limited files its annual Form 20-F as a newly public company following a SPAC business combination completed on March 26, 2026, with its Class B Subordinate Voting Shares listed on Nasdaq and the Toronto Stock Exchange under “XNDU.”
The company is still in the development stage, focused on photonic quantum computing and cloud-based quantum-computing-as-a-service. It generated about $4.6 million in 2025 revenue but recorded a $70.7 million net loss and an accumulated deficit of $183.3 million, with cash and cash equivalents falling to $16.2 million at year-end 2025.
Xanadu outlines an ambitious roadmap targeting up to 100,000 physical qubits and 500 logical qubits around 2029–2030, while warning that its technology is immature, commercialization is uncertain, it depends heavily on a few large customers and government funding, and it may need substantial additional capital to execute its growth plans.
Xanadu Quantum Technologies reported rapid technical progress in 2025 but continued heavy investment losses. For the year ended December 31, 2025, Xanadu Quantum Technologies Inc. generated $4.6 million in revenue and recorded a net loss of $70.7 million, driven largely by $55.2 million in research and development and higher general and administrative costs. Cash and cash equivalents were $16.2 million with $30.0 million of long-term debt as of year-end, and shareholders’ equity declined to $24.4 million.
Following its public listing via a business combination with Crane Harbor Acquisition Corp. in the first quarter of 2026, Xanadu added $302 million in gross proceeds to its balance sheet, enhancing its ability to fund a multi-year roadmap toward scalable, fault-tolerant photonic quantum computers. The company introduced Aurora, described as a modular, networked photonic quantum computer with real-time error correction, and reported demonstrating 12 logical GKP qubits with real-time error correction and a 60% reduction in optical loss in 2025. Xanadu also advanced to Stage B of DARPA’s Quantum Benchmarking Initiative, unlocking up to $15 million in U.S. government funds, and was selected for Canada’s Quantum Champions Program for up to CAD $23 million of additional support, while negotiating up to CAD $390 million in further Canadian government funding to build semiconductor and photonic manufacturing infrastructure.
Xanadu Quantum Technologies Ltd Schedule 13G shows MMCAP-affiliated holders report beneficial ownership of 6,875,000 Class B Ordinary Shares, representing 15.9% of the class. The filing names MMCAP International Inc. SPC and MM Asset Management Inc. as joint filers and lists CUSIP 98390R102. The signature block is dated 04/09/2026.
Georgian Partners-affiliated funds filed a Schedule 13D reporting large beneficial stakes in Xanadu Quantum Technologies Limited following its business combination with Crane Harbor Acquisition Corp. and Old Xanadu. Together, the Georgian entities report beneficial ownership of up to 29,714,154 Class B Subordinate Voting Shares, representing 40.8% of a reference base of 72,798,590 Class B shares on an as-converted basis. These holdings include existing Class B shares and Class B shares issuable upon conversion of Class A Multiple Voting Shares acquired through the merger and a US$275 million PIPE financing. Georgian funds are subject to lock-up and investor rights agreements, including a coattail agreement designed to align treatment of Class A and Class B holders in a take-over bid.
OMERS Administration Corporation reports beneficial ownership of 40,246,515 shares (48.47%) of Xanadu Quantum Technologies Ltd. The position consists of 39,746,515 Class A Multiple Voting Shares and 500,000 Class B Subordinate Voting Shares; each MVS is convertible into an SVS on a share-for-share basis. OMERS discloses sole voting and sole dispositive power over 40,246,515 shares. The filing identifies the security CUSIP as 98390R102 and is signed by a company officer on 04/08/2026.
Xanadu Quantum Technologies Ltd reporting persons (GIC Private Limited, GIC Special Investments Private Limited and Aurora Investment Pte Limited) report beneficial ownership of 3,099,620 Class B Subordinate Voting Shares, representing 6.68% of the class. The shares are issuable upon conversion of an equal number of Class A Multiple Voting Shares on a 1-for-1 basis; the percentage is calculated using March 26, 2026 outstanding share data of 43,284,436 Class B Shares and includes Class B Shares issuable upon conversion exercisable within 60 days.
Christian Weedbrook, CEO of Xanadu Quantum Technologies Ltd., reports beneficial ownership of 46,432,704 Class A Multiple Voting Shares, convertible one-for-one into Class B Subordinate Voting Shares, representing 51.8% of the Class B shares on an as-converted basis as of March 26, 2026.
The stake arose from Xanadu’s business combination with Crane Harbor Acquisition Corp. and Old Xanadu, after which the Class B Subordinate Voting Shares were listed on Nasdaq and the TSX. Weedbrook is subject to a lock-up of up to 180 days on most exchanged shares and holds registration rights, including resale registration and demand and piggyback rights, under a March 26, 2026 Investor and Registration Rights Agreement.
Xanadu Quantum Technologies Ltd. Schedule 13G reports that affiliated reporting persons collectively disclose beneficial interests tied to 11,080,951 Class A Multiple Voting shares, convertible one-for-one into Class B Subordinate Voting shares, subject to a Beneficial Ownership Blocker. The filing states a conversion cap that limits beneficial ownership to 10,753,561 Class B shares, representing 19.9% of Class B shares outstanding based on 43,284,436 Class B shares outstanding as of March 26, 2026.
The filing identifies Technology Impact Fund II, LP as the direct holder of the Class A Shares, TIF Partners II, LLC as its general partner, and Dipender Saluja and Ion Yadigaroglu as managers of the general partner who may share voting and dispositive power over the shares.
Xanadu Quantum Technologies Ltd Schedule 13G: several affiliated investment vehicles report beneficial ownership positions in the issuer's Class B Subordinate Voting Shares. The filing lists holdings for Deer XI Ltd./Deer XI LP, Bessemer Venture Partners XI L.P. and Bessemer Venture Partners XI Institutional L.P., each reported at 9.99% of the Class B shares based on 43,284,437 Class B Shares outstanding as of March 26, 2026. The report notes a Beneficial Ownership Blocker that prevents conversions which would cause holdings to exceed 9.99%, and states the reported counts include Class B shares issuable upon conversion of Class A shares without giving effect to that blocker.
Xanadu Quantum Technologies Limited has completed its business combination with Crane Harbor Acquisition Corp. and Old Xanadu, creating a new Ontario-incorporated parent whose Class B Subordinate Voting Shares trade on Nasdaq and the TSX under “XNDU.”
On an unaudited pro forma combined basis as of September 30, 2025, the company reported cash and cash equivalents of $283 million, current liabilities of $9 million, long-term liabilities of $40 million and total shareholders’ equity of $287 million. As of March 26, 2026, there were 254,709,401 Class A Multiple Voting Shares and 43,284,436 Class B Subordinate Voting Shares outstanding.
The filing highlights that Old Xanadu’s audited consolidated financial statements carry a going concern explanatory paragraph due to recurring operating losses and negative operating cash flows, and Crane Harbor’s audit report also raises substantial doubt about its ability to continue as a going concern. The report describes major shareholders, board composition after the transaction and confirms the company has never paid cash dividends, expecting to reinvest any future earnings in growth.