Xanadu Quantum Technologies Ltd (XNDU) SEC Filings

Xanadu Quantum Technologies Ltd. is the issuer in Christian Weedbrook’s amended beneficial-ownership report. Weedbrook, the reporting person, reports 41,869,890 shares beneficially owned: 18,593 Class B Subordinate Voting Shares, 41,832,704 Class A Multiple Voting Shares convertible one-for-one into Class B, and 18,593 Class B shares issuable upon settlement of restricted share units scheduled to vest within 60 days. The reported Class B ownership percentage is 20.2%, calculated using 165,929,216 Class B shares outstanding as of September 22, 2026, adjusted for conversion of his Class A shares and RSUs issuable upon vesting within 60 days. The disclosure also states that his holdings represented 20.2% of Class A shares and 13.7% of combined Class A and Class B shares as of that date.

On September 22, 2026, Weedbrook reported five open-market sales: 431,922 shares at a weighted average price of $5.58 per share; 115,268 at $6.31; 11,151 at $7.25; 4,032,859 at $9.84; and 8,800 at $12.90.

For Xanadu Quantum Technologies Ltd., an amended ownership report lists holdings of its Class B Subordinate Voting Shares. Dipender Saluja reported beneficial ownership of 57,469 shares, with sole voting and dispositive power; Ion Yadigaroglu reported beneficial ownership of 57,469 shares, with shared voting and dispositive power. Technology Impact Fund II, LP and TIF Partners II, LLC each reported zero shares. The reporting persons expressly disclaimed group status.

Xanadu Quantum Technologies Ltd (XNDU) has filed a prospectus supplement updating its F-1 prospectus with a new Form 6-K that centers on a major Canadian government funding agreement and related project disclosures. Xanadu has signed a definitive Strategic Response Fund (SRF) agreement under which the Minister of Industry, on behalf of His Majesty the King in Right of Canada, will provide a conditionally repayable Contribution of up to CAD $195 million to support “Project Optimism,” focused on advanced photonic quantum computing manufacturing in Toronto.

The SRF agreement runs through a Work Phase ending on the Project Completion Date of March 31, 2031, followed by a Benefits Phase and a total Agreement duration to the later of December 31, 2052 or the final repayment. The Maximum Amount to be Repaid is stated as 1.5 times the actual amount disbursed, over up to 20 Years to Repay, with detailed schedules redacted. Funding is one component of broader Government Funding that also contemplates tax credits and provincial incentives. Xanadu will establish a 158,000‑square‑foot advanced photonics R&D and manufacturing facility in Toronto, named “Inception”, expected to include state‑of‑the‑art cleanrooms, heterogeneous photonic integration, and round‑the‑clock test and measurement infrastructure to support future utility‑scale quantum data centers. As context, Xanadu’s Class B Subordinate Voting Shares last traded at $10.38 on Nasdaq and C$14.39 on the TSX on August 27, 2026.

Xanadu Quantum Technologies Ltd (XNDU) filed a prospectus supplement to its Form F-1, updating the prospectus with its latest Form 6-K and Form 20-F. The update centers on a definitive agreement with the Government of Canada for a CAD $195 million conditionally repayable contribution under the Strategic Response Fund to support “Project ”.

The contribution will help fund an advanced photonics research, development and manufacturing facility in Toronto, named “Inception”, intended to produce components for fault-tolerant, utility-scale photonic quantum computers and future quantum data centers. The SRF agreement sets a Project Completion Date of March 31, 2031, a repayment period of 20 years, and a maximum repayment of 1.5× the disbursed contribution. As context, Xanadu’s Class B Subordinate Voting Shares last traded at $10.38 on Nasdaq and C$14.39 on the TSX on August 27, 2026.

Xanadu Quantum Technologies Ltd (XNDU) reported that it has signed a definitive agreement with the Government of Canada for CAD $195 million in support through the Strategic Response Fund. This funding, described as the largest investment in quantum manufacturing in Canadian history, is intended to help Xanadu build advanced manufacturing capabilities needed for fault-tolerant, utility-scale photonic quantum computers and a vertically integrated chip-to-system supply chain.

The CAD $195 million formalizes the full federal portion of previously announced potential support of up to CAD $390 million for Xanadu’s quantum manufacturing project. Xanadu also plans to establish a major advanced photonics research, development and manufacturing facility in Toronto, named “Inception”, a 158,000-square-foot site being outfitted with state-of-the-art cleanrooms, heterogeneous photonic integration, and round-the-clock test and measurement infrastructure to support future quantum data centres.

Management highlights that this investment is expected to accelerate scaling of photonic hardware and strengthen Canada’s quantum supply chain, but also reiterates significant risk factors, including that Xanadu operates in an emerging technology field, has historical net losses, and has disclosed substantial doubt about its ability to continue as a going concern, along with dependence on additional financing and government funding milestones.

Xanadu Quantum Technologies Ltd. (XNDU) filed a prospectus supplement to its Form F-1 to incorporate its latest Form 6-K, which includes second-quarter 2026 results and the first post–reverse-recapitalization quarterly report. The Class B Subordinate Voting Shares trade on Nasdaq and the TSX under the symbol XNDU.

For the quarter ended June 30, 2026, revenue was $1.5 million, up from $1.1 million a year earlier, while the net loss widened to $42.1 million from $15.1 million. Adjusted EBITDA loss increased to $21.3 million. Operating expenses more than doubled year over year, driven mainly by higher research and development and general and administrative costs as the company scales.

Xanadu’s balance sheet changed significantly following a March 2026 reverse recapitalization with a SPAC and a concurrent PIPE financing, plus a synthetic at-the-market equity facility. Cash and cash equivalents rose to $312.8 million from $16.2 million at year-end 2025. Management states this cash should fund operations, R&D, and capital expenditures for at least 12 months under its current plan.

Xanadu Quantum Technologies Ltd (XNDU) filed a prospectus supplement to its Form F-1, incorporating its Form 6-K for August 2026 and 2025 Form 20-F, and providing second-quarter 2026 results. Class B Subordinate Voting Shares trade on Nasdaq and TSX under “XNDU”.

For the quarter ended June 30, 2026, Xanadu generated $1.5 million in revenue, up from $1.1 million a year earlier, but reported a larger net loss of $42.1 million versus $15.1 million. Operating expenses rose sharply, mainly from higher research and development and general and administrative spending, and losses were further impacted by $10.6 million of loss on fair value of earn-out share liabilities and $1.9 million loss on derivative instruments.

Six-month 2026 revenue was $4.3 million compared with $1.8 million in 2025, with a net loss of $62.7 million. Adjusted EBITDA for the quarter was –$21.3 million. Liquidity strengthened significantly: cash and cash equivalents were $312.8 million as of June 30, 2026, up from $16.2 million at year-end 2025, driven by $301.6 million of gross proceeds from a reverse recapitalization and PIPE and $67.2 million raised under a synthetic at-the-market equity facility.

Xanadu Quantum Technologies Limited reported Q2 2026 results following its March 2026 reverse recapitalization with a SPAC and concurrent PIPE financing. Cash and cash equivalents rose to $312.8 million as of June 30, 2026, up from $16.2 million at December 31, 2025, helped by $263.6 million of net proceeds from the recapitalization and PIPE and $67.2 million raised under a new synthetic at-the-market equity facility. Management states that existing cash is expected to fund operations for at least 12 months.

For Q2 2026, revenue was $1.5 million, compared with $1.1 million in Q2 2025. Operating expenses totaled $31.5 million, led by research and development of $19.7 million and general and administrative expense of $11.1 million. Loss from operations was $30.0 million, and net loss was $42.1 million versus $15.1 million a year earlier, reflecting losses on earn-out share liabilities and derivative instruments. Adjusted EBITDA loss was $21.3 million. Capital expenditures were approximately $6.4 million in the quarter.

Total assets reached $384.0 million, with liabilities of $70.9 million and shareholders’ equity of $313.1 million. As of June 30, 2026 there were 304.2 million Class A and Class B common shares outstanding, after issuing 5.47 million Class B shares via the synthetic at-the-market facility. Government-backed SIF and FedDev loans totaled $32.5 million, with revenue-based and scheduled repayments beginning in 2027–2028.

Xanadu Quantum Technologies Limited received a Schedule 13G filing reporting that Millennium Management LLC, Millennium Group Management LLC and Israel A. Englander hold 82,694 shared voting and dispositive Class B Subordinate Voting Shares (CUSIP 98390R102), representing 0.2% of the class. The filing notes the reporting persons "acquired beneficial ownership of more than 5%... on June 17, 2026" and "ceased to be beneficial owners of more than 5%... by the date of this filing." The filing is signed by Gil Raviv and Israel A. Englander and includes a Joint Filing Agreement dated June 24, 2026.