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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.