Polar Asset Management amends 13G — 2.0M Xanadu shares (XNDU)

Rhea-AI Filing Summary

Xanadu Quantum Technologies Ltd disclosed an amendment to a Schedule 13G/A reporting that Polar Asset Management Partners Inc., as investment adviser to affiliated funds, beneficially owns 2,000,000 Class B Subordinate Voting Shares, representing 4.6% of that class. The filing identifies Polar's voting and dispositive power over those shares and is signed by Andrew Ma on 05/15/2026.

Insights

Governance Analyst

Passive ownership disclosure: 2,000,000 shares (4.6%) reported.

Polar Asset Management Partners Inc. filed an amendment to a Schedule 13G/A listing its beneficial ownership and sole voting and dispositive power over 2,000,000 Class B shares (CUSIP 98390R102). The statement presents holdings and control counts rather than any planned transaction.

Because this is an ownership disclosure, subsequent filings would be required if ownership crosses regulatory thresholds or voting status changes.

Compliance Officer

Filing confirms regulatory reporting and signer authority.

The form identifies the reporting person, address, and role as an investment adviser to two Polar vehicles and is signed by the Chief Compliance Officer, Andrew Ma, with a signature date of 05/15/2026. The filing structure aligns with routine beneficial ownership amendments.

Maintain internal tracking for threshold triggers that would require Schedule 13D or further amendments.

Key Figures

Beneficial ownership: 2,000,000 shares Percent of class: 4.6% Sole voting power: 2,000,000 shares +3 more

6 metrics

Beneficial ownership 2,000,000 shares Class B Subordinate Voting Shares

Percent of class 4.6% Class B Subordinate Voting Shares

Sole voting power 2,000,000 shares Amount with sole power to vote

Sole dispositive power 2,000,000 shares Amount with sole power to dispose

CUSIP 98390R102 Identifier for Class B Subordinate Voting Shares

Signature date 05/15/2026 Filing signed by Chief Compliance Officer Andrew Ma

Key Terms

Schedule 13G/A, Beneficial ownership, CUSIP, Sole dispositive power

4 terms

Schedule 13G/A regulatory

"Amendment No. 1 to a Schedule 13G/A reporting beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficial ownership regulatory

"Amount beneficially owned: 2000000; Percent of class: 4.6 %"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

CUSIP financial

"CUSIP No.: 98390R102 appears alongside the security class"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

Sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 2000000"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Xanadu Quantum Technologies Ltd

(Name of Issuer)

Class B Subordinate Voting Shares

(Title of Class of Securities)

98390R102

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 98390R102

1

Names of Reporting Persons

Polar Asset Management Partners Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,000,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,000,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.6 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Xanadu Quantum Technologies Ltd
(b)	Address of issuer's principal executive offices: 777 BAY STREET, SUITE 2400, TORONTO, M5G 2C8, Ontario, Canada
Item 2.
(a)	Name of person filing: This statement is filed by Polar Asset Management Partners Inc., a company incorporated under the laws of Ontario, Canada, which serves as the investment advisor to Polar Multi-Strategy Master Fund, a Cayman Islands exempted company ("PMSMF") and Polar Long/Short Master Fund, a Cayman Islands exempted company ("PLSMF") (together with PMSMF, the "Polar Vehicles").
(b)	Address or principal business office or, if none, residence: 16 York Street, Suite 2900, Toronto, Ontario, M5J 0E6
(c)	Citizenship: Canada
(d)	Title of class of securities: Class B Subordinate Voting Shares
(e)	CUSIP No.: 98390R102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	The Reporting Person is an investment fund manager, portfolio manager, exempt market dealer and commodity trading manager registered with the Ontario Securities Commission.
Item 4.	Ownership
(a)	Amount beneficially owned: 2000000
(b)	Percent of class: 4.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2000000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2000000
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Polar Asset Management Partners Inc.

Signature:	Andrew Ma
Name/Title:	Chief Compliance Officer
Date:	05/15/2026

FAQ

What ownership stake did Polar report in Xanadu (XNDU)?

Polar reported beneficial ownership of 2,000,000 Class B Subordinate Voting Shares, equal to 4.6% of that class, as disclosed in the Schedule 13G/A amendment.

Who filed the Schedule 13G/A amendment for XNDU?

The filing was made by Polar Asset Management Partners Inc., acting as investment adviser to affiliated Polar funds, with principal office at 16 York Street, Toronto.

Does the filing state Polar's voting and dispositive power for XNDU shares?

Yes. The filing lists sole voting power of 2,000,000 shares and sole dispositive power of 2,000,000 shares for the reported Class B holdings.

What document identifiers appear in the XNDU filing?

The filing references CUSIP 98390R102, the security class as Class B Subordinate Voting Shares, and is labeled as Amendment No. 1 to a Schedule 13G/A.

When was the XNDU Schedule 13G/A amendment signed?

The amendment is signed by Andrew Ma, Chief Compliance Officer, with a signature date of 05/15/2026 on the face of the filing.