MMCAP entities hold 6.875M Class B shares in Xanadu (XNDU), joint Schedule 13G

Rhea-AI Filing Summary

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.

Insights

Corporate Governance Analyst

Joint holders disclose a material passive stake of 15.9% in Xanadu.

The filing lists 6,875,000 Class B Ordinary Shares beneficially owned by MMCAP-affiliated entities, with shared voting and dispositive power recorded. This indicates a significant passive ownership position under Schedule 13G reporting conventions.

Timing and intent are consistent with passive investment reporting; subsequent filings would disclose any change in ownership or voting intent.

Key Figures

Beneficial ownership: 6,875,000 shares Percent of class: 15.9% CUSIP: 98390R102 +2 more

5 metrics

Beneficial ownership 6,875,000 shares Class B Ordinary Shares

Percent of class 15.9% Class B Ordinary Shares

CUSIP 98390R102 Identifier for Class B Ordinary Shares

Filing header date 03/26/2026 Date shown in header area of excerpt

Signature date 04/09/2026 Date on signature block

Key Terms

Schedule 13G, beneficially owned, shared dispositive power

3 terms

Schedule 13G regulatory

"Item 1. (a) Name of issuer: Xanadu Quantum Technologies Ltd"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

beneficially owned financial

"Item 4. (a) Amount beneficially owned: 6,875,000"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared dispositive power regulatory

"Item 4. (iv) Shared power to dispose: 6,875,000"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Xanadu Quantum Technologies Ltd

(Name of Issuer)

Class B Ordinary Shares

(Title of Class of Securities)

98390R102

(CUSIP Number)

03/26/2026

(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

MMCAP International Inc. SPC

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,875,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,875,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,875,000.00

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)

15.9 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP Number(s): 98390R102

1

Names of Reporting Persons

MM Asset Management 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 0.00
6	Shared Voting Power 6,875,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 68,750,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

68,750,000.00

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)

15.9 %

12

Type of Reporting Person (See Instructions)

CO

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, Ontario M5G 2C8 Canada
Item 2.
(a)	Name of person filing: i) MMCAP International Inc. SPC ii) MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: i) c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P. O. Box 1348, Grand Cayman KY1-1108, Cayman Islands ii) 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, Ontario M5J 2S1 Canada
(c)	Citizenship: i) Cayman Islands ii) Ontario, Canada
(d)	Title of class of securities: Class B Ordinary Shares
(e)	CUSIP Number(s): 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).
Item 4.	Ownership
(a)	Amount beneficially owned: 6,875,000
(b)	Percent of class: 15.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 6,875,000
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 6,875,000
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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 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.

MMCAP International Inc. SPC

Signature:	Ulla Vestergaard
Name/Title:	Director
Date:	04/09/2026

MM Asset Management Inc.

Signature:	Hillel Meltz
Name/Title:	President
Date:	04/09/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement

FAQ

What stake does MMCAP report in Xanadu (XNDU)?

MMCAP reports beneficial ownership of 6,875,000 Class B Ordinary Shares, equal to 15.9% of the class. The amount and percentage are stated in the Schedule 13G filing.

Which entities filed the Schedule 13G for XNDU?

The filing lists joint filers MMCAP International Inc. SPC and MM Asset Management Inc. as the reporting persons. Their addresses and citizenships appear on the form.

What voting or dispositive power is reported by MMCAP on XNDU shares?

The report shows 0 shares with sole voting or dispositive power and 6,875,000 shares with shared voting and dispositive power. Those counts are provided in Item 4.

What class of Xanadu shares is reported in the filing?

The Schedule 13G covers Class B Ordinary Shares of Xanadu Quantum Technologies Ltd, with CUSIP 98390R102 noted on the form.

When was the Schedule 13G signed for Xanadu?

The signature block on the provided excerpt shows signatures dated 04/09/2026. The top of the excerpt also references 03/26/2026 in the header area.