Lockheed entities hold 2.3M shares of Xanadu (NASDAQ: XNDU)

Rhea-AI Filing Summary

Xanadu Quantum Technologies Ltd ownership disclosure: Lockheed Martin Investment Management Company and Lockheed Martin Corporation Master Retirement Trust report beneficial ownership of 2,308,892 Class B-equivalent shares, representing 5.1% of the Class B Subordinate Voting shares outstanding as of April 2, 2026. The position consists of Class A Multiple Voting shares held by MRT that are convertible on a one-for-one basis into Class B shares.

The filing is a joint Schedule 13G under Rule 13d-1(k)(1) and lists shared voting and dispositive power over the disclosed shares.

Key Figures

Shares beneficially owned: 2,308,892 shares Percent of class: 5.1% Class B shares outstanding: 43,284,436 shares

3 metrics

Shares beneficially owned 2,308,892 shares reported beneficial ownership by LMIMCo/MRT

Percent of class 5.1% based on Class B shares outstanding as of April 2, 2026

Class B shares outstanding 43,284,436 shares outstanding as of April 2, 2026 (source: Form 20-F)

Key Terms

Schedule 13G, Class A Multiple Voting shares, Shared dispositive power

3 terms

Schedule 13G regulatory

"This is being jointly filed by and on behalf of each of Lockheed Martin Investment Management Company"

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.

Class A Multiple Voting shares market

"The Reporting Persons' ownership ... consists of 2,308,892 Class A Multiple Voting shares"

Class A multiple voting shares are a type of stock that carries several votes per share, giving holders disproportionately more control over corporate decisions than holders of regular shares. Think of them as having extra voting tickets at a meeting: a small group can steer board appointments and strategy. For investors, this matters because voting power affects governance, takeover likelihood and can influence share value, liquidity and minority shareholder protections.

Shared dispositive power regulatory

"Shared Dispositive Power 2,308,892.00"

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 Subordinate Voting Shares, without par value share

(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

LOCKHEED MARTIN INVESTMENT MANAGEMENT CO

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,308,892.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,308,892.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,308,892.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP Number(s): 98390R102

1

Names of Reporting Persons

Lockheed Martin Corporation Master Retirement Trust

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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,308,892.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,308,892.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,308,892.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

EP

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, Canada (Federal Level), M5G 2C8
Item 2.
(a)	Name of person filing: This Schedule 13G is being jointly filed by and on behalf of each of Lockheed Martin Investment Management Company ("LMIMCo") and Lockheed Martin Corporation Master Retirement Trust ("MRT" and together with LMIMCo, the "Reporting Persons"). MRT is an employee benefit plan trust governed by ERISA. LMIMCo is the named fiduciary of MRT and may be deemed to beneficially own securities held by MRT. The Reporting Persons have entered into a Joint Filing Agreement, dated May 4, 2026, a copy of which is filed with this Schedule 13G as Exhibit 99.1, pursuant to which the Reporting Persons have agreed to file this statement jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Securities Exchange Act of 1934 (the "Act").
(b)	Address or principal business office or, if none, residence: The principal business address of LMIMCo and MRT is c/o Lockheed Martin Investment Management Company, 6801 Rockledge Drive, MP 150, Bethesda, MD 20817.
(c)	Citizenship: LMIMCo is organized under the laws of the State of Delaware. MRT is established under the laws of the State of New York.
(d)	Title of class of securities: Class B Subordinate Voting Shares, without par value share
(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: 2,308,892 Class B Subordinate Voting Shares. The Reporting Persons' ownership of the Issuer's securities consists of 2,308,892 Class A Multiple Voting shares ("Class A Shares") held directly by MRT. The Class A Shares are convertible on a one-for-one basis into an equal number of Class B Subordinate Voting shares.
(b)	Percent of class: 5.1% The percentage of class beneficially owned is based on 43,284,436 Class B Subordinate Voting shares outstanding as of April 2, 2026, as reported in the Issuer's Annual Report on Form 20-F filed with the Securities and Exchange Commission (the "SEC") on April 9, 2026, and assumes conversion of the Class A Shares held by MRT.
(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: 2,308,892
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 2,308,892
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:
	Not Applicable

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.

LOCKHEED MARTIN INVESTMENT MANAGEMENT CO

Signature:	/s/ Robert C. Varnell
Name/Title:	Robert C. Varnell, Vice President & General Counsel
Date:	05/04/2026

Lockheed Martin Corporation Master Retirement Trust

Signature:	/s/ Robert C. Varnell
Name/Title:	By: Lockheed Martin Investment Management Company, as named fiduciary. By: Robert C. Varnell, Vice President & General Counsel
Date:	05/04/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement dated May 4, 2026

FAQ

What stake does Lockheed report in Xanadu (XNDU)?

Lockheed reports ownership of 2,308,892 shares, representing 5.1% of Class B-equivalent shares. The figure assumes conversion of Class A Multiple Voting shares held by the Lockheed Martin Master Retirement Trust into Class B Subordinate Voting shares as described.

How was the 5.1% ownership percentage calculated for XNDU?

The percentage is calculated using 43,284,436 Class B shares outstanding as of April 2, 2026, as reported in the issuer's Form 20-F, and assumes conversion of the 2,308,892 Class A shares held by MRT into Class B shares.

Which Lockheed entities filed the Schedule 13G for XNDU?

The Schedule 13G was jointly filed by Lockheed Martin Investment Management Company (LMIMCo) and Lockheed Martin Corporation Master Retirement Trust (MRT), under a Joint Filing Agreement dated May 4, 2026, executed by the reporting persons.

What voting and disposition powers are reported for the XNDU shares?

The filing reports shared voting power of 2,308,892 shares and shared dispositive power of 2,308,892 shares. No sole voting or sole dispositive power is reported for the disclosed shares in the Schedule 13G.

Does the XNDU filing indicate the shares are convertible?

Yes. The filing states the position consists of 2,308,892 Class A Multiple Voting shares held directly by MRT, which are convertible on a one-for-one basis into an equal number of Class B Subordinate Voting shares.