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QBTS vs XNDU: Which Quantum Stock Is Better? D-Wave Quantum (Quantum Annealing) vs Xanadu (Photonic) — live market, SEC financial and quantum-hardware data side by side.
QBTS is the larger company at $8.88B market cap, about 2.5× the size of XNDU ($3.53B).
They take different technical paths: QBTS reports 4,400 qubits (Physical Qubits (Quantum Annealing, Zephyr topology)), while XNDU reports 12 qubits (Logical GKP Qubits (Photonic / CV-QC)) — raw counts are not directly comparable across modalities.
Metric QBTS D-Wave Quantum XNDU Xanadu Market Price $23.99 $11.85 Market Cap $8.88B $3.53B 1Y Return +61.9% — 52W High $46.75 $42.44 52W Low $12.75 $6.97 Financials Revenue (latest FY) $24.59M — Revenue YoY +178.5% — Net Income $-355,062,000 — Cash & Equivalents $588.40M $272.46M Cash Runway 72mo — Risk Going Concern Flag No No ATM Offerings (dilution) 121 6 Daily Short Vol % 59.3% 47.0% Beta (1Y vs SPY) 1.19 0.62 Government & Research Federal Awards Total $40.0K — Academic Citations — 114K Patents — — Quantum Technology Physical Qubits 4,400 12 Qubit Modality Physical Qubits (Quantum Annealing, Zephyr topology) Logical GKP Qubits (Photonic / CV-QC) 2Q Gate Fidelity — — Cloud Platforms D-Wave Leap (Direct) PennyLane (Open Source), Xanadu Quantum Cloud (partner access) Roadmap Target Dual-platform: annealing utility today + gate-model roadmap (Feb 2026) — initial 17-qubit gate-model system 2026, 181 qubits 2028, 10 logical qubits 2030, 100 logical qubits 2032 via dual-rail qubits (Quantum Circuits acquisition) Fault-tolerant photonic quantum data center by 2028–2029; 500 logical qubits by 2029–2030 Company Founded 1999 2016 Headquarters Burnaby, BC, Canada Toronto, ON, Canada Employees — —
QBTS vs XNDU FAQ Is QBTS or XNDU the bigger company?
QBTS is larger, with a market cap of $8.88B versus $3.53B for XNDU.
Which has the longer cash runway, QBTS or XNDU?
QBTS's cash runway is 72mo and XNDU's is — (current cash ÷ trailing-twelve-month operating burn; "CF+" means cash-flow positive).
What technology do QBTS and XNDU use?
D-Wave Quantum (QBTS): Physical Qubits (Quantum Annealing, Zephyr topology). Xanadu (XNDU): Logical GKP Qubits (Photonic / CV-QC). Qubit counts are not directly comparable across different modalities.
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