Quantum Market Cap

XNDU vs HQ: Which Quantum Stock Is Better?

Xanadu (Photonic) vs Horizon Quantum (Quantum Software) — live market, SEC financial and quantum-hardware data side by side.

XNDU is the larger company at $3.53B market cap, about 2.5× the size of HQ ($1.43B).

They take different technical paths: XNDU reports 12 qubits (Logical GKP Qubits (Photonic / CV-QC)), while HQ reports its qubit count (Software-Defined (Hardware-Agnostic)) — raw counts are not directly comparable across modalities.

MetricXNDUXanaduHQHorizon Quantum
Market
Price$11.85$27.76
Market Cap$3.53B$1.43B
1Y Return——
52W High$42.44$45.00
52W Low$6.97$8.29
Financials
Revenue (latest FY)——
Revenue YoY——
Net Income——
Cash & Equivalents$272.46M$96.60M
Cash Runway—91mo
Risk
Going Concern FlagNoNo
ATM Offerings (dilution)63
Daily Short Vol %47.0%63.5%
Beta (1Y vs SPY)0.620.71
Government & Research
Federal Awards Total——
Academic Citations114K—
Patents——
Quantum Technology
Physical Qubits12—
Qubit ModalityLogical GKP Qubits (Photonic / CV-QC)Software-Defined (Hardware-Agnostic)
2Q Gate Fidelity——
Cloud PlatformsPennyLane (Open Source), Xanadu Quantum Cloud (partner access)Triple Alpha IDE (own platform), Rigetti Novera QPU testbed (Singapore HQ)
Roadmap TargetFault-tolerant photonic quantum data center by 2028–2029; 500 logical qubits by 2029–2030Triple Alpha testbed access for developers 2026; full-stack enterprise quantum application platform 2026–2027
Company
Founded20162018
HeadquartersToronto, ON, CanadaSingapore
Employees——

XNDU vs HQ FAQ

Is XNDU or HQ the bigger company?

XNDU is larger, with a market cap of $3.53B versus $1.43B for HQ.

Which has the longer cash runway, XNDU or HQ?

XNDU's cash runway is — and HQ's is 91mo (current cash ÷ trailing-twelve-month operating burn; "CF+" means cash-flow positive).

What technology do XNDU and HQ use?

Xanadu (XNDU): Logical GKP Qubits (Photonic / CV-QC). Horizon Quantum (HQ): Software-Defined (Hardware-Agnostic). Qubit counts are not directly comparable across different modalities.

Go deeper

More head-to-head comparisons