Dashed lines mark market-closed periods (overnight, weekends & holidays)
About Xanadu
Xanadu (XNDU) has a market cap of $2.33B as of September 2026 — #6 of the 13 pure-play quantum computing stocks by market value.
Xanadu is a photonic quantum computing company developing room-temperature, light-based quantum computers and open-source quantum software. Its Aurora system (Jan 2025) is the world's first scalable modular photonic quantum computer. PennyLane is the leading open-source quantum ML library.
Sector
Technology
Industry
Software - Infrastructure
Employees
240
Founded
2016
Headquarters
Toronto, ON, Canada
Shares Outstanding
304.2M
Quantum Division
https://www.xanadu.ai/hardware
Quantum Technology
Logical Qubits
12
Aurora
Hardware Type
Logical GKP Qubits (Photonic / CV-QC)
Cloud Access
Roadmap Target
Qubit Factory build in 2026–2027; fault tolerance targeted for 2028–2029; up to 200 logical qubits by 2029, 500 by 2030, and 1,000+ by 2031; quantum data center targeted for 2029–2030
Aurora (Jan 2025, Nature paper): world's first scalable modular photonic quantum computer. 12 logical GKP qubits with real-time error-correction decoding; 86.4 billion entangled modes demonstrated. Built from 35 photonic chips, 13 km fiber interconnects, 4 server racks. Room-temperature operation. GKP (Gottesman-Kitaev-Preskill) encoding enables fault-tolerant photonic QC. Q2 2026 manufacturing results included 0.085 dB/facet average edge-coupling loss, 75% more TFLN fabrication runs, and 50% more SiN runs; QROM research approximately halved Toffoli operations, and PennyLane 0.45 shipped. IPO: Nasdaq/TSX March 2026 (raised $302M). DARPA Quantum Benchmarking Initiative Stage B (up to $15M); Project OPTIMISM: up to C$390M in negotiations with Canada and Ontario (March 2026).
⚠ Q2 filing backfill
Xanadu IPO'd in March 2026. FY2025/FY2024 figures come from the audited operating-company statements in its May 2026 F-1; cash, debt, equity, and trailing operating cash flow are refreshed to June 30, 2026 from its Q2 6-K. Dated fields yield automatically to equal-or-newer SEC facts.
Cash Position & Runway
Total Cashⓘ
$312.78M
TTM Cash Burnⓘ
$71.30M
per year (TTM)
Cash Runwayⓘ
53 mo
Total Debtⓘ
$32.54M
Quarterly Operating Cash Flow
Red bars = cash burn (negative operating CF). Green = cash-flow positive. Source: SEC EDGAR 10-Q filings.
Financial Metrics (Annual)
some values via AI filing summaryTotal Revenueⓘ
$4.62M
Revenue Growth (YoY)ⓘ
+190.6%
Gross Marginsⓘ
92.20%AI
Operating Marginsⓘ
—
Net Marginsⓘ
-1530.58%
Total Debtⓘ
$32.54M
P/E Ratio (TTM)ⓘ
—
EPS (TTM)ⓘ
$-0.2323
Price / Bookⓘ
7.44
Earnings Per Share (TTM)
EPS (TTM)ⓘ
$-0.2323
Unprofitable
P/E Ratioⓘ
—
Price / Bookⓘ
7.44
Price-to-Book
Shares Outstanding History
Source: SEC EDGAR XBRL · 10-K and 10-Q filings · Rising trend = dilution
Daily Short Volume (FINRA)
Latest Short Vol %
70.5%
2026-09-16
Short Volume
608,357
| Date | Short Vol | Total Vol | Short % |
|---|---|---|---|
| 2026-09-16 | 608,357 | 863,096 | 70.5% |
| 2026-09-09 | 604,231 | 873,018 | 69.2% |
| 2026-09-04 | 399,442 | 555,028 | 72% |
| 2026-09-02 | 513,919 | 722,269 | 71.2% |
| 2026-08-28 | 520,206 | 710,465 | 73.2% |
| 2026-08-26 | 227,489 | 299,574 | 75.9% |
| 2026-08-21 | 344,209 | 508,012 | 67.8% |
| 2026-08-19 | 208,088 | 350,708 | 59.3% |
| 2026-08-12 | 203,892 | 344,021 | 59.3% |
| 2026-08-06 | 320,150 | 487,007 | 65.7% |
Source: FINRA CNMS · Not the same as total short interest (outstanding positions) · Updated daily
Research Impact (OpenAlex)
Total Citations
123,379
Indexed Works
555
Avg Citations / Work
222.3
Source: OpenAlex · Citations to papers affiliated with Xanadu · Updated weekly · View institution ↗
Recent Research Papers (arXiv)
arXiv ↗OpenQARP: a modular framework for quantum application research
Python in the front, party in the Backline: compiling quantum workloads across CPUs, GPUs, and FPGAs
VQC-ZTI: Variational Quantum Control for Zero Trust Protection of the Tactile Internet
Memory-, Circuit-, and Ansatz-Efficient VQLS for CFD on Hybrid Quantum-HPC Systems
Intent-Level Quantum Programming with Assertion-Guided Execution and Inspectable Intermediate Representation
KQFuzz: Knowledge-Guided Fuzzing for Quantum Libraries via Large Language Models
Enabling Neutral Atom Integration: Redesigning Device Models for Universal Quantum Ecosystems
Decoder Comparability Across Quantum Software Stacks: Repeated-Round Surface and Digitized-GKP Syndrome Replay
Source: arXiv.org API · Papers mentioning company name · Updated every 48 hours
StockTwits Sentiment
Source: StockTwits · last 30 messages · updated every 4h
Recent News
Press Releases
GlobeNewswire ↗Source: Company newsroom (direct) + wire services (GlobeNewswire, PR Newswire) via Finnhub
News Mention Volume (30 days)
Articles indexed every 4h · Sentiment scored via Loughran-McDonald financial word lists (bullish/bearish keyword frequency). Not ML-based — scores reflect word presence only and may not capture context or sarcasm.
SEC Filings & Earnings Reports
View annual, quarterly, and material-event filings on SEC EDGAR
No annual summaries available yet.
Summaries are generated automatically. Check back after the next scheduled update.
10-K · 10-Q · 20-F · 40-F · 6-K filings
All Filings ↗| Date Filed | Form | Period Covered | |
|---|---|---|---|
| 2026-08-28 | 6-K | 2026-08-28 | EDGAR ↗ |
| 2026-08-05 | 6-K | 2026-06-30 | EDGAR ↗ |
| 2026-05-21 | 6-K | 2026-05-21 | EDGAR ↗ |
| 2026-05-14 | 6-K | 2026-03-31 | EDGAR ↗ |
| 2026-05-14 | 6-K | 2026-05-14 | EDGAR ↗ |
| 2026-04-09 | 20-F | 2025-12-31 | EDGAR ↗ |
| 2026-04-09 | 6-K | 2026-04-09 | EDGAR ↗ |
| 2026-04-01 | 20-F | 2026-03-26 | EDGAR ↗ |
| 2026-03-31 | 6-K | 2026-03-31 | EDGAR ↗ |
Source: SEC EDGAR · Annual: 10-K / 20-F / 40-F · Quarterly: 10-Q / 6-K · AI summaries generated automatically
Earnings releases, contracts, leadership changes, offerings
All 8-Ks ↗No 8-K filings indexed yet.
Source: SEC EDGAR · Material events, earnings releases, contract announcements · Updated weekly
S-3 shelf registrations, 424B prospectuses, and document-verified foreign-issuer supplements represent potential dilution events. Xanadu has 10 such filings on record.
All Shelf Filings ↗Source: SEC EDGAR · S-3 = shelf registration, 424B3/B5 = active offering (dilutive)
SC 13G/D filers · >5% ownership
All 13G/D ↗| Institution | Form | % Owned | Filed |
|---|---|---|---|
| SC 13G | 9.99% | 2026-04-02 | |
| SC 13G | 21.56% | 2026-05-06 | |
| SC 13G | 15.90% | 2026-04-09 | |
| SC 13G | 6.68% | 2026-04-07 | |
| SC 13G | 5.10% | 2026-05-04 | |
| SC 13G/A | 4.60% | 2026-05-15 |
Source: SEC EDGAR SC 13G/D · Updated monthly
Open-market buys and sells by directors and officers
All Form 4s ↗No insider transactions indexed yet.
Source: SEC EDGAR Form 4 · Open-market buys and sells · Updated daily
Bull vs Bear: Analyst Opinions on Xanadu (XNDU)
Generated from live analyst targets, SEC filings and market data as of September 2026 — not investment advice.
▲ THE BULL CASE
• Wall Street's mean price target of $33.00 implies 331% upside — consensus rating Strong Buy across 3 analysts.
• 3 of 3 analyst ratings are Buy or Strong Buy.
• Revenue grew 191% year-over-year to $4.62M (latest fiscal year).
• $312.78M in cash gives roughly 53 months of runway at the current burn rate.
▼ THE BEAR CASE
• 10 at-the-market / shelf offering filings (S-3 / 424B / SUPPL) on record — an active dilution channel.
• 70.5% of daily trading volume is short selling (FINRA), signaling heavy bearish positioning.
• Not yet profitable: net loss of $70.67M in the latest fiscal year.
• The stock is down 30% over the past year.
How long is Xanadu's (XNDU) cash runway?
Xanadu has roughly 53 months of cash runway as of September 2026 — $312.78M in cash divided by its trailing-twelve-month operating burn.
Is XNDU stock at risk of shareholder dilution?
Dilution risk is elevated: 10 shelf/ATM offering filings on record.
How many qubits has Xanadu demonstrated?
Xanadu's Aurora has demonstrated 12 logical qubits. This is not a physical-qubit count and is not directly comparable with physical-qubit system rankings.
What percentage of XNDU's trading volume is short?
70.5% of XNDU's daily trading volume was short selling as of 2026-09-16 (FINRA daily short volume).