Dashed lines mark market-closed periods (overnight, weekends & holidays)
About Xanadu
Xanadu (XNDU) has a market cap of $3.37B as of August 2026 — #5 of the 12 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
298.0M
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
Fault-tolerant photonic quantum data center by 2028–2029; 500 logical qubits by 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. 60% optical loss reduction achieved in 2025 (20-fold improvement over 3 years). TFLN chiplet partnership with HyperLight (2025). IPO: Nasdaq/TSX March 2026 (raised $302M). PennyLane: ~160K avg monthly downloads. DARPA Quantum Benchmarking Initiative Stage B (up to $15M); Project OPTIMISM: up to C$390M in negotiations with Canada and Ontario (March 2026).
Cash Position & Runway
Total Cashⓘ
$272.46M
TTM Cash Burnⓘ
$58.79M
per year (TTM)
Cash Runwayⓘ
56 mo
Total Debtⓘ
$30.03M
Quarterly Operating Cash Flow
Quarterly cash-flow figures will appear here once Xanadu files interim financial reports with the SEC. Recently listed companies have no quarterly history yet.
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ⓘ
$30.03M
P/E Ratio (TTM)ⓘ
—
EPS (TTM)ⓘ
$-0.2371
Price / Bookⓘ
12.86
Earnings Per Share (TTM)
EPS (TTM)ⓘ
$-0.2371
Unprofitable
P/E Ratioⓘ
—
Price / Bookⓘ
12.86
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 %
50.9%
2026-07-29
Short Volume
199,658
| Date | Short Vol | Total Vol | Short % |
|---|---|---|---|
| 2026-07-29 | 199,658 | 392,370 | 50.9% |
| 2026-07-27 | 183,399 | 390,914 | 46.9% |
| 2026-07-24 | 190,805 | 302,170 | 63.1% |
| 2026-07-22 | 186,909 | 284,891 | 65.6% |
| 2026-07-17 | 239,842 | 608,562 | 39.4% |
| 2026-07-16 | 244,405 | 452,112 | 54.1% |
| 2026-07-15 | 272,550 | 482,942 | 56.4% |
| 2026-07-13 | 248,178 | 448,125 | 55.4% |
| 2026-07-10 | 294,389 | 404,181 | 72.8% |
| 2026-07-09 | 261,753 | 400,371 | 65.4% |
Source: FINRA CNMS · Not the same as total short interest (outstanding positions) · Updated daily
Research Impact (OpenAlex)
Total Citations
118,916
Indexed Works
527
Avg Citations / Work
225.6
Source: OpenAlex · Citations to papers affiliated with Xanadu · Updated weekly · View institution ↗
Recent Research Papers (arXiv)
arXiv ↗Enabling Neutral Atom Integration: Redesigning Device Models for Universal Quantum Ecosystems
Hardware-in-the-Loop Syndrome-to-Decoder Validation for Repetition, Surface, CSS-LDPC, and Digitized-GKP Codes
Decoder Comparability Across Quantum Software Stacks: Repeated-Round Surface and Digitized-GKP Syndrome Replay
Spectral Born machines: classically trainable quantum generative models for discrete data
Comparing the Performance of Leading VQE Algorithms for Computing Ground-State Energies of Amino Acids
Theory and practice of Trotter product formulas for quantum chemistry
QDS-SNN: Energy-efficient Quantum Deeply-Supervised Spiking Neural Network Algorithm for Traffic Sign Recognition
PennySynth: RAG-Driven Data Synthesis for Automated Quantum Code Generation
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 | |
|---|---|---|---|
| 2026-05-21 | 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 6 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 August 2026 — not investment advice.
▲ THE BULL CASE
• Wall Street's mean price target of $44.00 implies 289% upside — consensus rating Buy across 2 analysts.
• 2 of 2 analyst ratings are Buy or Strong Buy.
• Revenue grew 191% year-over-year to $4.62M (latest fiscal year).
• $272.46M in cash gives roughly 56 months of runway at the current burn rate.
• Retail sentiment on StockTwits runs 64% bullish over the last 14 scored posts.
▼ THE BEAR CASE
• 6 at-the-market / shelf offering filings (S-3 / 424B / SUPPL) on record — an active dilution channel.
• Not yet profitable: net loss of $70.67M in the latest fiscal year.
How long is Xanadu's (XNDU) cash runway?
Xanadu has roughly 56 months of cash runway as of August 2026 — $272.46M in cash divided by its trailing-twelve-month operating burn.
Is XNDU stock at risk of shareholder dilution?
Dilution risk is elevated: 6 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?
50.9% of XNDU's daily trading volume was short selling as of 2026-07-29 (FINRA daily short volume).