Xanadu Quantum Technologies Limited
- Growing?
- Yes: revenue went from $2M in FY23 to $3M in FY25.
- Expensive?
- Price-to-sales (P/S) 119×. Above the peer median of 69.7x. The market pays more per $1 of revenue than for peers.
- Analysts?
- 80% of 5 say buy; average 12-month target $28.75, 1041% above today's price.
Xanadu Quantum Technologies Ltd is a photonic (light-based) quantum computing company developing cloud-accessible quantum hardware and quantum software (including the open-source PennyLane library) for building and running quantum applications.
More about Xanadu Quantum Technologies
Market Position
Xanadu positions itself as a pure-play photonic quantum computing provider focused on scaling via networked, modular photonic systems and an integrated software ecosystem; it competes with other quantum-computing companies pursuing different modalities (e.g., trapped-ion and superconducting approaches).
Key Segments
Primary activities span quantum hardware systems (photonic QPUs and system components) and software / cloud access (developer tooling and platforms to run workloads on Xanadu’s photonic devices).
How has the stock done?
Over the past month XNDU fell 27.8%; the technology ETF (XLK) fell 11.5% and the S&P 500 fell 2.7%.
Over the past six months XNDU fell 82.2%; the technology ETF (XLK) fell 0.8% and the S&P 500 rose 2.6%.
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026.
Is the business growing?
Revenue went from $2M in FY23 to $3M in FY25; net income from −$27M to −$52M.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY23 | $2M | −$27M |
| FY24 | $1M | −$32M |
| FY25 | $3M | −$52M |
Fiscal years: Yahoo Finance.
How it makes money
The company loses $1530.6 for every $100 of revenue. Operating expenses exceed all of gross profit.
+16.6 pts over 2 years
Loss exceeds revenue
Loss exceeds revenue
Each margin is that line of the income statement divided by revenue. Fiscal year: Yahoo Finance, operating income as filed with the SEC where its quarters cover the year.
Customers and suppliers
In its latest annual report Xanadu Quantum Technologies buys from Amazon, IBM, Compensia; three customers it does not name account for 44% and 20% and 14% of its revenue.
Their suppliers
Suppliers
XNDUXanadu Quantum TechnologiesCustomers
Partners
Corning GLWDevelops ultra-low-loss fiber interconnects
Applied Materials AMATCo-develops superconducting sensor wafer process
Mitsubishi ChemicalDevelops quantum algorithms for lithography simulations
DISCO DISPFCollaborates on photonic chip wafer processing
Tower Semiconductor TSEMDevelops silicon photonics for quantum computers
Volkswagen VOW3.DECo-develops quantum algorithms and validates use cases
Toyota TMCo-develops quantum algorithms and validates use cases
Rolls Royce RR.LDevelops quantum fluid dynamics algorithms
RTX RTXCo-develops quantum algorithms and validates use casesShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Largest customer (unnamed) | customer | “For the year ended December 31, 2025, 78% of our revenues were attributable to three customers, each contributing 44%, 20% and 14%, respectively.” |
| Second largest customer (unnamed) | customer | “For the year ended December 31, 2025, 78% of our revenues were attributable to three customers, each contributing 44%, 20% and 14%, respectively.” |
| Third largest customer (unnamed) | customer | “For the year ended December 31, 2025, 78% of our revenues were attributable to three customers, each contributing 44%, 20% and 14%, respectively.” |
| Amazon | supplier | “We currently offer PennyLane on public clouds provided by AWS’s Amazon Braket and IBM Quantum.” |
| IBM | supplier | “We currently offer PennyLane on public clouds provided by AWS’s Amazon Braket and IBM Quantum.” |
| Corning | partner · co-develops with it | “With Corning, we are developing customized ultra-low-loss fiber interconnects to minimize optical losses in the modular, fiber-networked architecture demonstrated in our Aurora system.” |
| Applied Materials | partner · co-develops with it | “A key collaboration with Applied Materials focuses on co-developing the first 300 mm wafer-compatible process for superconducting transition edge sensors, a crucial step toward mass production of PNR detector channels required for utility-scale systems.” |
| Mitsubishi Chemical | partner · co-develops with it | “On July 2, 2025, Old Xanadu and Mitsubishi Chemical Group Corporation announced a joint project relating to quantum algorithms for simulating extreme ultraviolet lithography processes in semiconductor chip fabrication.” |
| HyperLight | partner · co-develops with it | “On July 29, 2025, Old Xanadu and HyperLight Corporation announced research relating to thin-film lithium niobate photonic chips, demonstrating waveguide losses below 2 dB/m.” |
| DISCO | partner · co-develops with it | “On August 12, 2025, Old Xanadu and DISCO Corporation announced a collaboration relating to wafer processing techniques for photonic integrated chips.” |
| Thorlabs | partner | “On January 13, 2026, Old Xanadu and Thorlabs, Inc. announced a partnership relating to optical fiber components for photonic quantum computing.” |
| Tower Semiconductor | partner · co-develops with it | “On February 19, 2026, Old Xanadu and Tower Semiconductor Ltd. announced an expansion of their collaboration to develop silicon photonics for photonic quantum computers using Tower Semiconductor’s manufacturing platform.” |
| Volkswagen | partner · co-develops with it | “Current collaborations include leading organizations such as Volkswagen, Toyota, Mitsubishi Chemical, Rolls-Royce, Raytheon Technologies, Corning, as well as national laboratories in Canada, the United States, and Europe. These partnerships are designed to co-develop quantum algorithms, validate commercial use cases, and ensure that our technology is aligned with real-world demand.” |
| Toyota | partner · co-develops with it | “Current collaborations include leading organizations such as Volkswagen, Toyota, Mitsubishi Chemical, Rolls-Royce, Raytheon Technologies, Corning, as well as national laboratories in Canada, the United States, and Europe. These partnerships are designed to co-develop quantum algorithms, validate commercial use cases, and ensure that our technology is aligned with real-world demand.” |
| Rolls Royce | partner · co-develops with it | “Meanwhile, with Rolls-Royce, we are developing quantum fluid dynamics algorithms to model complex aerodynamic systems such as jet engines, extending our software capability into high-value aerospace and engineering applications.” |
| RTX | partner · co-develops with it | “Current collaborations include leading organizations such as Volkswagen, Toyota, Mitsubishi Chemical, Rolls-Royce, Raytheon Technologies, Corning, as well as national laboratories in Canada, the United States, and Europe. These partnerships are designed to co-develop quantum algorithms, validate commercial use cases, and ensure that our technology is aligned with real-world demand.” |
| Compensia | supplier | “In January 2026, Compensia, Inc. was engaged to provide services on an ad-hoc basis to the Governance, Nominating and Compensation Committee.” |
Only the companies Xanadu Quantum Technologies names in its 20-F filed Apr 9, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.
Is it expensive?
Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 119x, above the peer median of 69.7x. Revenue is up 43% from a year ago.
Above the peer median of 69.7x. The market pays more per $1 of revenue than for peers.
Show the data
| Company | Price-to-sales (P/S) |
|---|---|
| QBTS · D-Wave Quantum Inc. | 301× |
| RGTI · Rigetti Computing, Inc. | 276× |
| XNDU · Xanadu Quantum Technologies Limited | 119× |
| QUBT · Quantum Computing Inc. | 69.7× |
| INFQ · Infleqtion, Inc. | 46.4× |
| IONQ · IonQ, Inc. | 37.7× |
Its peers here are the other quantum computing companies on this site, a group kept by hand: Yahoo Finance's Software - Infrastructure list is another business.
Xanadu Quantum Technologies Limited is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.
What analysts expect
The average analyst price target is $28.75, 1041% above the current price; 80% of 5 analysts rate it a buy; earnings beat estimates in 1 of the last 3 quarters.
Buy or Strong Buy: 4 analysts (80%). Sell or Strong Sell: 0.
Since Jul 29, 2026 the average of the analysts' latest price targets went from $36.67 to $24.00 (−35%), while XNDU went from $9.75 to $2.52 (−74%). No firm raised or cut its target in the past three months. No firm upgraded or downgraded it over the year.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Sep 29, 2026 | RBC Capital | Began coverage | Outperform | $16.00 |
| Aug 6, 2026 | Canaccord Genuity | Target cut | Buy | $34.00, was $45.00 |
| Jul 29, 2026 | CIBC | Began coverage | Outperformer | $22.00 |
| Apr 23, 2026 | Canaccord Genuity | Began coverage | Buy | $45.00 |
| Apr 20, 2026 | Northland Capital Markets | Began coverage | Outperform | $43.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Mar ’26 | −$0.08 | −$0.21 | −162.5% |
| Jun ’26 | −$0.23 | −$0.13 | +43.5% |
| Sep ’26 | −$0.10 | −$0.10 | 0.0% |
For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.11 a share and revenue of $3.3M. For the fiscal year ending Dec 2027, they expect revenue of $11M, up 23% on the year before's estimate.
Adjusted. Range −$0.14 to −$0.08; 2 analysts
Range $2.8M to $4.0M; 3 analysts
The year to Dec 2026: $9.2M expected; range $4.6M to $19M; 5 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026 | EPS (adjusted) | −$0.11 | −$0.14 to −$0.08 | 2 | — | — |
| Quarter ending Dec 2026 | Revenue | $3.3M | $2.8M to $4.0M | 3 | — | — |
| Quarter ending Mar 2027 | EPS (adjusted) | −$0.13 | −$0.16 to −$0.09 | 2 | −$0.21 (Mar 2026) | — |
| Quarter ending Mar 2027 | Revenue | $3.5M | $2.8M to $4.3M | 3 | $2.8M (Mar 2026) | +24% |
| Year ending Dec 2026 | Revenue | $9.2M | $5.6M to $11M | 5 | — | — |
| Year ending Dec 2027 | Revenue | $11M | $4.6M to $19M | 5 | $9.2M (expected, year to Dec 2026) | +23% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Financial health
Current ratio 4.5, no pressure to repay short-term debt; debt-to-equity 1.2, debt is moderate.
Assets that can be turned into cash soon are 4.5x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $1.2 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $12M against debt of $22M. Lease obligations of $6M are not counted: they are rent owed, not money borrowed.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 1 fund whose copy leaves XNDU out (on the exchange, not in the app yet): Swiss National Bank.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 3 held XNDU at the end of their latest quarter (for most, Q3 2026). Over that quarter 3 bought new and 1 sold all. The largest of them is Renaissance Technologies, 211,273 shares worth $968K at Sep 30, 2026.
3 of them new holders
1 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Tiger Global Management | Q2 2026 | 0 | — | −500,000 | Sold all | Aug 14, 2026 |
| Renaissance Technologies | Q3 2026 | 211,273 | $968K | +211,273 | New | Nov 12, 2026 |
| Nomura Holdings | Q2 2026 | 51,567 | $624K | +51,567 | New | Aug 14, 2026 |
| Swiss National Bank | Q3 2026 | 88,400 | $406K | +88,400 | New | Nov 12, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of XNDU at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.