Xanadu Quantum Technologies, a Toronto-based photonic quantum computing company, announced a strategic partnership with EV Group on May 5, 2026 to transition from lab-based prototyping to industrial-scale production of photonic quantum chips. The company holds $312.8 million in cash and reported Q2 2026 revenue of $1.5 million with a net loss of $42.1 million for the same period. It achieved an industry benchmark of 0.085 dB/facet average edge-coupling loss on June 10, 2026, demonstrating the maturing of its manufacturing process. Xanadu, which went public in March 2026 through a SPAC merger under the ticker XNDU on NASDAQ and TSX, is focusing on photonic chips capable of operating at room temperature rather than the superconducting circuits favored by competitors like IBM and Google.
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