By Yvonne Lau
Publication Date: 2026-04-16 19:12:00
Toronto-based Xanadu Quantum Technologies Inc.’s market cap soared to $16 billion on Thursday, making it one of Canada’s most valuable publicly traded technology companies just three weeks after debuting on the Toronto Stock Exchange.
Its valuation rose from $13.4 billion on Wednesday at market close.
Xanadu shares have risen 225 per cent in the past three days as of 2 p.m. on Thursday — 51 per cent on Thursday — after Nvidia Corp. on Monday released a new series of open-source artificial intelligence (AI) models called Ising that are designed to help quantum computing researchers and companies pinpoint and correct errors faster and more accurately in what is known as the decoding process.
The Canadian Investment Regulatory Organization (CIRO) temporarily suspended trading of Xanadu’s stock on Wednesday morning after the company’s share price spiked almost 70 per cent in one day.
“Trading halts are implemented to ensure a fair and orderly market,” CIRO said in a statement at the time.
Nvidia’s release ignited a major quantum stock rally this week. Stocks of quantum players such as Vancouver-founded D-Wave Quantum Inc. and IonQ Inc. have jumped more than 50 per cent since the start of the week, while shares of Rigetti Computing Inc. have risen about 35 per cent.
There is a race to develop useful, commercial-scale quantum computers that can solve complex problems in fields such as medicine and finance that are beyond the scope…
