By Sean Silcoff
Publication Date: 2026-04-15 21:15:00
Toronto-based Xanadu rings the opening bell at the Nasdaq in New York City on March 27, marking its public debut and dual listing on the Nasdaq and the Toronto Stock Exchange.Supplied
Xanadu Quantum Technologies Ltd. has been on a wild stock market ride since going public three weeks ago.
The Toronto company, which went public by merging with a Nasdaq-listed special-purpose acquisition company, saw its share price slide after its strong trading debut on March 27. It closed that day at US$11.50 but ended last Thursday at US$7.65.
Since then, the stock has been on an exponential tear, appreciating in value by increasingly higher double-digit percentages each day. The stock closed up 17.1 per cent last Friday, 28.2 per cent on Monday, 29 per cent on Tuesday and 70 per cent on Wednesday, ending at US$25.18. Xanadu, which is also listed on the Toronto Stock Exchange, appreciated so rapidly late Wednesday morning that it triggered a temporary trading halt on the Canadian exchange for a few minutes.
That made Xanadu Canada’s fifth-most valuable publicly traded technology company, with a market capitalization of US$7.5-billion. Founder and chief executive officer Christian Weedbrook, who has 46.4 million multiple voting shares, is now a billionaire, though he has said he doesn’t pay much attention to the stock price.
Much of this week’s gains happened after chip behemoth Nvidia Corp. said Tuesday that its new open-source family of artificial…
