Xanadu CEO becomes billionaire as stock surges nearly fivefold

Investing.com -- Christian Weedbrook, founder of quantum computing startup Xanadu Quantum Technologies Ltd., became a billionaire this week after his company's stock surged nearly fivefold in six trading sessions.

Xanadu's stock climbed from under $8 to roughly $40, pushing the company's market cap above $11 billion, as of early trading on Friday. The rally followed Nvidia Corp.'s release of open-source artificial intelligence models designed to support quantum computing research on Tuesday.

Weedbrook owns 15.6% of Xanadu's shares, according to a March 26 filing with the Securities and Exchange Commission. His stake is now valued at over $1.6 billion.

Toronto-based Xanadu is working to build one of the first quantum data centers by 2030 using quantum computers that send photons through fiber-optic connections. The company reported revenues of $4.6 million last year and booked $55.2 million in research and development expenses in 2025. Profits are not expected in the near term.

Shares of quantum computing companies have surged this week after Nvidia's announcement.

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