Xanadu Receives Provisional Approval for $10 Million Contract Extension From DARPA

08:02 AM EDT, 10/19/2026 (MT Newswires) -- Xanadu Quantum Technologies (XNDU) said Monday that it received provisional approval for up to $10 million in project funding under the Defense Advanced Research Projects Agency's Quantum Benchmarking Initiative. The program assesses quantum computing architectures to determine which approaches can deliver utility-scale performance within realistic budgets and timelines, the company said. Under the one-year contract extension, Xanadu plans to provide regular progress reports to DARPA and allocate most of the funding to accelerate development of critical components in its research and development roadmap. Shares of the company were up nearly 3% in premarket activity on Monday.