On April 14, Nvidia released open-source artificial intelligence models called Ising, designed to address two major engineering challenges in quantum computing: processor calibration and real-time error correction. By targeting key barriers to scaling quantum systems for AI, Nvidia’s move boosted confidence in the field’s potential.

Following the announcement, Xanadu’s stock surged about 250% to a peak of $32.67 per share. Before that, it had traded below $10 since going public in March. The stock closed just under $8 in the session before Nvidia’s announcement, according to financial site The Street.

With a 15.6% stake, Weedbrook’s net worth jumped to around $1.5 billion within five days, Bloomberg reported. Although the share price has since eased, it remains more than double its pre-announcement level.

Christian Weedbrook, founder of quantum computing firm Xanadu. Photo from X

Weedbrook’s path to billionaire status is unusual even in the tech industry. Born and raised in bushland southeast of Brisbane, Australia, he initially aimed to become a filmmaker but dropped out of film school twice. At 23, while working part-time in a video store and stocking groceries, he decided to go back to school and study mathematics, a subject he had performed well in during high school.

"I’d exhausted every other option," Weedbrook, 49, told Canada’s The Globe and Mail. "I thought ‘I’ll just go back to something I was okay in – math. I don’t know where this will head, I’ll just see.’"

At the University of Queensland, where he enrolled, administrators were skeptical. One dean even asked to check his arms for track marks, suspecting drug use. The decision to enroll proved pivotal, as the university was a leading center for quantum optics, the study of how light behaves at extremely small scales.

Weedbrook later earned a doctorate in physics specializing in quantum information theory. After a brief period at the Massachusetts Institute of Technology, he moved to the University of Toronto in 2010 for postdoctoral research and decided to remain in Canada.

He founded a company in 2014, initially focused on quantum security under the name CipherQ. After investors showed greater interest in quantum computing, he launched Xanadu in 2016 in Toronto, according to Fortune.

Quantum computers are considered more powerful than traditional computers because they can process many calculations at once using subatomic particles. Traditional computers process data using bits that represent either 0 or 1. Quantum computers use qubits, which can represent both states at the same time, allowing for far greater computing power and faster AI training.

In its early years, Xanadu faced setbacks. Its first chip failed, and Weedbrook faced eviction three times while seeking funding. The company’s fortunes improved after receiving support from the University of Toronto’s Creative Destruction Lab, a startup incubator.

Xanadu’s approach differs from many competitors such as IBM, Google, and IonQ, which rely on systems that require extremely low temperatures. Instead, Xanadu uses photons transmitted through fiber-optic connections, allowing its technology to operate at room temperature, which could reduce costs and improve scalability.

The company is working to build one of the first quantum data centers by 2030 using systems that send photons, or particles of light, through fiber-optic networks.

While other quantum firms such as IonQ and Rigetti also gained from Nvidia’s announcement, Xanadu’s surge, reaching a valuation of more than $16 billion, has made it one of Canada’s most valuable publicly traded technology companies.

Despite the surge, the company remains in an early stage. It reported revenue of $4.6 million last year against $55.2 million in research and development expenses in 2025, and profitability is not expected soon. Questions also remain about whether quantum computing can meet long-standing expectations, attract paying customers, and deliver transformative impact.

Weedbrook remains committed to the challenge. "This is not a normal startup," he said. "We’re trying to build one of the most difficult technological things that humanity has ever tried.

"If you just never give up, like a little engine that never quits, I wonder how far you can go. Let’s see."