Xanadu is a pre-commercial quantum computing company headquartered in Toronto, building photonic quantum computers and quantum software tools for enterprise, government, and research customers globally. Unlike competing approaches that rely on superconducting circuits or trapped ions, Xanadu uses photons as the medium for computation, which the company argues enables room-temperature operation, modular scaling via standard fiber-optic interconnects, high gate speeds, and manufacturability using existing semiconductor fabrication infrastructure. Xanadu's two key hardware milestones are Borealis (2022), a 216-qubit system the company claims achieved quantum supremacy, and Aurora (2025), the world's first networked, modular photonic quantum computer operating at room temperature. On the software side, Xanadu develops PennyLane, an open-source quantum programming SDK used at over 120 universities and by major enterprises and governments, and Catalyst, a fault-tolerant quantum compiler. Xanadu is explicitly pre-commercial, with current revenues limited to professional services, sponsored research, and early cloud access fees. The company's intended long-term revenue model spans cloud-based quantum compute access, direct hardware sales, PennyLane enterprise subscriptions, IP licensing, and government contracts. Xanadu targets a fault-tolerant, utility-scale quantum system of up to 100,000 physical qubits by 2029–2030, which management views as the key milestone for material commercial revenues. Current commercial partners include Volkswagen, Rolls-Royce, Raytheon, BMO, and DARPA.