Six months after going public, Toronto-based quantum computing company Xanadu will see the lockup expire for holders of most of its shares on Sept. 22, after only 13 million shares had been freely tradable. The stock has been sliding from its highs and closed Friday at US$7.42 per share. Early backers such as OMERS are sitting on large unrealized gains, with its stake once valued at US$1.6 billion despite an initial investment of less than US$30 million.

Americans have never been richer, and it’s largely down to the soaraway stock market

The Canadian dollar fell to a nine-day low of 1.3862 per U.S. dollar, leaving it down 0.2% on the week. U.S. inflation data reinforced expectations the Federal Reserve will raise interest rates next week. Markets are pricing a 57% chance the Bank of Canada hikes at its Oct. 28 decision. A softer oil price also added pressure, with more than 70% of Canadian exports shipped to the United States.

Vale has scrapped plans for an initial public offering of its critical minerals subsidiary, Vale Base Metals (VBM), people familiar with the matter said. The decision was driven in part by opposition from the Brazilian government, which does not want to cede control of strategic mining assets. VBM was carved out from Vale in 2023 as a standalone unit ahead of a planned listing. Vale owns 90% of VBM, while Saudi Arabia’s Manara Minerals bought a 10% stake for roughly US$2.5 billion in 2024.

A potential U.S. import tariff is reshaping the copper market by pulling metal into the United States and tightening availability elsewhere. LME three-month copper rose as high as $14,343 per metric ton on Tuesday after 65,400 tons were ordered for withdrawal from LME warehouses in recent days. Traders have been arbitraging a higher COMEX premium by moving copper into the U.S., pushing COMEX inventories to a record 675,185 tons after 46 straight days of increases. Glencore’s CEO said copper shipped into the U.S. is unlikely to be exported again because of the costs, leaving what had been expected to be a surplus market looking far tighter in practice.

Anthropic is projecting 2028 revenue of about $190 billion to $200 billion, far above the $47 billion revenue “run rate” it disclosed previously, according to people familiar with the company’s financials. The company’s revenue run rate was about $9 billion at the end of 2025. It has forecast at least $10.9 billion in revenue for the second quarter of 2026 and is on track for a first quarterly operating profit of $559 million.

Reddit will be added to the S&P 500, replacing AvalonBay Communities. J.P. Morgan estimates index funds tracking the benchmark will need to buy about 16.7 million Reddit shares, nearly three times its average daily trading volume. Reddit was indicated at $175.69 in premarket trading, with the stock down more than 31% year to date and off more than 42% from its all-time high. AvalonBay is exiting the index after agreeing to a $69 billion all-stock merger with Equity Residential.

Apotex reported a $38.3 million net loss in its first quarter, compared with a $362.7 million profit a year earlier. Revenue fell 25.6% to $848 million from $1.14 billion. Diluted loss per share was 19 cents versus diluted earnings per share of $1.88 in the prior-year quarter. The company completed an upsized IPO on June 16 at $24 per share, raising nearly $1.5 billion that CEO Jeff Watson said will be used to reduce debt and add balance-sheet flexibility.

Hydro One reported second-quarter net income attributable to common shareholders of $370 million, or 62 cents per diluted share, for the quarter ended June 30, up from $327 million, or 54 cents, a year earlier. Revenue rose to $2.30 billion from $2.07 billion in the second quarter of 2025. The utility said the increase in diluted earnings per share was largely driven by higher revenue from Ontario Energy Board-approved rates and stronger peak demand. In June, Megan Telford became chief executive after former CEO David Lebeter retired.