Apple to bring lossless audio to HomePod and HomePod Mini
Unfortunately, while spatial audio will be fully supported on the AirPods Pro and AirPods Max, lossless audio won't be something that those using Apple's wireless earbuds will be able to enjoy. Apple confirmed that lossless audio requires wired headphones, as Bluetooth codecs and file formats don't support high-res audio content (or lossless audio).
The good news is if you own a HomePod or HomePod Mini, lossless audio is headed your way. According to the latest support document published by Apple (via TomsGuide), the two smart speakers will be updated to support lossless audio.
Currently, both HomePod and HomePod Mini use Apple's AAC (Advanced Audio Codec) to offer excellent audio quality, but Apple mentions in the FAQ that “support for lossless is coming in a future software update.”
Apple also promises to “deliver music using lossless audio compression to your iPhone, iPad, Mac and Apple TV.” Keep in mind though that while lossless will play back normally on Bluetooth speakers and headphones, Bluetooth connections don't support lossless audio, which is why AirPods, AirPods Pro, AirPods Max, and Beats aren't compatible with the lossless tier.