Lossless Audio Will Be Supported on the HomePod and HomePod Mini With a Software Update ⇥ support.apple.com
An Apple support document published today contains answers to a bunch of questions you may have about lossless audio. Two things of note:
Both the HomePod and HomePod Mini will support lossless playback in a future software update.
While the Lightning-to-headphone-jack adapter uses a DAC that supports 24 bit, 48 kHz audio, the opposite analog-to-digital converter in the 3.5mm-to-Lightning cable that works with the AirPods Max does not convert audio at fully lossless quality.