https://wccftech.com/homepod-will-soon-get-support-for-dolby-atmos-with-apple-tv-4k/

Apple is working on adding Dolby Atmos support to HomePod, which will work in conjunction with Apple TV 4K models. This feature, available in a future software update, will allow users to create a home cinema experience with the combination, and along with Dolby Atmos, support 5.1 and 7.1 channel audio output.

As noted by The Verge, the feature will only work with HomePod, the more expensive model, but not with the recently announced HomePod mini. HomePod mini lacks the spatial awareness smarts that its larger sibling features.