Under the agreement, the Toronto-based quantum computing company can sell equity for the next three years to Yorkville Advisors at around the price at which the stock is trading at the time. Xanadu said it will use the money for working capital to fund its development and operations. The stock traded up Thursday afternoon on the Nasdaq. (The Logic)

Talking point: Xanadu is working towards building a quantum data centre it plans to open in Toronto by 2029, which it expects will cost about US$1 billion. Its public listing via a blank-cheque firm in March brought in US$302 million, and it’s in talks for $390 million in direct federal and provincial financing. The money from Yorkville could make up some of the rest of the difference; so could the hundreds of millions of dollars in public funding it could receive via major government programs in the U.S. and Canada designed to advance and prove out quantum computing. Mountainside, N.J.-based Yorkville frequently invests via standby equity purchase agreements like the one it’s struck with Xanadu; it famously backed Trump Media, as well as firms in other high-risk, high-reward spaces like energy storage, AI and blockchain for vehicles, electric planes and immunotherapy.