Investors including Ontario Teachers’ Pension Plan, Brookfield and Stack Capital could soon reap big returns on their stakes in Elon Musk’s SpaceX, as it prepares to go public on the Nasdaq next month. (The Logic)
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)
The Montreal payments company significantly narrowed its net loss compared to the US$575.9 million it posted in the same period last year, but not enough to match analyst expectations, according to data from S&P Global Market Intelligence. (The Logic)
The manager of Canada Pension Plan assets said it generated net income of $56.9 billion in the fiscal year that ended March 31, taking net assets to $793.3 billion. The gain trailed the fund’s benchmark portfolio by 5.4 per cent. (The Logic)
Blockchange Ventures led the round, with participation from Coinbase Ventures, Compound VC and Primitive Ventures. Cycles, which is building a network that performs a similar function to a clearing house for crypto markets by helping trading firms finalize outstanding payments, plans to use the money to speed up development of the network and products that use it. (The Logic)
Citing security concerns, the provincial government will stop buying drones made in China and phase out those it already has, Minister of Public and Business Service Delivery and Procurement Stephen Crawford announced. The Ontario Provincial Police will immediately stop using such drones for “highly sensitive” operations. (The Logic)
Premier David Eby said he wants Prime Minister Mark Carney to explain why he invited only one province to weigh in on new federal industrial carbon price benchmarks, which were announced as part of Ottawa’s pact to build a new pipeline from the oilsands to the B.C. coast. (The Logic)
Plenary Americas, an infrastructure investment firm principally owned by La Caisse, agreed to pay $51 per share in cash for Regina-based Information Services Corp., an IT firm that manages public data and records. The companies are hoping to close the deal in the third quarter. (The Logic)
The Toronto-headquartered firm said it plans to work with Spanish defence champion Indra Group’s tech division on AI deployment for businesses, and on tools for multinational military operations. Cohere and Montreal’s Coveo also announced non-binding agreements with Spanish startup Multiverse Computing. And AI Minister Evan Solomon signed a deal with visiting Spanish Economy Minister Carlos Cuerpo to co-operate on AI adoption, compute and safety. (The Logic)
The Montreal-based alternative asset manager raised the fund from Power Corporation of Canada—controlled by the wealthy Desmarais family, it is Sagard’s majority owner—as well as Power Corp. subsidiaries Great‑West Lifeco and IGM Financial. The fund will invest globally in companies facilitating AI adoption in financial services and other sectors. (The Logic)