Poet Technologies secures a $50 million initial order and potential $500 million deal with Lumilens for AI hardware optical technologies.
Poet Technologies (NASDAQ: POET) shares surged 45.8% over the past week after announcing a major contract with Lumilens. The deal includes an initial $50 million purchase order for optical technologies supporting AI hardware, with potential for over $500 million in future orders.
The agreement also grants Lumilens a warrant to purchase up to 22.9 million shares of Poet common stock at $8.25 per share over nine years, along with immediate rights to buy 2.3 million shares. The stock’s gains followed the announcement despite a pullback after first-quarter earnings.
Poet reported Q1 results on May 15, which contributed to a temporary dip before the broader weekly rally. The Lumilens deal underscores growing demand for photonics in AI infrastructure.