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Financing to early 2025. Huge dilution coming. 

Here’s the big issue I have in that time frame. 

That’s the planned ramp up for Celestial AI photonic fabric. That Photonic Fabric is being co designed with Broadcom using TSMC’s 5 nm Chip on wafer on substrate technology that will utilize TSMc’s Compact Universal Photonic Engine(COUPE). 

The Photonic Fabric has to utilize the smallest node available because of the neuromorphic computing capabilities required to create the massive scale of chip to chip and within chip data processing. 

Poet’s optical engines are measured in millimeters vs nanometers by TSMC. 

Poet maybe able to build the light engines at a larger node size as Silterra can deliver but Poets technology is not involved in Celestials design and patent. The concept of a photonic interposer is clearly identified on the patent drawings. 

If Poet was involved we would have heard of a technology transfer arrangement or a licensing agreement by now. 

Global foundries Fotonix platform uses a 45 nanometer node size to make photonic pics. 

There are dozens of foundries coming up with various techniques to make Pic engines. Not all use Optical interposers to get the job done. 

The lack of really large transceiver OEMs jumping on board to use Poets designs tells me TSMC is going to get the lions share of the high volume business eventually. 

Poet may still get a piece of the pie in these early days but if Poet has the best photonic mouse trap the really big players are yawning and waiting for the big dog to feed (TSMC). 

I was always hoping to catch a winner on Poet but the reality of the situation looks bleak to me. 

I will continue the journey but I had to share my thoughts. Ajmho