Goldman Sachs announced that Infrastructure at Goldman Sachs Alternatives has completed the acquisition of QScale in partnership with the company’s founders and management team, who are reinvesting alongside Goldman Sachs Alternatives and will continue leading the business.
The transaction represents a major investment in Canada’s data center sector as artificial intelligence drives increasing demand for compute infrastructure and sovereign AI initiatives continue gaining traction. Hyperscale operators and enterprise customers are increasingly seeking large-scale, sustainable, and jurisdictionally secure infrastructure capacity, positioning QScale to capitalize on growing market demand from within Canada.
Founded in Québec, QScale develops and operates next-generation, AI-ready data centers specifically engineered for high-performance computing and AI workloads. Its flagship Q01 campus in Lévis utilizes Québec’s low-carbon hydroelectric power grid and natural cold-climate cooling conditions to achieve strong power usage effectiveness and a lower environmental footprint compared to traditional facilities. The company is also expanding additional campuses across Canada to support rising customer demand.
As part of the transaction, QScale also appointed Tom Ray as an independent board member. Ray brings more than three decades of data center industry experience, including leadership roles as founder and CEO of CoreSite and EdgeCore, and is expected to provide strategic guidance as QScale expands its Canadian platform.
Following the close of the acquisition, QScale will continue operating under its existing management team while maintaining its headquarters in Québec.
Macquarie Capital and National Bank Capital Markets served as financial advisors to Goldman Sachs Alternatives, while Vinson & Elkins LLP and Stikeman Elliott LLP acted as legal counsel. Scotiabank and TD Securities advised QScale and its shareholders, with Fasken Martineau DuMoulin LLP serving as legal counsel.
KEY QUOTES:
“AI is rapidly redefining the infrastructure requirements to deliver compute to consumers and enterprises at scale. We believe QScale is building to the highest standard to meet these complex needs, and we are excited to partner with Martin and the QScale team to accelerate their build-out and support Canada’s emergence as a global hub for sustainable AI compute.”
Leonard Seevers, Partner, Goldman Sachs Alternatives
“Our infrastructure investing business has a long history of investing across its four key thematics of digital infrastructure, energy transition, transportation & logistics, and circular economy. The QScale investment underscores our conviction in the digital infrastructure thematic, and specifically in AI-ready compute.”
Sapna Sirohi, Managing Director, Goldman Sachs Alternatives
“From day one, QScale was built around a simple thesis: the world will need vastly more compute, and it will need it to be clean, dense, and resilient. Partnering with Goldman Sachs Alternatives gives us the capital base and the global network to scale faster, build bigger, and serve the most demanding hyperscale and AI customers in the world. Our team made this possible, and this next chapter is about delivering on the opportunity ahead.”
Martin Bouchard, Founder and Chief Executive Officer, QScale
