The Canadian Compute Observatory Independent research · Toronto

Mapping how capital meets compute in Canada.

PLATE I. CANADA · MMXXVI HYDRO·BC GAS·AB HYDRO·QC METRO·ON SMR·ON POWER COMPUTE UNDER CONSTRUCTION 43°39'N · 79°23'W

We are an independent research project. Between August and September 2026 we are interviewing thirty senior people — investors, lenders, operators, builders, and advisors — about one question: why capital does and doesn't flow into Canadian data-centre infrastructure. The findings become a written brief. Participants receive it first.

The research at a glance
InterviewsThirty, twenty minutes each, by video call.
WhoPension and private infrastructure investors; project-finance lenders; data-centre operators and builders; power producers; legal, engineering, and equipment advisors; brokers and journalists covering the market.
WindowAugust – September 2026.
RecordOff the record. Calls are recorded only with consent, for note-taking.
AttributionAnonymized to role level — "a partner at a national law firm," never a name or a firm.
OutputA written brief, sent to every participant before any wider circulation.

Why this research exists

Canada has the raw ingredients: abundant hydro power in Québec and British Columbia, a gas-fired growth corridor in Alberta, the country's largest data-centre market around Toronto, and a first grid-scale small modular reactor under construction east of the city. What it lacks is a shared picture of the capital side — who is deploying into Canadian compute, who is holding back, and what would change their minds.

Public reports cover the supply side well. Nobody has systematically asked the money. That is the gap this project closes, and the reason the interviews span all sides of the market rather than one.

What participants receive

The brief, first
The finished picture of the Canadian compute-capital landscape, delivered to participants before anyone else sees it.
The other side of the market
Operators hear, in aggregate, what investors and lenders told us. Capital hears what operators and builders said. Each side gets a view it cannot easily collect on its own.
No sales motive
Nothing is for sale, and this research has no sponsor or client. If it ever leads to anything further, participants hear about it first — as participants, not as targets.

Method and confidentiality

  1. A twenty-minute video call. No preparation is needed, and no slides are shown on either side.
  2. Responses are aggregated across all interviews and anonymized to role level before anything is written.
  3. The brief goes to every participant, including those who declined an interview. Recordings and notes are never shared, sold, or published, and you may withdraw your input at any time before publication.

Who is behind this

Portrait of Olga Gorbunova

Olga Gorbunova

Lead researcher

Leads every interview. A decade in operations and event production.

LinkedIn
Portrait of Ev Netchaev

Ev Netchaev

Research and data

Builds the analysis. Engineering program leadership at a global technology company.

LinkedIn

Add your view

Interviews run through September 2026 · research@thecomputeobservatory.com

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