Data centres are no longer just a tech fairy tale. They’re becoming a Canadian infrastructure story. Artificial intelligence (AI) needs enormous computing power. That means more servers, more networking gear, more electricity, and more services around the businesses using all that capacity.
For investors, the opportunity goes beyond the obvious U.S. chip names. Canada has a few companies that could benefit as data-centre spending keeps spreading through the economy. The trick is finding names where the connection shows up in real demand, not just a convenient buzzword slapped onto an old business.
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CLS
Celestica (TSX:CLS) looks like the most direct winner. The Toronto-based company builds complex electronics and hardware platforms for customers in areas such as cloud computing, communications, aerospace, defence, and health technology. Right now, the cloud side drives the excitement.
Its latest quarter was hard to ignore. In the first quarter of 2026, Celestica stock reported revenue of US$4.1 billion, up 53% from last year. Adjusted earnings per share (EPS) rose to US$2.16 from US$1.20. That surge came as hyper scale and AI demand kept lifting its Connectivity and Cloud Solutions business.
This makes Celestica one of the few Canadian stocks already showing data-centre growth in its numbers. The catalyst remains demand for networking gear, custom computing platforms, and higher-speed infrastructure. As AI workloads grow, data centres need more than chips. They need systems that move and manage data quickly.
The risk is valuation. Celestica’s stock already had a huge run, so expectations look high trading at 46 times earnings at writing. A slowdown in hyperscaler spending could hit hard. Still, for investors seeking a direct Canadian AI infrastructure play, Celestica stock deserves attention.
LSPD
Lightspeed Commerce (TSX:LSPD) offers a less obvious angle. It won’t build data centres, but it could benefit from the broader digital economy that data centres support. Lightspeed stock sells payment and commerce software to retailers and restaurants. As businesses lean harder on cloud tools, automation, and data, strong digital platforms become more important.
Lightspeed stock’s latest results showed progress. In the fourth quarter of fiscal 2026, revenue rose 15% year over year to US$290.8 million. For the full fiscal year, it generated US$55.5 million in operating cash flow and US$18.2 million in adjusted free cash flow.
Investors once worried Lightspeed stock chased growth without enough discipline. Now the company looks more focused. It has narrowed its strategy toward retail in North America and hospitality in Europe, where it believes it can win. The data-centre link here is indirect, so investors should keep expectations grounded. Lightspeed wins if more small and mid-sized businesses modernize, not simply because Canada builds server farms. But the long-term digitization trend still helps.
BLN
Blackline Safety (TSX:BLN) brings another practical angle. Data centres require construction, power systems, backup energy, cooling, maintenance, and worker safety. Blackline sells connected safety devices and software used by industrial workers, including gas detection and lone-worker monitoring.
The company reported first-quarter fiscal 2026 revenue of $38.8 million. Annual recurring revenue (ARR) climbed 28% to $90.5 million. That recurring base gives Blackline stock a more durable model than a one-time hardware seller.
The catalyst is simple. More industrial buildout means more workers in complex environments. Blackline stock can sell into utilities, construction, energy, and infrastructure, all areas tied to the data-centre wave. Its risk comes from small-cap volatility, product cycles, and competition.
Bottom line
Data-centre growth won’t lift every Canadian stock. It also won’t move in a straight line. Power delays, higher rates, and overheated valuations could cool the theme quickly. That said, Celestica stock has direct exposure, Lightspeed stock has digital-economy leverage, and Blackline stock has infrastructure safety upside. Together, these offer three different ways to invest in a trend that could keep reshaping Canada’s economy in 2026 and beyond over the long term ahead.
