The data centre boom won’t only reward the obvious names. Yes, investors keep looking at chips, power, and cloud giants. But data centres also need construction, site security, excavation, utilities, roads, foundations, power connections, and maintenance crews. That opens the door for smaller or less-discussed Canadian companies tied to the physical buildout.
Three overlooked names worth watching are Zedcor (TSXV: ZDC), Aecon Group (TSX: ARE), and Badger Infrastructure Solutions (TSX: BDGI). Each can benefit from the wider spending wave around digital infrastructure.
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ZDC
Zedcor may be the smallest and highest-risk name here, but it has an interesting role. The company provides mobile surveillance towers, live monitoring, and security technology for construction, industrial, commercial, and infrastructure sites. Large data-centre projects can sit on valuable land with expensive equipment, materials, and contractors moving in and out. That creates a need for site security long before the servers arrive.
The company’s growth has been strong. Zedcor reported record first-quarter 2026 revenue of $19.4 million and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $7.6 million. Revenue rose 69% year over year, and U.S. revenue exceeded Canadian revenue for the first time. That cross-border growth gives Zedcor more room to chase larger industrial and construction markets.
The risk is size. Zedcor is still a small-cap stock, and small growth companies can swing hard. It also trades on the Venture Exchange, so investors should expect volatility. But if construction activity keeps rising around data centres, utilities, and industrial sites, Zedcor’s surveillance towers could see more demand.
ARE
Aecon brings the heavy construction angle. The company builds infrastructure across civil, urban transportation, nuclear, utilities, and industrial markets. Data centres need contractors that can handle complex sites, power infrastructure, electrical work, and utility connections. Aecon doesn’t need every project to be a data centre. It can benefit from the wider investment in power and infrastructure that data centres help accelerate.
The company entered 2026 with serious momentum. Aecon reported first-quarter revenue of $1.26 billion, up 18% from last year. Its backlog reached $10.9 billion, the highest in company history. Revenue grew in nuclear, utilities, civil, industrial, and transportation work.
The risk is project execution. Aecon has dealt with cost overruns before, and construction margins can be thin when contracts go wrong. Labour, materials, permitting, and delays can all hit results. Still, the company looks better positioned today, with a larger backlog and stronger exposure to critical infrastructure.
BDGI
Badger Infrastructure is another overlooked pick. The company provides non-destructive excavation through its hydrovac fleet. That means it uses pressurized water and vacuum systems to dig around buried utilities, pipes, cables, and infrastructure without causing the same damage risk as traditional digging — key for building data centres.
Badger’s latest quarter showed solid demand. Revenue rose 18% year over year to US$203.2 million, while adjusted EBITDA climbed 13% to US$38.1 million. Revenue per truck per month also increased 11%, showing stronger productivity. The company also approved a quarterly dividend of $0.195 per share.
The risk is cyclical demand and fleet costs. Badger needs strong utilization to support margins, and infrastructure spending can slow if customers delay projects. Still, its services solve a real problem, and that should keep demand resilient across utilities, construction, and industrial markets.
Bottom line
These aren’t the obvious data centre stocks. Zedcor protects sites. Aecon builds complex infrastructure. Badger digs around the pipes, cables, and utility lines needed to make projects work. But as AI drives more spending into the real world, overlooked Canadian companies like these could find themselves in the right place.
