The Data Centre Buildout Is Just Beginning: 3 Stocks to Watch

The data centre rush is still in its early days. Artificial intelligence (AI) has already transformed the stock market, but the physical buildout may have years left to run. Data centres need land, power, cooling, engineering, backup systems, construction equipment, and infrastructure partners. That opens the door for Canadian investors who want more than the obvious chip trade.

Three TSX stocks I’d watch closely are Brookfield Infrastructure Partners (TSX:BIP.UN), WSP Global (TSX:WSP), and Toromont Industries (TSX:TIH). While not direct data centre stocks, each one touches a different part of the buildout while still owning businesses that can stand on their own.

BIP

Brookfield Infrastructure gives investors the broadest angle. It owns and operates infrastructure across utilities, transport, midstream, and data-related assets. Brookfield has already made AI infrastructure a major theme across its wider platform. Its focus includes data centres, power supply, and other assets tied to the AI value chain. For Brookfield Infrastructure, the long-term case comes from owning hard assets that customers need for decades. Data centres fit naturally into that playbook because they demand reliable power, fibre, cooling, and capital.

The latest results showed the business still has momentum. In the first quarter of 2026, Brookfield Infrastructure generated US$709 million in funds from operations (FFO), up 10% from last year. It also benefited from inflation-linked revenues, strong utilization, and new projects coming online from its capital backlog.

Brookfield’s scale gives it access to deals smaller players can’t touch. Meanwhile, investors can grab a solid 4.7% dividend yield of $2.51 annually. All while trading at just 0.72 times sales at writing.

WSP

Before a data centre opens, someone needs to plan the site, manage environmental work, design systems, handle permitting, study power needs, and solve technical problems. WSP does that kind of work across infrastructure, buildings, transportation, energy, and environmental projects.

The company’s Q1 2026 results looked solid. Revenue reached $4.6 billion, while net revenue rose 10.8% to $3.7 billion. Its backlog hit a record $19.7 billion, up about 19% from last year. That backlog gives the company visibility, which investors should like in a market where project timing can shift.

WSP isn’t cheap trading at 24 times earnings, and that’s the main caution. Strong companies often trade at higher valuations, especially when investors expect years of growth. Consulting margins can also feel pressure if labour costs rise or clients delay work. But WSP has scale, global reach, and exposure to infrastructure spending that goes far beyond data centres – plus, a small but nice 0.85% dividend yield to consider.

TIH

Toromont brings the equipment and power systems angle. The company sells, rents, and services Caterpillar equipment across major Canadian markets. It also owns CIMCO, which works in industrial refrigeration. Through AVL Power Systems, Toromont has more exposure to power-generation equipment, including engines, generators, and related systems.

Toromont’s Q1 2026 results showed strength. Revenue rose 13%, operating income climbed 44%, and net earnings rose 25%. AVL added $129 million of revenue in the quarter, far above the year before. That gives investors a sign that Toromont’s power systems exposure has become more meaningful.

The risk comes from cyclicality. Toromont still depends on construction, mining, rental demand, and equipment cycles. If customers pull back, earnings can slow. The stock also often trades at a premium because investors value its quality. However, investors can still pick it up with a 0.92% dividend yield at writing.

Bottom line

Brookfield Infrastructure, WSP, and Toromont won’t all move the same way. That’s what makes the trio interesting. Brookfield owns infrastructure. WSP helps design it. Toromont helps equip and support it. And all three offer something most tech stocks do not: dividends, even with just $7,000 invested.

The data centre buildout may still have a long road ahead. For investors willing to look past the usual tech names, these three TSX stocks deserve a spot on the watch list.