Canada’s data centre buildout won’t happen with chips alone. It needs power. It needs engineering. It needs cooling, planning, grid connections, construction management, nuclear expertise, environmental work, and years of complex project delivery. That makes AtkinsRéalis (TSX:ATRL) one of the more interesting Canadian stocks tied to the country’s artificial intelligence (AI) infrastructure push.
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Funding the push
Canada’s Sovereign AI Compute Strategy includes $2 billion over five years to expand domestic compute capacity. The federal government also opened a 2026 process for large-scale sovereign AI data centres with planned capacities above 100 megawatts. That’s not a small server room. That’s nation-building infrastructure.
AtkinsRéalis fits because it spans beyond AI, helping design and deliver the physical systems AI needs to work. The Montreal-based company provides engineering, design, project management, nuclear, energy, infrastructure, and consulting services around the world. Its history goes back more than a century, but its current setup looks surprisingly well matched to this moment.
AtkinsRéalis already speaks directly to that problem. In March 2026, the company announced a collaboration with NVIDIA to explore nuclear-powered, large-scale AI factories. The goal is to examine how its CANDU nuclear portfolio, energy systems, power distribution, cooling, modular engineering, and project-delivery skills could support AI infrastructure.
Into earnings
AtkinsRéalis has a strong starting point. In 2025, the company reported $10.8 billion in services revenue, up 16.1% from the year before. Its nuclear revenue climbed 54.5% to $2.3 billion. Total backlog reached $21.2 billion, up 21.5%. Those numbers make the opportunity feel real because they show a company already scaling in the exact areas investors should watch: engineering services, nuclear, and power infrastructure.
The nuclear division may be the most important piece. Canada already has a deep nuclear base, and CANDU technology gives AtkinsRéalis a rare position. If governments, utilities, and private developers look at nuclear as part of the long-term answer for AI power demand, AtkinsRéalis could sit near the centre of that conversation.
The company also benefits from wider infrastructure spending. Even data centres that don’t use nuclear power still need transmission, substations, environmental reviews, construction management, water systems, roads, and resilient designs. AtkinsRéalis can compete for pieces of that work through its broader engineering platform.
Considerations
Of course, the stock doesn’t look like a hidden penny stock. Shares already climbed strongly as investors noticed the company’s turnaround, nuclear exposure, and infrastructure backlog. That means valuation risk is real. If earnings growth slows or margins disappoint, the stock could pull back.
Execution is another risk. Large engineering and infrastructure projects can run into delays, political pressure, contract disputes, labour shortages, and cost overruns. AtkinsRéalis has also worked hard to move beyond the old SNC-Lavalin reputation, so management needs to keep proving the new story through clean execution and consistent results.
Still, the setup looks strong. Canada wants more sovereign compute. AI data centres need massive amounts of power and infrastructure. AtkinsRéalis has engineering depth, nuclear expertise, and a backlog that gives investors visibility.
Bottom line
For investors looking beyond the obvious AI names, ATRL could be one Canadian company positioned to profit from the government-backed data centre buildout. It won’t win every project. But if Canada gets serious about building AI infrastructure at scale, AtkinsRéalis deserves a spot near the top of the watch list.
