Goldman Sachs Alternatives Closes Acquisition of QScale, Canadian AI Data Center Platform

NEW YORK and QUÉBEC CITY — Infrastructure at Goldman Sachs Asset Management has closed its acquisition of QScale, a Canadian developer and operator of next-generation, AI-ready data centers, the companies announced May 13, 2026. QScale's founders and management team are reinvesting alongside Goldman Sachs Alternatives and will continue to lead the business following the close.

Headquartered in Québec, QScale designs, builds, and operates purpose-built data center campuses engineered for the power densities and thermal profiles required by high-performance computing and AI workloads.

Goldman Sachs Alternatives Expands Digital Infrastructure Footprint

The transaction reflects Goldman Sachs Alternatives' stated conviction in digital infrastructure as a core investment thematic. The firm's infrastructure investing business — part of Goldman Sachs Asset Management, which oversees approximately $3.7 trillion in assets under supervision globally as of March 31, 2026 — has invested approximately $22 billion in infrastructure assets since its inception in 2006 across digital infrastructure, energy transition, transportation and logistics, and the circular economy.

"AI is rapidly redefining the infrastructure requirements to deliver compute to consumers and enterprises at scale," said Leonard Seevers, Partner at Goldman Sachs Alternatives. "We believe QScale is building to the highest standard to meet these complex needs, and we are excited to partner with Martin and the QScale team to accelerate their build-out and support Canada's emergence as a global hub for sustainable AI compute."

Sapna Sirohi, Managing Director at Goldman Sachs Alternatives, added: "Our infrastructure investing business has a long history of investing across its four key thematics of digital infrastructure, energy transition, transportation and logistics, and circular economy. The QScale investment underscores our conviction in the digital infrastructure thematic, and specifically in AI-ready compute."

QScale's Quebec Platform and Operational Continuity

QScale's flagship Q01 campus is located in Lévis, Québec, where it benefits from the province's low-carbon, hydro-dominated electrical grid and natural cold-climate cooling. These conditions enable industry-leading power usage effectiveness and a lower environmental footprint compared with conventional data center facilities, according to the company.

QScale will maintain its headquarters in Québec following the close. The existing management team will remain shareholders in the business alongside Goldman Sachs Alternatives, and the company will continue to be led by its current leadership.

"From day one, QScale was built around a simple thesis: the world will need vastly more compute, and it will need it to be clean, dense, and resilient," said Martin Bouchard, Founder and Chief Executive Officer of QScale. "Partnering with Goldman Sachs Alternatives gives us the capital base and the global network to scale faster, build bigger, and serve the most demanding hyperscale and AI customers in the world."

Building on the foundation established at Q01, QScale is actively developing additional campuses across Canada to support accelerating customer demand. Hyperscale operators and enterprises are actively seeking large-scale, sustainable, and jurisdictionally secure capacity, which the company says it is positioned to deliver from Canadian soil amid growing momentum around sovereign AI initiatives.

New Board Member Brings Data Center Operating Experience

As part of the transaction, QScale welcomed Tom Ray as an independent board member. Ray brings more than 30 years of data center experience, including as founder and chief executive officer of CoreSite and EdgeCore, and is expected to provide strategic guidance as QScale scales its platform across Canada.

Transaction Advisors

Macquarie and National Bank Capital Markets acted as financial advisors to Goldman Sachs Alternatives, with Vinson & Elkins LLP and Stikeman Elliott LLP serving as legal counsel. Scotiabank and TD Securities acted as financial advisors to QScale and its shareholders, with Fasken Martineau DuMoulin LLP serving as legal counsel.

Sources: Goldman Sachs Asset Management press release, May 13, 2026. https://am.gs.com/en-us/institutions/news/press-release/2026/goldman-sachs-alternatives-acquire-qscale