NEW YORK and QUÉBEC CITY (May 13, 2026) – QScale, a leading Canadian developer and operator of next-generation, AI-ready data centers, today announced that Infrastructure at Goldman Sachs Alternatives has closed the acquisition of the company in partnership with QScale's founders and management team, who are reinvesting alongside Goldman Sachs Alternatives and will continue to lead the business.

The transaction marks a milestone investment in the Canadian data center market at a time when AI is driving an unprecedented step-change in compute demand, and sovereign AI initiatives are gaining momentum. Hyperscale operators and enterprises are actively seeking large-scale, sustainable, and jurisdictionally secure capacity which QScale is uniquely positioned to deliver from Canadian soil.

Founded in Québec, QScale designs, builds and operates purpose-built data centers engineered for the densities and thermal profiles of high-performance computing and AI workloads. Its flagship Q01 campus in Lévis benefits from Québec's low-carbon, hydro-dominated electrical grid and the province's natural cold-climate cooling, enabling industry-leading power usage effectiveness and a meaningfully lower environmental footprint than conventional facilities. Building on the foundation established at Q01, the Company is actively developing additional campuses across Canada to support accelerating customer demand.

Leonard Seevers, Partner at Goldman Sachs Alternatives, said: “AI is rapidly redefining the infrastructure requirements to deliver compute to consumers and enterprises at scale. 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, said: “Our infrastructure investing business has a long history of investing across its four key thematics of digital infrastructure, energy transition, transportation & logistics, and circular economy. The QScale investment underscores our conviction in the digital infrastructure thematic, and specifically in AI-ready compute.”

Martin Bouchard, Founder and Chief Executive Officer of QScale, said: “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. 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. Our team made this possible, and this next chapter is about delivering on the opportunity ahead.”

The Company also welcomes Tom Ray as an independent board member. Tom brings over 30 years of data center experience, including as founder and CEO of CoreSite and EdgeCore, and will provide strategic guidance as QScale scales its platform across Canada.

Following closing, QScale will continue to be led by its existing management team, who will remain shareholders in the business alongside Goldman Sachs Alternatives. The Company will maintain its headquarters in Québec, preserving the operational and cultural foundation that has driven its success to date.

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

About QScale

QScale designs, builds and operates next-generation data center campuses purpose-built for high-performance computing and artificial intelligence. Headquartered in Québec, QScale's facilities leverage the province's clean hydroelectric power and natural cold climate to deliver scalable, sustainable compute capacity to hyperscalers, AI companies and enterprise customers across Canada. For more information, visit qscale.com.

About Infrastructure at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $625 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, venture capital, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has approximately $3.7 trillion in assets under supervision globally as of March 31, 2026.

Established in 2006, Infrastructure at Goldman Sachs Alternatives has consistently navigated the evolving infrastructure asset class, having invested approximately $22 billion in infrastructure assets across market cycles since its inception. The business partners with experienced operators and management teams across multiple sectors, including digital infrastructure, energy transition, transportation and logistics and the circular economy.

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Media Contacts

Goldman Sachs Asset Management
Victoria Zarella | +1-917-343-8402 | Victoria.Zarella@gs.com

QScale
Stéphane Gasse | NATIONAL Public Relations | 418-265-8056 | media@qscale.com