Good morning!
Last Friday, investors hit the brakes on AI stocks… but the AI expansion plans keep moving.
Anthropic has found a future home for Claude in Nova Scotia, and Waymo is mapping out a driverless debut in Toronto.
Let’s get into it.
MARKET RUNDOWN
Friday’s Close
U.S. stocks fell as investors questioned whether heavily indebted AI data centre companies could earn enough to repay their borrowing; the Nasdaq dropped (2.1%), capping its worst week since June.
A jump in WTI on Middle East supply fears added pressure to U.S. equities but lifted Canadian energy shares, helping the TSX edge to its highest since early September despite the sharp drop in tech stocks.
BRIEF OF THE DAY
Anthropic Signs Lease at EverWind’s Planned $8B+ Data Centre in Nova Scotia
The news: Anthropic, the AI lab behind Claude, signed its first-ever data centre lease in Canada. Halifax-based energy developer EverWind would build and own the facility at Point Tupper, Nova Scotia; its client Anthropic would rent space and power capacity in the data centre’s first phase for at least 20 years to run its AI models.
The investment: EverWind plans $8B+ for the data centre campus and $2B for four accompanying onshore wind projects to help power it, calling the combined development Nova Scotia’s “largest private investment.” The 95 MW first phase is targeted for late 2027, with a potential expansion to 420 MW in 2028, subject to commercial, technical, and regulatory conditions.
The financing: EverWind says it has engaged investment banks to arrange debt financing, with each phase of the data centre financed separately. A Membertou-led First Nations consortium is also negotiating an ownership stake. Anthropic’s long-term lease could help EverWind attract lenders and equity investors.
The power question: EverWind’s new wind farms would not be ready at the planned opening, so the data centre would initially rely on the existing provincial grid. EverWind and Anthropic pledge to pay for required upgrades and protect existing customers from project-related electricity-rate increases.
💼 Why this matters: This project, alongside Meta’s $13B+ Alberta data centre announced in July, shows how global AI demand is attracting investment into Canada’s energy and infrastructure sectors. Canada’s abundant energy resources and cool climate (which can lower cooling costs) make it attractive for data centres. The challenge is expanding power supply without raising costs or reducing reliability for local businesses and households - concerns already prompting protests in Nova Scotia.
HEADLINE RECAP
In Canada
Anthropic signs its first Canadian data centre lease as Halifax-based EverWind unveils $8B+ Nova Scotia data centre buildout (BBG)
Self-driving taxi company Waymo to launch in Canada with Toronto testing program; plans to begin service in 2028 (G&M)
Fairfax Financial’s (TSX:FFH) US$5.6B IDBI Indian bank deal was handled with no investment bankers (BBG)
Air Canada (TSX:AC) and United Airlines seek to expand joint venture across more Canada-U.S. routes (BBG)
Canada exploring Stelco nationalization, industry minister says (RTRS)
Canada eyes up to $1.85B for 60 MW data centre supporting Canada’s cyber-intelligence agency (TL)
Canada on track to surpass China as top 3 holder of U.S. Treasuries, with US$426B held in Canadian accounts (G&M)
BoC Governor Macklem says higher oil prices are boosting Canadian growth; expects higher inflation forecast (BBG)
Canadian home sales fall 2.3% MoM in September as mortgage rates rise (BBG)
Major Ontario condo lender says it won’t relax construction loan standards for condo developers hit by sales downturn (G&M)
Alberta separation referendum draws heavy early turnout as poll shows 66% favour remaining in Canada (BBG)
RBC commits $70M+ to Futurpreneur to support young and Indigenous entrepreneurs (TL)
DEALS WITH CANADIAN PARTIES
VC & Growth Equity
Mission Control: The Ottawa-based space robotics and mission-software company raised $10M in equity and debt, with GreenSky Ventures leading the equity investment and Scotiabank and Roynat Capital providing senior debt and banking facilities.
Aerium: The Toronto-based AI platform for industrial manufacturers raised US$2.5M (~$3.6M) in seed funding led by Gutter Capital, with participation from strategic angel investors, to help manufacturers centralize operating data and automate workflows.
ECM
San Lorenzo Gold (TSXV:SLG): The Calgary-based gold-copper explorer upsized its best-efforts private placement to as much as $80M (from $40M), with shares priced at $5.30; part of the proceeds will fund exploration at its Salvadora project in Chile.
SCP Resource Finance and National Bank were lead agents
Maritime Launch Services (Cboe CA:MAXQ): The Halifax-based commercial space company received conditional approval to move its listing from Cboe Canada to the TSX, where it will trade under the ticker MAXQ, pending final approval.
Juno Industries: The Vancouver-based defence technology company completed its reverse takeover of Trail Blazer Capital, gaining a public listing on the TSXV and releasing the proceeds of its previously raised $12M financing; trading under the ticker JUNO is expected to begin October 22, pending final exchange approval.
Canaccord Genuity advised Juno on the subscription-receipt financing.
BAY STREET TRIVIA
Which Ontario asset was leased to a private consortium for 99 years in 1999?
FOR THE GROUP CHAT
