Canada to take a stake of up to C$1.6 billion in AI company Cohere
In return, the Toronto-founded company promises 1,000 Canadian jobs and more computing power in Canada by 2030.
Canada's government plans to buy a stake worth up to 1.6 billion Canadian dollars in Cohere, a Toronto-founded company that builds AI systems for businesses and governments, Prime Minister Mark Carney said Oct. 29.
The government said private investors, including Nvidia, Canadian phone company Bell and the German retail company Schwarz Group, are investing alongside it.
In return, Cohere agreed to create at least 1,000 technical jobs in Canada and spend at least C$1.7 billion on more computing equipment there by 2030. It will also keep its headquarters in Canada. The money will come in stages, with regular reports on whether Cohere keeps its promises.
Carney's office described the deal as building "sovereign AI," meaning AI that a country builds and controls itself, so sensitive data stays under its control.
"Canada's investment in Cohere is an investment in choice, in security, and in our ability to live our lives as we choose," Carney said.
Source: Prime Minister of Canada, "Canada announces landmark investment in Cohere," Oct. 29, 2026.