(Montréal, Canada) – Ottawa has committed to an equity investment of up to $1.6 billion in Toronto-founded artificial intelligence company Cohere, Prime Minister Mark Carney announced October 29.

The government describes the transaction as a commercial investment alongside private investors including NVIDIA, Bell and Schwarz Group. An equity stake gives the federal government an ownership interest; the announced ceiling is not a statement that the full amount has already been paid.

The Prime Minister's Office says funding will arrive in stages, with regular reporting against the company's commitments.

Those commitments include at least 1,000 new Canadian technical jobs and at least $1.7 billion in additional Canadian computing infrastructure by 2030. Cohere is also to retain its Canadian headquarters and incorporation.

The announcement calls for Canadian research partnerships, opportunities for students and graduates, and continued work with the Canadian AI Safety Institute.

Ottawa argues that expanding domestic AI capacity will give businesses and governments greater control over sensitive information. Those expected benefits, like the jobs and infrastructure targets, remain goals to assess as the investment proceeds.

Source: Prime Minister's Office, October 29, 2026.

Editorial illustration of Canadian computing infrastructure and investment; not a photograph of a Cohere facility.