Canada committed CAD $2B over five years to its Sovereign AI Compute Strategy, layered on Budget 2025's additional $925.6M for public AI infrastructure and a $300M AI Compute Access Fund for startups — yet NeuronFeed tracks only 7 Canadian AI companies with combined disclosed funding near $2.07B, and Cohere ($1.77B Series E extension) accounts for roughly 85% of that total. Cohere also took the $240M federal investment in December 2024 toward a $725M data centre in Cambridge, Ontario, and opened a Montreal office at Mila to retain Bengio-pipeline talent that won't relocate to San Francisco. Every venture-funded company in the cohort is Toronto-HQ: Ada ($190.9M Series C) automates customer support, Ideogram ($96.5M Series A) builds typography-accurate image generation, Spellbook ($10.2M Series A) ships legal AI, Resemble AI does generative voice with deepfake detection. RBC Borealis AI quietly employs more applied researchers than several funded startups combined. Investor concentration is thin — Index Ventures, a16z and Sequoia each appear twice; NVIDIA, Salesforce Ventures and Cisco cover the late-stage gap. The 2026 inflection is the AI Sovereign Compute Infrastructure Program tender plus Mila's planned ~$100M venture fund, both designed to keep equity onshore.