Tech Hub Prominence
Aggregate lifetime peak valuation of unicorns founded or HQ'd within the city, adjusted to 2025 constant CAD.
CITY
Ottawa-Gatineau
Aggregate Peak
$1.49T CAD
The Historical Titan
Generated nearly 70% of all-time value.
CITY
Toronto
Aggregate Peak
$292.4B CAD
Modern Growth Engine
Dominates 2020s volume.
CITY
Waterloo-Kitchener-C
Aggregate Peak
$156.9B CAD
Durable Platform Hub
Built around lasting anchors.
CITY
Vancouver
Aggregate Peak
$108.1B CAD
Diverse Deep-Tech
Strongest AgTech/CleanTech mix.
CITY
Montréal
Aggregate Peak
$107.1B CAD
High-Value Scale
Fewer companies, but large average scale.
CITY
Calgary
Aggregate Peak
$9.3B CAD
Energy-Tech Hub
Scaling Benevity and Neo Financial.
CITY
Québec City
Aggregate Peak
$9.2B CAD
AI & Auto Hub
Led by Coveo and LeddarTech.
CITY
St. John's
Aggregate Peak
$4.1B CAD
Fintech Outpost
Home to Verafin.
CITY
Edmonton
Aggregate Peak
$2.0B CAD
New Node Hub
Crossed with Jobber.
CITY
Sherbrooke
Aggregate Peak
$2.0B CAD
Quantum Valley
Global leader in quantum computing and cooling tech.
CITY
Hamilton
Aggregate Peak
$1.1B CAD
Edtech Expansion
HQ for Prodigy Education.
CITY
Winnipeg
Aggregate Peak
$1.0B CAD
Prairie AgTech
Home to Farmers Edge.
CITY
Victoria
Aggregate Peak
$0B CAD
Island SaaS
Growing hub for specialized software and remote talent.
Unicorn Intensity Ranking
Unicorns per 1 million residents. Tabulated directly from the 113-company dataset.
1
Ottawa-Gatineau
17.526 co.
26 co.
2
Waterloo-Kitchener-C
10.46 co.
6 co.
3
Vancouver
8.322 co.
22 co.
4
Toronto
5.836 co.
36 co.
5
Sherbrooke
5.81 co.
1 co.
6
Québec City
4.84 co.
4 co.
7
St. John's
4.71 co.
1 co.
8
Montréal
2.611 co.
11 co.
9
Calgary
2.03 co.
3 co.
10
Hamilton
1.31 co.
1 co.
11
Winnipeg
1.21 co.
1 co.
12
Edmonton
0.71 co.
1 co.
The Narwhal Flow
Value distribution: National → Province → CMA → Sector.