Bell names construction partners for 300 MW Saskatchewan AI Fabric facility and announces long-term partnership with Bird Construction
Bird secures Bell as anchor partner for AI data centre rollout, turning mega-project pipeline into reality with a warrant sweetener that aligns client and builder.
The most recent release (2026-05-14) reveals that Bell Canada has chosen Bird Construction as its lead construction partner for the “Bell AI Fabric” – a 300 MW data centre in Sherwood, Saskatchewan, targeting Cerebras and CoreWeave as initial tenants. The first phase is expected online in H1 2027. The partnership extends to a multi‑year national buildout of AI data centres. To cement the relationship, Bird will issue up to 2,625,000 warrants to Bell, vesting 750,000 upon delivery of the Sherwood facility, with the remainder vesting over five years as future AI projects are completed. The warrants carry a 7‑year term and a $52.00 exercise price, based on the 5‑day VWAP before the announcement.
The day before (2026-05-13), Bird reported Q1 2026 results: construction revenue up 9.2% to $783.4 million, net income up 21.5% to $11.4 million, and a record contracted backlog of $5.4 billion (up 23.8% year‑over‑year). Pending backlog stands at $5.6 billion, including over $1.5 billion in MSA revenue over five years. Cash and equivalents were $195 million, with $341.5 million undrawn on the credit facility.
The Bell AI Fabric announcement marks Bird’s entry into the high‑growth AI data centre market, adding a new end‑market vertical to its already diversified portfolio. The 300 MW facility is a substantial project – industry comparables suggest a construction value well into the hundreds of millions of dollars – but more importantly, the long‑term strategic partnership with a blue‑chip tenant like Bell signals that Bird is now positioned to capture repeatable, nation‑wide AI infrastructure work. The warrant structure, with an exercise price slightly above the pre‑announcement share price ($52.00 vs. $49.85), demonstrates strong alignment and confidence; Bell effectively receives equity upside only if the projects – and by extension Bird’s share price – succeed.
When set against Bird’s existing $5.4 billion contracted backlog (which already contains large‑scale healthcare, industrial, and education projects), the Bell partnership is genuinely new information, not a simple extension of existing work. While the exact contract value is not disclosed, the combination of the 300 MW first phase and the multi‑year pipeline makes this a material positive development. The Q1 results further reinforce that the company is executing well on its organic and M&A‑driven growth strategy, with margins stable and liquidity ample to fund working capital for new projects. No red flags emerge from the concurrent earnings; the impairment charge from Q4 2025 (a single customer) appears contained, with no further costs expected.
Bird Construction is a leading Canadian construction and maintenance company operating through a diversified model (“One Bird” platform) across buildings, civil infrastructure, and industrial services. Its flagship project pipeline is not a single asset but rather a portfolio of large‑scale, long‑duration contracts, including:
- Bell AI Fabric Saskatchewan: 300 MW data centre, first phase H1 2027.
- Peel Memorial Hospital Phase 2: Ontario healthcare redevelopment (development phase ongoing).
- Alberta School DBFM: $323 million for six schools, financial close March 2026.
- Industrial MSA and project work: ~$1.2 billion in awards announced in December 2025, spanning oil & gas, mid‑stream, BHP Jansen potash, and Dow Path2Zero.
- Marine/infrastructure: Added via FRPD acquisition, opening door to port/dredging nation‑building projects.
Bird’s backlog (contracted + pending) exceeded $11 billion as of Q1 2026, providing multi‑year visibility.