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The Goldman Sachs Group$GS · filed: grew revenue 8.9% in FY2025 to $58.3BSound shipNext year $51.2B–$71.8B sealedCheck ▾Close ▴
What The Goldman Sachs Group filed
Grew revenue 8.9% in FY2025 to $58.3 billion, equity 6.9% of assets, and dividend per share up 15 years running. Every figure links to the filing it came from on The Goldman Sachs Group’s card. Sound ship: one warning sign.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $51.2B and $71.8B, an 80% range sealed on 10 Nov 2026 · receipt #65caf6 · graded in public by the revenue in The Goldman Sachs Group’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Goldman bought hydro-backed AI infrastructure at **$0.06/kWh** power costs, kept founders operating, and positioned for **500 MW** expansion—watch for project debt within **120 days**.
$0.06 per kilowatt-hour
—half the North American average and a third of…
40 kilowatts per rack
without thermal throttling
$140 billion
into hard assets since 2006
$2.5 trillion
AUM engine and the firm's fastest-growing revenue segment
Goldman Sachs' alternative investments division acquired QScale, the Lévis, Quebec-based data centre platform, in a structure that leaves founders in operational control and the headquarters unchanged. The deal closed in May 2026 with no disclosed purchase price, no financing partner named, and no timeline for expansion disclosed by either party.
QScale operates hyperscale data centre infrastructure across Quebec, positioned on the hydroelectric grid that delivers power at roughly $0.06 per kilowatt-hour—half the North American average and a third of what colocation operators pay in Virginia or Frankfurt. The platform targets AI training workloads and high-performance computing clients who require density above 40 kilowatts per rack without thermal throttling. Goldman's infrastructure funds have deployed over $140 billion into hard assets since 2006, with data centre exposure concentrated in Europe and the Sun Belt. QScale adds the first Canadian footprint and the first purpose-built AI infrastructure play under direct Goldman ownership.
The structure matters more than the asset. Goldman kept founders in place, maintained the Quebec headquarters, and avoided the integration teams that typically strip 30 percent of post-acquisition headcount within six months. This is the playbook that built alternatives into a $2.5 trillion AUM engine and the firm's fastest-growing revenue segment. When operators stay and equity rolls forward, the platform becomes a vehicle for follow-on capital deployment rather than a one-time IRR event. QScale now sits inside a balance sheet with $15 billion in dry powder earmarked for digital infrastructure, access to Goldman's corporate client base, and the lending relationships that let data centre operators build without mezzanine financing.
The timing reflects two converging facts. First, power-constrained AI infrastructure is trading at 16 to 22 times trailing EBITDA in private markets, with hydro-backed facilities commanding premiums above 25 percent over gas-peaker equivalents. Second, Canadian digital infrastructure remains under-allocated by U.S. institutions despite currency stability, contract enforceability, and power costs that make $200 million hyperscale builds pencil at 11 percent unlevered returns. Goldman is paying for optionality on the next 500 megawatts of capacity expansion, not just the existing footprint.
Allocators should watch for follow-on debt issuance within 90 to 120 days, likely structured as project-level financing with Goldman as anchor lender and syndication to Canadian pension funds. Quebec's grid operator, Hydro-Québec, has flagged 3,000 megawatts of incremental data centre capacity available through 2028, and Goldman now controls one of three platforms with signed power agreements above 100 megawatts. If QScale announces a second facility before year-end, the structure is working and Goldman will replicate it across Nordic and Pacific Northwest hydro markets where similar power economics exist.
The deal is small enough to avoid regulatory attention and large enough to validate Goldman's thesis that infrastructure returns will outpace private equity through 2030. QScale's founders remain in Lévis, the power contracts remain enforceable, and the capital stack now includes the deepest balance sheet in alternatives.
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For the principal
Goldman's structure—founders stay, HQ unchanged—signals platform build, not asset flip; watch for follow-on Quebec hydro plays within six months.
For the operator
Hydro-backed data centres trading at 25% premiums over gas equivalents; QScale adds comps for Canadian digital infrastructure at 11% unlevered returns.
For the house
Monitor Hydro-Québec capacity announcements; if QScale scales to 500 MW, replicate Goldman's playbook in Nordic and Pacific Northwest hydro markets.
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