TMX POV - Scaling the TSX30® - How Canada Can Fund the Next Generation of National Champions

The 2026 TSX30, tells an important story about Canadian company-building: high-growth businesses scaling from emerging and mid-cap companies into larger, globally competitive market leaders. TSX30 is an annual ranking of the top performing companies on TSX based on three-year dividend adjusted share price performance. The growth trajectory of top three companies on the TSX30 list: Celestica (TSX:CLS), Tenaz Energy (TSX:TNZ), and Montage Gold (TSX:MAU) are all examples of the issuer diversity and growth trajectories that are driving the Canadian markets.

Much of the discussion about Canada's corporate landscape tends to focus on large, established companies. The 2026 TSX30 offers another perspective: a dynamic cohort of high-growth, globally active companies scaling across critical minerals, space robotics and advanced AI supply chains.

The TSX and TSXV Growth Engine

The TSX30 ranking proves that Canada's public markets remain a world-class growth engine. In fact, half of this year's TSX30 cohort are graduates of TSX Venture Exchange (TSXV), demonstrating the continued success of a uniquely functioning market system that has graduated over 800 issuers to TSX.

Still, as companies graduate to TSX, they face a new challenge. In a market that increasingly rewards scale with higher liquidity and increasing access to passive investor capital, they must grow their business while simultaneously attracting new institutional capital.

5N Plus Inc. (TSX:VNP), MDA Space Ltd. (TSX:MDA) and Hammond Power Solutions Inc. (TSX:HPS.A) are three examples of TSX30 companies that achieved rapid growth over the last three years. Over that time period, they became members of the S&P/TSX Composite Index* and most importantly, grew into global leaders in key segments of the global economy.

The Evolving Challenge of Scaling More Global Leaders

Scaling mid-market innovators into global powerhouses is a defining opportunity for Canada's economic future. Companies valued between $100 million and $2 billion in market capitalization routinely encounter a "Scale-Up Wall" — a growth capital gap that, in some cases, forces them to sell their business or stall their expansion plans. To protect Canada's innovation engine and build true national champions, we must create the conditions that catalyze the expansion of access to mid-market expansion capital.

To transform this current market momentum into a permanent economic engine, Canada must enact three bold policy reforms.

1. Strategic Tax Reform to Boost Canada's Investment Competitiveness
   
   Canada needs targeted incentives to keep risk capital inside its borders. That means making it more attractive for investors who back growth companies. To that end, Canada should introduce a reduced capital gains inclusion rate for institutional and retail investors who hold shares of growth-stage Canadian issuers.
    
2. Ensure the "Canada Strong Fund" Supports Growth-Stage Canadian Companies
    
   The proposed Canada Strong Fund represents an opportunity to mobilize domestic capital in support of Canada's economic priorities. To maximize its impact, the Fund's mandate must include dedicated investment capacity in growth-stage Canadian companies by carving out capital to anchor equity co-investments in Canadian public growth companies looking to scale.
    
3. Unlocking Pension Capital for Canadian Growth
    
   Canadian pension funds represent trillions in assets under management—one of the largest pools of capital globally. While we have seen recent progress with increased commitments to investing in Canadian equities from some of our largest pension funds, pension investors need to be a more prominent part of the mix supporting Canadian growth companies in the public markets.

Conclusion

The TSX30 companies are innovating across global industries and competing with the best in the world. Canada must deploy home-country capital to our fastest growing companies to scale more market leaders. By reforming our tax system, deploying sovereign funds strategically and redirecting domestic pension capital, we can ensure that the next wave of global disrupters are built, owned and scaled in Canada.

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