2 Canadian Growth Stocks Set to Skyrocket in the Next 12 Months

Investors seeking higher-than-average returns could consider growth stocks. These companies have the potential to scale quickly, increasing revenue and earnings well above their industry averages. When that momentum is sustained, it can translate into meaningful capital appreciation for shareholders.

With that backdrop, here are two Canadian stocks poised to skyrocket over the next 12 months. These growth stocks are backed by fundamentally strong businesses and are seeing solid demand, positioning them well to outperform the broader equity market by a wide margin.

Canadian growth stock #1: Cameco

Cameco (TSX:CCO) is a top Canadian growth stock poised to skyrocket over the next 12 months. Its shares have climbed about 32% year to date and have significant upside potential. The leading uranium producer is benefitting from a structural shift toward cleaner, more reliable baseload power. Rising global electricity demand, driven by decarbonization policies and the expansion of AI data centres, provides a solid base for long-term growth.

Cameco’s portfolio includes some of the highest-grade, lowest-cost uranium reserves globally, providing a durable cost advantage and resilience across commodity cycles. Its investments in Westinghouse Electric and Global Laser Enrichment extend its reach across the nuclear fuel value chain, strengthening its competitive moat.

Management’s disciplined production strategy and emphasis on long-term contracts enhance earnings visibility while preserving upside. By selectively securing new agreements and maintaining meaningful uncommitted volumes, Cameco retains the flexibility to capitalize on stronger uranium pricing as demand accelerates.

With favourable industry tailwinds, its large scale, and strategic positioning across the nuclear fuel cycle, Cameco appears well placed to outperform the broader equity market.

Canadian growth stock #2: MDA Space

Investors looking for top Canadian growth stocks poised to skyrocket over the next 12 months could consider MDA Space (TSX:MDA). As momentum builds across the global space economy, the company appears well-positioned to capitalize on rising demand, potentially driving both financial performance and shareholder returns over the next year.

The space technology company provides satellite systems, advanced space robotics, and geointelligence solutions that enable space-based communications, Earth observation, and complex space missions.

The company’s stock has already shown renewed strength, rising about 49% year to date, reflecting structural tailwinds supporting the sector. The global space economy continues to expand rapidly, driven by increased satellite deployments, defence modernization initiatives, and rising demand for Earth observation data. Both public and private sector players are accelerating investment in these areas, supporting MDA’s growth.

As a leading provider across multiple high-value segments of the space value chain, the company has diversified revenue streams and deep technical expertise. Its strong order backlog provides revenue visibility, while a solid balance sheet offers financial flexibility to pursue additional growth opportunities.

Overall, MDA Space is a compelling growth stock poised to benefit from rising demand and solid execution.

The bottom line

Cameco and MDA Space will continue to benefit from solid industry tailwinds, which will support their financials and drive share price higher over the next 12 months.

Cameco is set to gain from strong demand for nuclear energy, supply discipline, long-term contracting, and vertical integration across the fuel cycle. Meanwhile, MDA Space is capitalizing on sustained investment in satellite infrastructure, defence, and Earth observation, supported by a robust backlog and strong competitive positioning.

The post 2 Canadian Growth Stocks Set to Skyrocket in the Next 12 Months appeared first on The Motley Fool Canada.

Should you invest $1,000 in Cameco Corporation right now?

Before you buy stock in Cameco Corporation, consider this:

The Motley Fool Canada team has identified what they believe are the top 10 TSX stocks for 2026… and Cameco Corporation wasn’t one of them. The 10 stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 … if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have $20,155.76!*

Now, it’s worth noting Stock Advisor Canada’s total average return is 90%* – a market-crushing outperformance compared to 81%* for the S&P/TSX Composite Index. Don’t miss out on our top 10 stocks, available when you join our mailing list!

Get the 10 stocks instantly #start_btn6 { background: #0e6d04 none repeat scroll 0 0; color: #fff; font-size: 1.2em; font-family: 'Montserrat', sans-serif; font-weight: 600; height: auto; line-height: 1.2em; margin: 30px 0; max-width: 350px; text-align: center; width: auto; box-shadow: 0 1px 0 rgba(0, 0, 0, 0.5), 0 1px 0 #fff inset, 0 0 2px rgba(0, 0, 0, 0.2); border-radius: 5px; } #start_btn6 a { color: #fff; display: block; padding: 20px; padding-right:1em; padding-left:1em; } #start_btn6 a:hover { background: #FFE300 none repeat scroll 0 0; color: #000; } @media (max-width: 480px) { div#start_btn6 { font-size:1.1em; max-width: 320px;} } margin_bottom_5 { margin-bottom:5px; } margin_top_10 { margin-top:10px; }

* Returns as of February 17th, 2026

More reading

• 3 TSX Stocks Set to Drive Canada’s 2026 Nation-Building Efforts
• The Resource Advantage Canada Still Has Over Everyone Else 
• 2 Superb Canadian Stocks Set to Surge Into 2026
• 2 Growth Stocks Set to Skyrocket in 2026 and Beyond
• 3 Canadian Growth Stocks for Your TFSA in 2026

Fool contributor Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool recommends Cameco and MDA Space. The Motley Fool has a disclosure policy.