HIVE Secures $350M Cloud Deal as AI Push Accelerates

TLDR

• HIVE signed a five-year AI cloud services contract worth about $350 million through its BUZZ HPC subsidiary.
• The deal adds roughly $70 million in annualized revenue, lifting BUZZ HPC’s total annualized revenue to about $180 million.
• BUZZ HPC will deploy 2,016 NVIDIA Blackwell Ultra GPUs at the Bell AI Fabric facility in British Columbia.
• HIVE expects the new GPU cluster to generate about $500,000 in daily HPC and AI revenue once fully operational.
• The project requires about $185 million in capital spending, supported by a $35 million customer deposit and other financing.

Bitcoin miner HIVE Digital Technologies has signed a five-year GPU cloud services contract worth about $350 million. The deal runs through its BUZZ High Performance Computing unit and adds about $70 million in annualized revenue.

HIVE did not name the customer and described it as an investment-grade enterprise. The agreement lifts BUZZ HPC’s total annualized revenue to about $180 million, including $35 million already realized and $145 million under contract.

HIVE Funds Major NVIDIA Blackwell Deployment

BUZZ HPC plans to build a dedicated cluster with 2,016 NVIDIA Blackwell Ultra GPUs in GB300 NVL72 systems. The company will use Quantum-X800 InfiniBand networking, VAST Data storage, and NVIDIA’s reference architecture.

HIVE expects the system to start operating later this year at the Bell AI Fabric site in Merritt, British Columbia. The project site uses renewable hydroelectric power and closed-loop liquid cooling for its data center operations.

The new deployment carries about $185 million in capital spending. HIVE will fund the project with a roughly $35 million customer deposit, proceeds from its June 2026 zero-percent convertible bond, and equipment financing.

The upfront deposit equals 10% of the contract value and supports HIVE’s funding plan alongside bond proceeds and equipment financing at the Merritt site in Canada.

HIVE will keep ownership of the infrastructure after deployment. The company expects its HPC and AI business to generate about $500,000 in daily revenue once the cluster comes online during the fourth quarter.

Second Major AI Contract in Two Months

The deal follows a three-year, $220 million sovereign AI cloud agreement that BUZZ HPC signed in June. That project also uses the Merritt facility and includes NVIDIA Grace Blackwell systems for Bell and Cohere.

HIVE reported quarterly revenue of $79.1 million on Friday, with BUZZ HPC contributing $7.1 million. The unit’s revenue rose 47% from a year earlier, while contracted GPU cloud annual recurring revenue reached about $110 million.

The company now targets $200 million in GPU cloud annual recurring revenue by year-end. HIVE shares closed about 4% higher on Friday and traded nearly 8% higher in Monday pre-market trading.

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