- BUZZ HPC signed a three-year AI cloud contract worth about $220 million.
- HIVE will deploy 2,304 Nvidia Grace Blackwell GPUs in British Columbia.
- The project is expected to add roughly $70 million in annual recurring revenue.
HIVE Digital Technologies shares rose sharply after the former Bitcoin-focused miner announced a three-year artificial intelligence cloud contract worth approximately $220 million. The agreement expands the company’s high-performance computing business while creating a new source of contracted revenue outside cryptocurrency mining.
Notably, its wholly owned BUZZ High Performance Computing subsidiary will provide GPU infrastructure for Bell AI Fabric and Cohere. HIVE expects the deployment to enter service between late 2026 and early 2027.
BUZZ HPC Secures Canadian AI Contract
The partnership combines Bell’s Canadian data center and connectivity network with Cohere’s enterprise AI software and BUZZ HPC’s GPU cloud infrastructure. Together, the companies plan to offer computing services to government agencies and corporate customers.
BUZZ will deploy 2,304 Nvidia Grace Blackwell GPUs through GB200 NVL72 rack-scale systems. Nvidia Quantum InfiniBand networking and liquid cooling will support the cluster.
The equipment will operate at Bell’s purpose-built facility in Merritt, British Columbia. Notably, the infrastructure will remain inside Canada, allowing customer data and AI workloads to operate under domestic standards.
HIVE is financing the systems with part of the proceeds from a $115 million convertible note completed in April. Hypertec will handle equipment delivery, system integration, installation, and technical support.
Contract Raises Recurring Revenue Target
Once operational, the Blackwell deployment is expected to generate about $70 million in contracted annual recurring revenue. HIVE currently records roughly $35 million in realized annual recurring revenue from its computing operations.
The additional contract lifts its targeted high-performance computing revenue above $100 million. This provides a clearer revenue schedule than Bitcoin mining, where earnings fluctuate with cryptocurrency prices, network difficulty, transaction fees, and electricity costs.
Meanwhile, HIVE recently reported fiscal 2026 revenue of $297.8 million, up 158% from the previous year. Its high-performance computing division contributed a record $19.5 million.
Shares gained more than 11% in premarket trading, reaching about $4.40 after closing the previous session at $3.97. The stock had already risen approximately 125% over the prior 12 months.
Swedish Data Center Adds Expansion Capacity
HIVE separately received municipal approval to acquire the Big Boden data center in Sweden. The 32-megawatt facility has housed company operations since 2018, but HIVE currently uses the site as a tenant.
Completing the transaction would move the facility under direct company ownership. Management plans to upgrade the location to Tier III standards, preparing it for larger enterprise AI workloads.
HIVE said it has invested more than 960 million Swedish kronor, or about $100 million, in the Boden region over eight years. It also reported contributing over 575 million kronor in taxes during that period.
The Canadian contract and Swedish acquisition show HIVE building two connected businesses. Bitcoin mining remains part of its operations, while AI cloud services are creating a larger base of contracted, recurring income.
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