HIVE Secures $350M AI Deal, Still Needs $185M for GPU Buildout

HIVE Digital Technologies' BUZZ High Performance Computing unit has secured a $350 million AI cloud contract with an unnamed investment-grade enterprise customer. The five-year agreement is expected to generate about $70 million in annualized revenue once the infrastructure is deployed.

The deal requires HIVE to install 2,016 NVIDIA Blackwell Ultra GPUs in GB300 NVL72 systems at its Bell AI Fabric facility in Merritt, British Columbia by calendar Q4 2026. This will cost around $185 million, with deployment targeted for this year's fourth quarter.

HIVE has already raised $130 million from zero-percent exchangeable senior notes in June and another $245 million during the same period. CEO Aydin Kilic mentioned that these bond and debt financing proceeds would help fund the GPU purchase, but it is unclear how much of those funds remain available for this project.

The contract lifts BUZZ's reported annual recurring revenue to about $180 million, with only around $35 million currently active. Another $145 million is contracted and expected to come online through the fourth quarter, meaning most of HIVE's projected AI revenue still depends on hardware delivery, installation, and commissioning.