HIVE Secures Record-Breaking $350 Million AI Cloud Deal

HIVE's BUZZ HPC subsidiary signed a massive AI cloud deal with an unnamed investment-grade enterprise customer, worth $350 million over five years. This is the largest AI contract in HIVE's history and adds around $70 million to its annualized revenue. The agreement covers a dedicated cluster of 2,016 Nvidia Blackwell Ultra GPUs at HIVE's facility in Merritt, British Columbia, which runs on hydroelectric power with closed-loop liquid cooling.

According to Frank Holmes, executive chairman of HIVE, the deal is the result of last year's efforts to quadruple its Bitcoin mining operation. This allowed for a cash flow pivot into AI and high-performance computing (HPC). Holmes claims that HIVE has beaten hyperscalers with this deal due to its track record in Bitcoin mining.

HIVE expanded from 6 to 26 exahash in a single year, roughly quadrupling its share of the Bitcoin network. This growth shows up in the numbers, with fiscal 2026 revenue reaching $297 million, up 158% year over year. Holmes attributes this success to economies of scale and highlights that HIVE has made money every month despite having one of the worst months of the year.

The key factor behind HIVE's success is its ability to operate efficiently across multiple time zones and continents. This expertise, gained through years of running computers in difficult places, has become a valuable asset in the eyes of investors. Lenders are now willing to finance HIVE's GPU purchases, as they can be used as collateral for loans.

The $350 million deal is expected to pay for itself within three years, after which HIVE will retain the GPUs and any remaining revenue-generating life in them.