HIVE Seeks $185M for Massive Nvidia Buildout Amid $350M AI Deal
HIVE Digital Technologies' BUZZ High Performance Computing unit has signed 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, but HIVE must first complete a massive Nvidia buildout worth $185 million by the fourth quarter of 2026.
The buildout will include the installation of 2,016 NVIDIA Blackwell Ultra GPUs in GB300 NVL72 systems at HIVE's Bell AI Fabric facility in Merritt, British Columbia. The company has already raised $130 million from zero-percent exchangeable senior notes and another $245 million during the quarter, but it's unclear how much remains available for the project.
The customer has agreed to provide an upfront deposit equal to roughly 10% of the contract value, or about $35 million. However, most of the contracted AI revenue is not yet live, with only around $35 million currently active and another $145 million expected to come online through the fourth quarter.