HIVE Signs $350M Five-Year Contract for GPU Cloud Services
Bitcoin miner HIVE Digital Technologies has signed a five-year contract worth $350 million to provide GPU cloud services to an unnamed investment-grade enterprise customer. The deal, which was made through HIVE's BUZZ High Performance Computing subsidiary, will add approximately $70 million in annualized revenue for the company.
The agreement is part of HIVE's efforts to transition its power and data-center assets into long-term AI compute contracts. This move follows a similar deal signed by HIVE in June, which was worth $220 million over three years. The new contract will bring BUZZ HPC's total annualized revenue to about $180 million.
The system to be built under this contract will consist of 2,016 NVIDIA Blackwell Ultra GPUs and will be housed at the Bell AI Fabric facility in Merritt, British Columbia. The capital expenditure for the deployment is estimated to be around $185 million, with a $35 million upfront customer deposit equal to 10% of the contract value.
HIVE's president and CEO, Aydin Kilic, stated that the company is pleased to announce this agreement as it accelerates towards its year-end target of $200 million of ARR for its GPU cloud business.