HIVE Digital signs $350 million five-year AI cloud contract

Aug 17, 2026

HIVE Digital Technologies signs a five-year, $350 million GPU cloud services contract through its BUZZ HPC subsidiary with an unnamed investment-grade enterprise. The deal deploys 2,016 NVIDIA Blackwell Ultra GPUs at the hydro-powered Bell AI Fabric facility in Merritt, British Columbia. This pivot from Bitcoin mining to AI infrastructure adds $70 million in annualized recurring revenue, positioning HIVE to reach its $200 million year-end ARR target while generating an estimated $500,000 in daily revenue starting in Q4 2026.

HIVE $350 million contract

▪The $350 million contract was secured through HIVE Digital Technologies' subsidiary, BUZZ High Performance Computing.
▪HIVE Digital Technologies signed a five-year GPU cloud services agreement worth approximately $350 million with an unnamed investment-grade enterprise customer.
▪HIVE Digital Technologies expects the $350 million contract to generate approximately $500,000 in daily high-performance computing revenue once operational in the fourth quarter of 2026.

NVIDIA Blackwell Ultra deployment

▪BUZZ High Performance Computing will deploy a dedicated cluster of 2,016 NVIDIA Blackwell Ultra GPUs in GB300 NVL72 rack-scale systems under the contract.
▪HIVE Digital Technologies is funding the $185 million capital expenditure using a $35 million upfront customer deposit, proceeds from its June 2026 zero-percent convertible bond, and equipment financing.
▪The NVIDIA Blackwell Ultra GPU cluster will utilize Quantum-X800 InfiniBand networking and VAST Data storage, based on NVIDIA's reference architecture.
▪Capital expenditure for the NVIDIA Blackwell Ultra GPU deployment is approximately $185 million, which HIVE Digital Technologies retains ownership of at the end of the term.

Bitcoin miner AI pivot

▪Bitcoin miners are increasingly converting power and data-center assets into long-term AI compute contracts, including IREN's $9.7 billion Microsoft deal and Hut 8's $7 billion Anthropic-linked lease.
▪HIVE Digital Technologies operates a dual-engine strategy combining its legacy Bitcoin mining business with high-performance computing and AI cloud services.

Bell AI Fabric infrastructure

▪The 2,016 NVIDIA Blackwell Ultra GPU cluster will be housed at the Bell AI Fabric facility in Merritt, British Columbia.
▪The Bell AI Fabric facility in Merritt, British Columbia runs on 100% renewable hydroelectric power and utilizes closed-loop liquid cooling technology.
▪In June 2026, BUZZ High Performance Computing signed a separate three-year, $220 million sovereign AI cloud contract at the Merritt facility to deploy NVIDIA Grace Blackwell systems for Bell and Cohere.

BUZZ HPC revenue growth

▪The $350 million contract adds approximately $70 million in annualized recurring revenue to BUZZ High Performance Computing.
▪HIVE Digital Technologies has set a year-end target of $200 million in annualized recurring revenue for its GPU cloud business.
▪HIVE Digital Technologies reported quarterly revenue of $79.1 million, which included $7.1 million from BUZZ High Performance Computing.
▪The contract brings BUZZ High Performance Computing's total annualized revenue run rate to approximately $180 million, consisting of $35 million realized today and $145 million contracted to come online through Q4 2026.