HIVE Digital Secures $220 Million AI Cloud Contract and Buys Swedish Data Center
HIVE•HIVE Digital shares jumped 11.8% after BUZZ HPC secured a three-year, $220 million GPU cloud services contract with Bell Canada and Cohere, lifting its contracted HPC revenue above $100 million. The company also agreed to acquire a 32 MW data center in Boden, Sweden, following a SEK 960 million investment over eight years.
1. GPU Cloud Computing Contract
BUZZ High Performance Computing, a HIVE Digital subsidiary, signed a three-year GPU cloud services agreement worth $220 million with Bell Canada and Cohere Inc, combining Bell AI Fabric’s data center network, Cohere’s AI platforms and BUZZ’s NVIDIA-powered infrastructure. This deal raises HIVE’s contracted high-performance computing revenue to over $100 million, providing long-term visibility on future sales.
2. NVIDIA GPU Deployment Details
As part of the agreement, BUZZ HPC acquired 2,304 NVIDIA Grace Blackwell GPUs deployed in GB200 NVL72 rack-scale systems at Bell’s Merritt, British Columbia facility. Operations are slated to begin in late 2026 to early 2027, with the deployment expected to generate approximately $70 million in annual recurring revenue on top of the existing $35 million ARR base.
3. Convertible Note Financing
The purchase of NVIDIA Grace Blackwell systems is funded through proceeds from HIVE’s $115 million convertible note financing completed in April 2026. This financing aligns with the company’s strategic shift from cryptocurrency mining toward large-scale AI and cloud computing infrastructure solutions.
4. Boden Data Center Acquisition
HIVE’s acquisition of the Big Boden 32 MW data center in Boden, Sweden, was approved by the municipal council, transitioning the company from tenant to owner subject to closing conditions. HIVE has invested over 960 million SEK (approximately $100 million) in the Boden region since 2018, underscoring its long-term commitment to this data center market.
