HIVE Secures $70 Million ARR Boost Through New AI Infrastructure Deal
HIVE Digital Technologies is moving deeper into artificial intelligence (AI) infrastructure through a major Canadian sovereign AI deal with Bell Canada and Cohere.
The company said its wholly owned subsidiary, BUZZ High Performance Computing, has signed a three-year GPU cloud contract worth about $220 million. The agreement brings together Bell’s national data center and connectivity platform, Cohere’s enterprise AI models and BUZZ HPC’s NVIDIA-powered GPU cloud infrastructure.
The companies plan to deliver a full-stack AI platform built in Canada for Canadian enterprise and government customers. The infrastructure is designed to keep compute, data, and model operations inside Canadian borders under Canadian standards.
BUZZ HPC will deploy the system at Bell’s purpose-built facility in Merritt, British Columbia. The cluster will support Cohere’s foundation models and enterprise AI products for public- and private-sector clients.
NVIDIA GPUs Power Canadian AI Factory
HIVE said BUZZ HPC has procured 2,304 NVIDIA Grace Blackwell GPUs as part of NVIDIA GB200 NVL72 rack-scale systems. The deployment will use NVIDIA Quantum InfiniBand scale-out networking, liquid cooling, and reference architecture standards.
The company said the AI factories will be powered by renewable energy and designed for very low power usage effectiveness, a key metric for data center efficiency.
HIVE is funding the NVIDIA systems using part of the proceeds from its $115 million convertible note financing completed in April 2026. Frank Holmes, HIVE’s executive chairman, said the partnership shows how Canada can turn its AI research base into industrial-scale infrastructure. He said:
Canada helped pioneer modern artificial intelligence. BUZZ HPC is the GPU factory layer that transforms Canada’s AI ambitions from political promises into productive national assets.
HIVE Expands AI Footprint Beyond Canada
The Bell and Cohere partnership follows another infrastructure milestone for HIVE. Earlier Thursday, the company said the Boden Municipal Council approved its acquisition of the Big Boden 32-megawatt data center in Sweden.
HIVE has operated at the site as a tenant since 2018 and has invested about $100 million in the region. The company plans to upgrade the facility to Tier III infrastructure standards to support enterprise-scale AI workloads.
HIVE President and CEO Aydin Kilic said the company has now surpassed its target of $100 million in contracted HPC revenue. He said:
We expect this NVIDIA GB200 deployment to go live in late 2026 to early 2027, adding approximately contracted $70m ARR to our current realized $35m ARR.
The agreements strengthen HIVE’s position in the fast-growing market for sovereign AI infrastructure. They also show how crypto miners are using energy access and data center expertise to serve AI workloads as mining margins become more competitive.
