HIVE Secures $350M AI Cloud Deal in British Columbia
HIVE's BUZZ HPC subsidiary has secured a five-year, $350 million AI cloud deal with an unnamed investment-grade enterprise customer. The contract involves deploying a dedicated cluster of 2,016 Nvidia Blackwell Ultra GPUs at HIVE’s facility in Merritt, British Columbia, which uses hydroelectric power and closed-loop liquid cooling technology. The agreement is expected to generate approximately $70 million annually for BUZZ, raising its contracted run rate to around $180 million. This follows a June 2024 deal worth $220 million at the same location. HIVE's executive chairman Frank Holmes attributed their success in securing these contracts over hyperscalers to the company’s strong track record and operational efficiency developed during an aggressive Bitcoin mining expansion last year. HIVE reported fiscal 2026 revenue of $297 million, a 158% increase from the previous year. The consistent profitability has enabled HIVE to pivot into high-performance computing while leveraging private credit funding for GPU-based infrastructure.
Topics: Artificial Intelligence Bitcoin Mining Cloud Computing GPU Clusters