HIVE signs $350 million AI cloud deal

• HIVE signed a five-year GPU cloud services contract worth about $350 million through its BUZZ HPC subsidiary.
• The agreement adds about $70 million in annualized revenue, taking BUZZ HPC’s total active and contracted ARR to roughly $180 million.
• HIVE said the Q4 2026 deployment should help move its GPU cloud business toward its $200 million year-end ARR target.

HIVE Digital Technologies (NASDAQ:HIVE), through BUZZ High Performance Computing, signed a five-year GPU cloud services agreement worth approximately $350 million with an investment-grade enterprise customer.

The contract adds about $70 million in ARR, lifting BUZZ HPC’s total to roughly $180 million from approximately $110 million reported before the new agreement.

HIVE expects about $185 million of deployment capex for 2,016 NVIDIA (NASDAQ:NVDA) Blackwell Ultra GPUs, supported partly by an approximately $35 million customer deposit and additional equipment financing.

HIVE said Q4 deployment should lift HPC and AI daily revenue to approximately $500,000.

Following the announcement, HIVE's share price was up 4.7% at $2.69.

In June, HIVE signed an approximately $220 million sovereign AI GPU contract involving 2,304 NVIDIA Grace Blackwell GPUs and separately outlined a Swedish colocation project supporting up to 10,000 GB300 GPUs.

HIVE also closed a $130 million exchangeable senior notes offering in June and reported fiscal Q1 2027 revenue of $79.1 million in August as it expanded both AI infrastructure and digital asset mining.