Bitcoin miner HIVE Digital Technologies has signed a five-year GPU cloud services contract worth approximately $350 million through its BUZZ High Performance Computing subsidiary. The agreement with an unnamed investment-grade enterprise customer adds roughly $70 million in annualized revenue and lifts BUZZ HPC's total annualized revenue to about $180 million, with $35 million realized today and $145 million contracted to come online through the fourth quarter of 2026.
The customer will use a dedicated cluster of 2,016 NVIDIA Blackwell Ultra GPUs in GB300 NVL72 rack-scale systems, supported by Quantum-X800 InfiniBand networking and VAST Data storage. The deployment is expected to go live later this year at the Bell AI Fabric facility in Merritt, British Columbia, which runs on renewable hydroelectric power and closed-loop liquid cooling. HIVE estimates capital expenditure at about $185 million, supported by a roughly $35 million upfront customer deposit equal to 10% of the contract value, proceeds from its June 2026 zero-percent convertible bond, and equipment financing.
This is HIVE's second major AI cloud deal in two months, following a three-year, $220 million sovereign AI cloud contract signed in June. The move reflects a broader trend of Bitcoin miners repurposing energy and data-center assets for AI compute contracts. HIVE reported quarterly revenue of $79.1 million, including $7.1 million from BUZZ HPC, and contracted GPU cloud annual recurring revenue of approximately $110 million. HIVE stock closed up 4% on Friday and traded nearly 8% higher in Monday's pre-market session.
