HIVE Digital Shares Spike on $220M GPU Cloud Contract and Swedish Data Center Buy

Shares of HIVE Digital Technologies Ltd. jumped nearly 12% in early trading following news of a major GPU cloud contract worth $220 million and the acquisition of a high-capacity data center in Sweden.

The GPU cloud contract, signed by HIVE's subsidiary BUZZ High Performance Computing Inc., spans three years and involves partnerships with Bell Canada and Cohere Inc. This collaboration integrates Bell's nationwide AI data center platform, Cohere's enterprise AI solutions, and BUZZ HPC's NVIDIA-powered GPU cloud technology.

BUZZ HPC plans to implement cutting-edge NVIDIA AI infrastructure consisting of 2,304 NVIDIA Grace Blackwell GPUs utilizing NVIDIA GB200 NVL72 rack-scale systems. The deployment is slated for Bell's facility in Merritt, British Columbia, with operations expected to go live between late 2026 and early 2027.

Financially, HIVE is targeting over $100 million in contracted high-performance computing revenues. This upcoming NVIDIA setup alone is projected to boost the company's annual recurring revenue by about $70 million, adding to the existing $35 million ARR already realized.

The purchase of the NVIDIA Grace Blackwell systems was funded through proceeds from a $115 million convertible note financing that HIVE completed in April 2026, signaling strong investor backing for their expansion into AI infrastructure.

In a separate but related move, HIVE secured approval from the Boden Municipal Council for the acquisition of the Big Boden 32 MW data center in Sweden from Bodens Utvecklings AB. Having operated at the facility since 2018 as a tenant, HIVE is moving to outright ownership.

This Swedish investment is hefty, with over 960 million SEK (nearly $100 million) invested in the region over eight years and tax contributions exceeding 575 million SEK (more than $60 million). The acquisition remains subject to regular closing conditions.

The combination of a massive cloud infrastructure deal and a major data center purchase highlights HIVE's aggressive expansion in GPU-powered computing environments, positioning itself as a significant player in enterprise AI and high-performance computing arenas.

One has to wonder: will HIVE's substantial scaling into international data centers and AI infrastructure pay off in an increasingly competitive cloud market? Only time will tell how this gamble fares.