The agreement requires a buildout of about $185 million, scheduled for the fourth quarter of 2026.
HIVE Digital Technologies, through its BUZZ High Performance Computing division, has signed a five-year AI cloud contract worth $350 million with an unidentified investment-grade corporate client. The agreement is expected to generate about $70 million in annualized revenue once the infrastructure is deployed.
BUZZ plans to install 2,016 NVIDIA Blackwell Ultra GPUs in GB300 NVL72 systems at HIVE’s Bell AI Fabric facility in Merritt, British Columbia. Hardware, related equipment and warranties are expected to cost about $185 million, with deployment scheduled for the fourth quarter of 2026.
The client agreed to make an initial deposit equal to about 10% of the contract value, or roughly $35 million. HIVE did not disclose whether it has already received the payment. The company raised $130 million in June through zero-percent senior exchangeable notes and said it raised $245 million through zero-percent notes during the quarter. It did not disclose how much of those proceeds remains available, nor the terms and closing status of further equipment financing.
According to HIVE, the agreement brings BUZZ’s reported annual recurring revenue to about $180 million, though only about $35 million is active. Another $145 million is contracted and expected to come online in the fourth quarter, subject to delivery, installation and commissioning of the hardware.
Once the new infrastructure is operational, HIVE expects about $500,000 in daily revenue from HPC and AI operations. The company recently reported $208 million in liquidity, without specifying what portion is allocated to the GPU project.
