HIVE Digital Technologies Ltd. saw its shares rise 11.8% in premarket trading Thursday after the company disclosed two significant developments: a large-scale GPU cloud agreement and the municipal approval to buy a 32 megawatt data center in Sweden.
The GPU cloud contract, signed by HIVE’s wholly owned subsidiary BUZZ High Performance Computing Inc., is a three-year arrangement valued at approximately $220 million with Bell Canada and Cohere Inc. Under the deal, Bell AI Fabric’s national data center platform, Cohere’s enterprise AI services, and BUZZ HPC’s NVIDIA-accelerated GPU cloud infrastructure will be combined to deliver GPU cloud services.
BUZZ HPC has procured NVIDIA AI infrastructure consisting of 2,304 NVIDIA Grace Blackwell GPUs configured within NVIDIA GB200 NVL72 rack-scale systems. The systems are scheduled for deployment at Bell’s Merritt, British Columbia facility, with service expected to go live in late 2026 to early 2027.
HIVE reported that its contracted high-performance computing (HPC) revenue target has exceeded $100 million. Management anticipates the NVIDIA GB200 deployment will contribute roughly $70 million in annual recurring revenue (ARR) on top of the current realized ARR of $35 million. The company said it will finance the purchase of the NVIDIA Grace Blackwell systems using the proceeds of a $115 million convertible note financing that closed in April 2026.
In a separate development, the Boden Municipal Council granted approval for HIVE to acquire the Big Boden 32 MW data center from Bodens Utvecklings AB in Sweden. HIVE has been operating at the Boden facility since 2018 and, with the acquisition, will move from tenant to owner. The company disclosed that it has invested in excess of 960 million SEK in the Boden region over the last eight years and has paid more than 575 million SEK in taxes. The purchase remains subject to customary closing conditions.
Both the GPU contract and the data center acquisition reflect steps to increase HIVE’s capacity and contracted revenue streams. The GPU deployment ties HIVE’s BUZZ HPC infrastructure to Bell’s national data center footprint and Cohere’s enterprise AI offerings, while the Boden purchase secures long-standing operational presence in Sweden by converting tenancy into ownership.
Details at a glance
- Stock move: HIVE shares rose 11.8% in premarket trading on Thursday.
- GPU contract: Three-year, ~ $220 million agreement between BUZZ HPC, Bell Canada and Cohere Inc.
- Hardware: Deployment of 2,304 NVIDIA Grace Blackwell GPUs in NVIDIA GB200 NVL72 rack-scale systems.
- Deployment site and timing: Bell’s Merritt, British Columbia facility; expected live late 2026 to early 2027.
- Revenue impact: NVIDIA GB200 deployment expected to add ~ $70 million ARR to current realized $35 million ARR; contracted HPC revenue target > $100 million.
- Financing: Purchase of systems funded by proceeds from a $115 million convertible note financing completed April 2026.
- Sweden acquisition: Boden Municipal Council approved HIVE’s acquisition of Big Boden 32 MW data center; acquisition subject to customary closing conditions.
- Local investment: HIVE has invested more than 960 million SEK in Boden over eight years and paid over 575 million SEK in taxes.