HIVE Digital Technologies Ltd. (NASDAQ:HIVE) shares surged 11.8% in premarket trading on Thursday after the company announced a major GPU cloud computing contract worth approximately $220 million and revealed plans to acquire a data center in Sweden.
The announcements mark a significant expansion of HIVE’s high-performance computing business as demand for artificial intelligence infrastructure continues to accelerate.
BUZZ HPC Secures Major AI Cloud Contract
HIVE said its wholly owned subsidiary, BUZZ High Performance Computing Inc., has signed a three-year GPU cloud services agreement valued at roughly $220 million with Bell Canada (TSX:BCE) (NYSE:BCE) and Cohere Inc.
The partnership combines Bell AI Fabric’s national data center network, Cohere’s enterprise-focused artificial intelligence platforms and BUZZ HPC’s NVIDIA-powered cloud infrastructure.
The deal strengthens HIVE’s position in the rapidly growing AI infrastructure market and provides long-term visibility on future revenue generation.
NVIDIA Blackwell Deployment to Drive Growth
As part of the agreement, BUZZ HPC has acquired NVIDIA AI infrastructure powered by 2,304 NVIDIA Grace Blackwell GPUs deployed within NVIDIA GB200 NVL72 rack-scale systems.
The hardware will be installed at Bell’s facility in Merritt, British Columbia, with operations expected to commence between late 2026 and early 2027.
Management said the company’s contracted high-performance computing revenue target has now surpassed $100 million.
Once operational, the new NVIDIA GB200 deployment is expected to contribute approximately $70 million in annual recurring revenue, building on the company’s existing annual recurring revenue base of around $35 million.
Financing Supports AI Expansion
HIVE noted that the purchase of the NVIDIA Grace Blackwell systems is being funded through proceeds from its $115 million convertible note financing completed in April 2026.
The investment represents another step in the company’s strategy to diversify beyond cryptocurrency mining and establish itself as a provider of large-scale AI and cloud computing infrastructure.
Company Expands Ownership in Sweden
Separately, HIVE announced that the municipal council of Boden, Sweden, has approved the company’s acquisition of the Big Boden 32 MW data center from Bodens Utvecklings AB.
The company has operated from the site since 2018 and will transition from tenant to owner once the transaction is completed.
The acquisition is subject to customary closing conditions.
Long-Term Commitment to the Boden Region
HIVE highlighted its longstanding presence in the region, noting that it has invested more than 960 million Swedish kronor, equivalent to approximately $100 million, in Boden over the past eight years.
During that period, the company also contributed more than 575 million kronor, or over $60 million, in taxes.
Ownership of the facility is expected to provide greater operational flexibility and support future expansion plans.
AI Strategy Gains Momentum
The combination of a substantial long-term cloud computing contract and the acquisition of critical infrastructure underscores HIVE’s growing focus on artificial intelligence and high-performance computing.
With contracted HPC revenue targets now exceeding $100 million and significant new GPU capacity set to come online over the next two years, investors appear increasingly focused on the company’s transition toward recurring AI infrastructure revenues and away from its traditional dependence on cryptocurrency-related operations.