HIVE Digital (HIVE) Stock Jumps 12% on $220M GPU Cloud Deal

TLDR

• HIVE Digital stock jumped 11.8% in premarket Thursday after announcing a $220M GPU cloud contract
• The three-year deal is with Bell Canada and AI firm Cohere, deploying 2,304 NVIDIA Grace Blackwell GPUs
• Infrastructure will be deployed at Bell’s facility in Merritt, British Columbia, going live late 2026 to early 2027
• The deal adds ~$70M in annual recurring revenue; contracted HPC revenue has now surpassed $100M
• HIVE also acquired a 32 MW data center in Boden, Sweden, transitioning from tenant to owner after 8 years

HIVE Digital Technologies (HIVE) stock jumped nearly 12% in premarket trading Thursday, hitting the session after the company dropped two major announcements at once.

HIVE Digital Technologies Ltd., HIVE

The stock was trading around $3.97 before the news. Prior to Thursday, HIVE had already climbed 125% over the past 12 months.

The headline move came from HIVE’s wholly owned subsidiary, BUZZ High Performance Computing Inc., which signed a three-year GPU cloud contract worth approximately $220 million with Bell Canada and AI company Cohere.

The contract brings together Bell AI Fabric’s national data center platform, Cohere’s enterprise AI solutions, and BUZZ HPC’s NVIDIA-accelerated GPU cloud infrastructure.

BUZZ HPC has procured 2,304 NVIDIA Grace Blackwell GPUs, configured as part of NVIDIA GB200 NVL72 rack-scale systems. That’s a serious chunk of NVIDIA’s latest hardware.

All infrastructure will be deployed at Bell’s facility in Merritt, British Columbia. Deployment is expected to go live between late 2026 and early 2027.

The computing capacity will serve Cohere’s enterprise AI models, which are used by Canada’s federal government and corporate clients. All infrastructure stays on Canadian soil.

Revenue Impact

The new NVIDIA GB200 deployment is expected to add roughly $70 million in annual recurring revenue. HIVE currently realizes $35 million in ARR, so this deal would more than triple that figure.

HIVE’s contracted HPC revenue target has now surpassed $100 million, a milestone that underlines how far the company has moved from its Bitcoin mining roots.

HIVE is funding the NVIDIA Grace Blackwell systems purchase using proceeds from its $115 million convertible note financing completed in April 2026.

The Bell and Cohere deal is the clearest sign yet that HIVE’s shift from crypto miner to data center operator is gaining real traction.

Sweden Acquisition

Separately, the Boden Municipal Council approved HIVE’s acquisition of the Big Boden 32 MW data center from Bodens Utvecklings AB in Sweden.

HIVE has operated at the Boden facility since 2018. With this deal, it moves from tenant to owner.

The company has invested more than 960 million SEK — approximately $100 million — in the Boden region over eight years. It has also paid more than 575 million SEK, over $60 million, in local taxes during that time.

Owning the facility outright gives HIVE greater control over a site that has been central to its operations for nearly a decade.

The two announcements together — a major North American AI contract and a European data center acquisition — came on the same day, giving investors a lot to work with.

HIVE’s contracted HPC revenue has now exceeded $100 million, with the Bell Canada and Cohere GPU deployment set to go live in late 2026 or early 2027.

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