HIVE Digital (HIVE) Stock Surges 12% Following $220M GPU Cloud Partnership

Key Highlights

• HIVE Digital shares surged 11.8% during premarket hours Thursday following the announcement of a $220M GPU cloud partnership
• The agreement spans three years with Bell Canada and artificial intelligence company Cohere, featuring 2,304 NVIDIA Grace Blackwell GPUs
• The computing infrastructure will be housed at Bell’s British Columbia location in Merritt, with operations beginning between late 2026 and early 2027
• This partnership contributes approximately $70M in recurring annual revenue; total contracted HPC revenue now exceeds $100M
• HIVE completed the purchase of its 32 MW Swedish data center in Boden, converting from lessee to property owner after eight years

Shares of HIVE Digital Technologies (HIVE) experienced a substantial premarket rally Thursday, climbing almost 12% following the simultaneous release of two significant corporate announcements.

HIVE Digital Technologies Ltd., HIVE

Prior to the announcement, shares were hovering near $3.97. Before Thursday’s session, HIVE stock had already delivered impressive returns, gaining 125% throughout the previous year.

The primary catalyst for the rally stemmed from BUZZ High Performance Computing Inc., a wholly owned HIVE subsidiary, finalizing a three-year GPU cloud services agreement valued at roughly $220 million alongside Bell Canada and artificial intelligence developer Cohere.

This partnership integrates Bell AI Fabric’s nationwide data center network, Cohere’s business-focused AI technology, and BUZZ HPC’s NVIDIA-powered GPU cloud computing capabilities.

BUZZ HPC has secured 2,304 NVIDIA Grace Blackwell GPUs, arranged within NVIDIA GB200 NVL72 rack-scale configurations. This represents a significant allocation of NVIDIA’s cutting-edge computing technology.

The complete infrastructure buildout will take place at Bell’s British Columbia campus in Merritt. The system is projected to become operational sometime between the fourth quarter of 2026 and the first quarter of 2027.

This computational infrastructure will power Cohere’s enterprise-grade AI platforms, currently utilized by Canadian federal agencies and major business clients. The entire operation maintains a Canadian footprint.

Financial Implications

The NVIDIA GB200 infrastructure deployment is projected to generate approximately $70 million in recurring yearly revenue. With HIVE’s current ARR standing at $35 million, this agreement would expand that metric by over three times.

HIVE’s total contracted HPC revenue has now crossed the $100 million threshold, demonstrating the company’s successful pivot away from its original cryptocurrency mining operations.

HIVE plans to finance the NVIDIA Grace Blackwell equipment acquisition through capital raised from its $115 million convertible note offering closed in April 2026.

The partnership with Bell and Cohere represents the strongest indication to date that HIVE’s transformation from digital currency miner to high-performance computing provider is materializing successfully.

Swedish Property Acquisition

In a separate development, the Boden Municipal Council granted approval for HIVE’s purchase of the Big Boden 32 MW computing facility from Bodens Utvecklings AB in Sweden.

HIVE has maintained operations at the Boden location since 2018. This transaction transitions the company’s status from facility tenant to property owner.

Throughout eight years, the company has allocated over 960 million SEK — roughly $100 million — in capital investments throughout the Boden area. Additionally, it has contributed more than 575 million SEK, exceeding $60 million, in municipal tax payments during this timeframe.

Direct ownership of the property provides HIVE with enhanced operational authority over a location that has served as a cornerstone of its infrastructure strategy for close to ten years.

Both announcements — a substantial North American artificial intelligence infrastructure agreement and a European data center property acquisition — were disclosed simultaneously, providing shareholders with considerable developments to evaluate.

HIVE’s contracted HPC revenue portfolio has now surpassed $100 million, with the Bell Canada and Cohere GPU infrastructure scheduled to commence operations during late 2026 or the beginning of 2027.

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