Canada · The Block
HIVE stock rallies 35% after unveiling 320MW ‘AI gigafactory’ project in Toronto
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
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HIVE shares were up over 35% on Monday morning at market open after the bitcoin miner-turned-digital infrastructure company unveiled plans for what it says could become one of Canada's largest sovereign AI "gigafactories' in the Greater Toronto Area.
Key facts
- Hive said BUZZ acquired roughly 25 acres of land for roughly CAD $58 million ($42 million) while also securing access to power
- The company said its BUZZ High Performance Computing subsidiary is moving forward on a planned 320-megawatt AI infrastructure campus that would be able to host more than 100,000 GPUs at full build
- Hive estimates the project will cost roughly CAD $3.5 billion ($2.55 billion) to build and will act as an industrial-scale data center to train and run artificial intelligence models
- Last month, Hive lined up a $75 million convertible note offering to help fund GPU purchases and data center expansion
Summary
The company said its BUZZ High Performance Computing subsidiary is moving forward on a planned 320-megawatt AI infrastructure campus that would be able to host more than 100,000 GPUs at full build, with a target launch set for the second half of 2027. Hive estimates the project will cost roughly CAD $3.5 billion ($2.55 billion) to build and will act as an industrial-scale data center to train and run artificial intelligence models. Hive said BUZZ acquired roughly 25 acres of land for roughly CAD $58 million ($42 million) while also securing access to power. "AI is the new industrial base and compute is the factory floor," Executive Chairman Frank Holmes said in the announcement.