Nvidia · Bitcoin · Canada · Blackwell · Decrypt
The contract runs three years and is delivered through HIVE's subsidiary, BUZZ High Performance Computing
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Cohere, a large language model company that builds AI systems for enterprises and governments, will use that compute layer to run its platform for Canadian clients.
Key facts
- Once the deployment goes live—expected between late 2026 and early 2027—HIVE expects roughly $70 million in new annual recurring revenue on top of the $35 million it already books from existing GPU
- HIVE expects the facility to generate roughly $360 million in annualized recurring revenue at full operation and has set a broader target of $660 million in annualized HPC revenue by the end of 2028
- Canada has pushed hard on this, with Ottawa committing over $2 billion to domestic AI compute as part of its Sovereign AI Compute Strategy and putting $240 million directly into Cohere
- For HIVE, which reported $278.3M Bitcoin mining revenue in its last quarter, this is the latest chapter in a pivot underway since 2022
Summary
HIVE's BUZZ HPC subsidiary closed a $220M, three-year GPU cloud contract with Bell Canada and Cohere, deploying 2,304 NVIDIA Grace Blackwell GPUs at Bell's Merritt, BC facility. The deal pushes HIVE's contracted high-performance computing revenue past $100 million, adding an expected $70M in new annual recurring revenue once the deployment goes live. HIVE stock climbed more than 7% on the TSX Thursday, as the company advances its long-running pivot from Bitcoin mining to AI infrastructure. HIVE Digital Technologies stock climbed more than 7% on Thursday after the company announced a $220 million GPU cloud contract with Bell Canada and Toronto-based AI firm Cohere—its biggest deal yet and the clearest sign to date that the Bitcoin miner is now firmly in the AI infrastructure business. The contract runs three years and is delivered through HIVE's subsidiary, BUZZ High Performance Computing.