Overview
- The company announced the five‑year, roughly $350 million GPU cloud services contract with an unnamed investment‑grade customer on Monday, August 17, 2026, which adds about $70 million in annualized revenue and lifts BUZZ HPC’s contracted ARR to roughly $180 million.
- The build will house a dedicated cluster of 2,016 NVIDIA Blackwell Ultra GPUs in GB300 NVL72 rack systems with NVIDIA Quantum‑X800 networking and VAST Data storage, and HIVE expects the cluster to be operational in Q4 2026 at Bell AI Fabric’s hydro‑powered Merritt, BC site using closed‑loop liquid cooling.
- HIVE says the Merritt deployment will cost about $185 million in total capex, backed by a roughly $35 million upfront customer deposit and planned equipment financing and bond proceeds, and the company will retain ownership of the GPU hardware after deployment.
- In separate results for the quarter ended June 30, 2026, HIVE reported $79.1 million in revenue and mined 1,004 bitcoin but posted a $142.9 million net loss driven largely by an $84.7 million VAT provision tied to a Swedish tax dispute that the company is appealing while adjusted EBITDA excluding non‑cash items was positive and cash stood near $208 million.
- Investors pushed HIVE shares higher after the deal and analysts say the contracts materially increase revenue visibility, but the company’s ability to meet its roughly $200 million GPU ARR goal by year‑end depends on timely deployment, securing the remaining financing, and the outcome of the Swedish VAT appeal.