HIVE wins $220M AI cloud deal with Bell Canada, Cohere

HIVE Digital Technologies’ BUZZ High Performance Computing unit has signed a three-year GPU cloud contract worth about $220 million with Bell Canada and Cohere to build and operate an AI platform at Bell’s Merritt, British Columbia, data center. Bell will provide the data center and national connectivity, Cohere will supply foundation models and enterprise AI software, and BUZZ HPC will deliver the NVIDIA-powered GPU infrastructure. The contract focuses on workloads that require compute and data residency inside Canada.

BUZZ HPC procured 2,304 NVIDIA Grace Blackwell GPUs packaged in GB200 NVL72 rack-scale systems. The deployment will use NVIDIA Quantum InfiniBand scale-out networking and liquid cooling, follow reference architecture standards, and be powered by renewable energy with designs intended for low power usage effectiveness. HIVE said part of the hardware financing comes from proceeds of a $115 million convertible note completed in April 2026.

HIVE expects the GB200 cluster to be commissioned in late 2026 to early 2027. The company projects the NVIDIA-powered systems will add about $70 million in annual recurring revenue to its contracted HPC business. HIVE reported it has surpassed $100 million in contracted HPC revenue and cited a current realized annual recurring revenue of about $35 million. Payment and hardware delivery timelines were not disclosed beyond the commissioning window.

The Bell and Cohere agreement follows HIVE’s approved acquisition of the Big Boden 32-megawatt data center in Sweden. HIVE has been a tenant at the site since 2018 and has invested about $100 million there. The company plans upgrades to Tier III infrastructure at the Swedish facility to run enterprise-scale AI workloads and to use its data center capacity and energy access as mining operations face tighter margins.

Frank Holmes, HIVE’s executive chairman, commented: “Canada helped pioneer modern artificial intelligence. BUZZ HPC is the GPU factory layer that transforms Canada’s AI ambitions from political promises into productive national assets.” Aydin Kilic, HIVE president and CEO, noted: “We expect this NVIDIA GB200 deployment to go live in late 2026 to early 2027, adding approximately contracted $70m ARR to our current realized $35m ARR.”