HIVE Digital Technologies is building what looks like a second company inside itself. The Bitcoin miner just announced a five-year GPU cloud services agreement worth roughly $350M with an unnamed investment-grade enterprise customer, pushing its total annualized GPU cloud revenue toward $180M.
That $180M figure breaks down into $35M in revenue already flowing and $145M contracted but not yet live, with full deployment expected by the end of Q4 2026. The company’s target is even more ambitious: $200M in annualized recurring revenue from GPU cloud services by year-end.
Two massive deals in two months
The new contract, signed through HIVE’s subsidiary BUZZ High Performance Computing Inc., is expected to add approximately $70M in annualized recurring revenue. It involves deploying 2,016 NVIDIA Blackwell Ultra GPUs at Bell AI Fabric’s facility in Merritt, British Columbia.
Once that deployment goes live in Q4 2026, it should generate around $500K in daily HPC and AI revenue. For context, that’s roughly two-thirds of what HIVE currently pulls in daily from Bitcoin mining, which sits at about $750K per day.
This wasn’t even the first blockbuster deal of the summer. Back in June 2026, HIVE signed a three-year contract valued at approximately $220M with Bell AI Fabric and Cohere Inc. Combined, the two agreements represent over $500M in contracted GPU cloud revenue signed in a span of about 60 days.
The numbers behind the pivot
HIVE’s fiscal Q1 2027 results offer an early snapshot of this transformation. Total revenue came in at $79.1M, with BUZZ HPC contributing $7.1M of that figure. That HPC slice represents 47% year-over-year growth, a trajectory that will steepen dramatically once the newly contracted capacity comes online.
The company has stated that AI revenue is expected to increase from roughly 10% of total revenue to 40% by Q4 2026.
HIVE’s choice of NVIDIA Blackwell Ultra GPUs is also notable. The Blackwell architecture represents NVIDIA’s latest generation of AI accelerators, and securing a deployment of over 2,000 units signals serious commitment to competing at the high end of the AI compute market.
The partnership with Cohere, a major Canadian AI company focused on enterprise large language models, adds credibility to HIVE’s positioning. It suggests that the GPU capacity isn’t being built on speculation but is being deployed against real, identified demand from sophisticated AI customers.
The key risk, as with any infrastructure buildout of this scale, is execution. Contracted revenue only turns into real revenue when hardware is deployed, running, and meeting customer SLAs. The gap between $35M in realized revenue and $180M in total contracted capacity is significant, and bridging it by Q4 2026 leaves a tight timeline.