HIVE's BUZZ HPC Announces 320 MW Sovereign AI Infrastructure in Greater Toronto Area

On May 18, 2026, HIVE’s subsidiary BUZZ HPC announced plans for a 320 MW “sovereign AI gigafactory” in the Greater Toronto Area. The project includes two land parcels totaling 25 acres acquired for $58 million and a CAD $3.5 billion capital investment. The facility is designed for closed‑loop liquid‑cooled AI supercomputers and will host more than 100,000 GPUs at full build‑out, targeting second half 2027 for operations. This expands HIVE’s global power footprint to over 850 MW (450 MW operating plus a 400 MW pipeline) and supports a total GPU pipeline of 130,000 units. Executive Chairman Frank Holmes and President Aydin Kilic emphasized that the project creates North America’s largest domestically controlled AI cluster, generating over 800 construction jobs and hundreds of permanent high‑skill roles.

Earlier news in the sequence (May 2025 – May 2026) shows HIVE aggressively scaling Bitcoin mining (reaching 25 EH/s) while laying the groundwork for AI/HPC infrastructure: a 100 MW hydro expansion in Paraguay, a Swedish data‑center conversion to Tier‑III, a 504‑GPU cluster with Bell Canada and Dell (generating $30 M in contracts), a Columbia University AI proof‑of‑concept in Paraguay, a TSX uplisting, and a $115 M zero‑coupon exchangeable note offering. The latest 320 MW GTA announcement represents a quantum leap from the previously discussed HPC pipeline of ~11,000 GPUs and $140–$225 M ARR.

The May 18 news is materially significant. A CAD $3.5 billion AI gigafactory is roughly 3× HIVE’s entire market capitalization and more than double the total power footprint the company operated before this announcement. The project promises to vault HIVE into the top tier of sovereign AI infrastructure providers, with a GPU count (100,000+) far beyond the 11,000 GPUs previously guided. It suggests large‑scale customer commitments or government backing may be in the pipeline, creating a step‑change in revenue potential.

However, the announcement lacks immediate funding details. HIVE’s recent $115 M note raise and ongoing ATM equity program (up to $300 M) are insufficient to cover even the land acquisition cost of $58 M, let alone the full $3.5 B. The company has a history of aggressive dilution and a GAAP net loss trend (e.g., $91.3 M loss in Q3 FY2026). The market price is depressed near $3.75, down from a 52‑week high of $9.85, reflecting concerns over cash burn and dilution. Thus the market may greet this ambitious project with skepticism until concrete financing is secured, but the sheer scale and strategic positioning could attract strategic investors or sovereign funds, making it a potential game‑changer for the stock.

HIVE Digital Technologies operates a global network of green‑energy‑powered data centers originally focused on Bitcoin mining, now rapidly pivoting into high‑performance AI compute via its BUZZ HPC subsidiary. The company has sites in Canada (Grand Falls, NB; Lachute, QC; Toronto, ON), Sweden (Boden), and Paraguay (Valenzuela, Yguazú). Current flagship Bitcoin mining fleet holds 25 EH/s powered by 440 MW of hydroelectric capacity (300 MW in Paraguay, 140 MW in Canada/Sweden). The HPC division has begun deploying liquid‑cooled GPU clusters for AI workloads, with 5,500 GPUs online today and a target of 11,000 by end‑2026. The new Toronto gigafactory (320 MW, 100,000+ GPUs) is positioned as the long‑term flagship, leveraging sovereign AI tailwinds.