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M&A / Property Routine +

HIVE's BUZZ HPC Closes USD $220 Million Sovereign AI GPU Contract with Bell AI Fabric for Cohere Inc.

Pipeline execution confirms sovereign AI thesis, but heavy capex and dilution risk cap near-term multiple expansion.

By The Northwire Desk — AI Analysis Jun 18, 2026 · 07:01 HIVE · 5.62 HIVE Digital Technologies Ltd.
Executive Summary
  • HIVE's subsidiary BUZZ HPC closed a three-year, ~$220 million GPU cloud contract with Bell Canada and Cohere Inc.
  • Deployment involves 2,304 NVIDIA Grace Blackwell GPUs (GB200 NVL72 systems) at Bell's Merritt, BC data center, going live late 2026 to early 2027.
  • The contract adds ~$70 million in contracted annual recurring revenue (ARR) to the company's existing $35 million realized ARR, pushing total contracted HPC revenue past $100 million.
  • Hardware procurement is partially funded by proceeds from the $115 million 0% exchangeable senior notes closed in April 2026.
  • The deal reinforces HIVE's "dual-engine" strategy, leveraging renewable-powered infrastructure to capture sovereign AI compute demand in Canada.
Material Impact
  • The $220 million Bell/Cohere contract is a meaningful validation of HIVE's sovereign AI strategy and confirms the pipeline management has been advertising since late 2025. However, it is not a market-repricing event. The stock had already run +131% over the prior year and was down -10.5% into the print, indicating the market had already priced in near-term contract wins and was discounting for capex funding and Bitcoin volatility. The news is Routine - Positive: it confirms execution but does not alter the fundamental thesis, valuation multiple, or capital allocation trajectory. The asymmetric risk remains on the downside if the GTA Gigafactory requires more dilutive financing or if HPC deployment slips.
HIVE · Price
Read the original news release →

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