HIVE Signs Long-Term HPC Colocation LOI with Investment-Grade Swedish Client at Boden, Retrofit to Support Up to 10,000 GB300 GPUs

Executive Summary

• HIVE Digital Technologies Ltd. signed a non-binding Letter of Intent (LOI) with an investment-grade, sovereign Swedish technology company for an up to 10-year HPC colocation lease at its 32 MW Boden, Sweden facility.
• The agreement contemplates a usable critical IT load of approximately 25 MW, with plans to retrofit the site to support up to 10,000 GB300 GPUs using hybrid direct-to-chip liquid cooling and air cooling.
• The LOI is subject to definitive agreement execution and follows the recent approval by the Boden Municipal Council for HIVE's acquisition of the facility from Bodens Utvecklings AB.

Key Details

• Counterparty: Unnamed investment-grade, sovereign Swedish technology company
• Lease Term: Up to 10 years
• Facility Capacity: 32 MW gross utility load; ~25 MW usable critical IT load for HPC colocation
• Hardware & Cooling Specs: Retrofit to support up to 10,000 GB300 GPUs; single rack densities up to 150 kW; hybrid direct-to-chip (DTC) liquid cooling and air cooling; GB300 NVL72 architecture
• Current Operations: Site has been operational since 2018, currently supporting approximately 130,000 GPUs in the region
• Transaction Status: Non-binding LOI; subject to negotiation and execution of a definitive agreement
• Related Corporate Action: Boden Municipal Council approved HIVE's acquisition of the Boden facility from Bodens Utvecklings AB on June 18, 2026
• Financial/Operational Impact: Management anticipates significant annual recurring revenue and long-term stable cashflows from the long-term colocation offtake lease

Notable Quotes

• Frank Holmes, Executive Chairman: "The nations that control the compute will shape the next century. This LOI is a reflection of what patient, long-term infrastructure thinking produces... sovereign AI infrastructure is one of the most important buildouts of our generation, and HIVE is building it."
• Aydin Kilic, President & CEO: "We see this legacy site in Boden as a strategic long-term asset for the Company... We anticipate this to contribute significant annual recurring revenue, and we look forward to securing a long-term colocation offtake lease with the Client for this facility, which we believe could create long-term stable cashflows for HIVE as we make significant investments to upgrade it."
• Johanna Thörnblad, Country Site President, Sweden: "The signing of this agreement is both a commercial milestone and a powerful symbol of the future we are building in Boden. This project reinforces our commitment to supporting digital sovereignty while building world-class infrastructure that serves the long-term needs of Sweden."