Overview
- HIVE’s BUZZ HPC unit confirmed a five‑year, roughly $350 million reserved GPU‑cloud services deal to deploy 2,016 NVIDIA Blackwell Ultra GPUs at Bell AI Fabric’s Merritt, British Columbia site.
- The contract adds about $70 million in annualized recurring revenue and lifts BUZZ HPC’s contracted ARR to about $180 million with management targeting roughly $200 million by year‑end.
- HIVE said the Merritt cluster is expected to be operational in Q4 2026 and to generate about $500,000 per day once live, with hardware built on NVIDIA GB300 NVL72 systems, Quantum‑X800 InfiniBand networking and VAST storage.
- The deployment requires roughly $185 million of capital spending, will be partly offset by a roughly $35 million customer deposit and planned financing, and analysts at KBW estimate roughly $276 million of remaining GPU funding needs after prepayments.
- HIVE reported $79.1 million in revenue for fiscal Q1 2027 and positive adjusted EBITDA of $13.4 million but posted a $142.9 million GAAP loss driven mainly by an $84.7 million Swedish VAT provision that the company is appealing.