This Bitcoin miner just signed a $350 million AI deal, but it needs $185 million to make it work

HIVE Digital Technologies’ $350 million AI cloud contract depends on a $185 million GPU buildout that must be completed in the fourth quarter before most of the revenue can begin.

The five-year agreement, signed by HIVE’s BUZZ High Performance Computing unit with an unnamed investment-grade enterprise customer, is expected to generate about $70 million in annualized revenue once the infrastructure is deployed.

BUZZ plans to install 2,016 NVIDIA Blackwell Ultra GPUs in GB300 NVL72 systems at HIVE’s Bell AI Fabric facility in Merritt, British Columbia. HIVE expects the hardware, related equipment, and service warranties to cost about $185 million, with deployment targeted for calendar Q4 2026.

The customer has agreed to provide an upfront deposit equal to roughly 10% of the contract value, or about $35 million. HIVE has not disclosed whether it has already received that payment.

That leaves the company relying on existing financing and additional equipment funding to complete the buildout.

HIVE raised $130 million from zero-percent exchangeable senior notes in June and said it raised $245 million from zero-percent notes during the quarter. Chief Executive Officer Aydin Kilic said proceeds from the bond and debt financing would help fund the GPU purchase.