Tl;DR
- HIVE signed a five-year AI cloud contract worth about $350 million, adding roughly $70 million in annualized revenue.
- Only $35 million of BUZZ HPC’s $180 million annualized revenue is active today; $145 million is contracted for deployment through Q4 2026.
- The new GPU cluster requires about $185 million in capital expenditure, partly supported by a planned $35 million customer deposit.
- Bitcoin mining generated $72.1 million of HIVE’s $79.1 million quarterly revenue, compared with $7.1 million from HPC.
HIVE has signed enough AI cloud business to put a clear number on its next growth engine. Its latest contract is worth about $350 million over five years. Yet the company’s next financial statements will still look largely like those of a Bitcoin miner.
HIVE’s high-performance computing unit, BUZZ HPC, generated $7.1 million in its latest reported quarter. Digital-currency mining generated $72.1 million. The new deal could narrow that gap, but first HIVE must build and bring the infrastructure online.
$350M is the five-year value, not this year’s revenue
HIVE said BUZZ HPC signed a five-year GPU cloud-services agreement with an unnamed investment-grade enterprise customer.
The agreement has an estimated total contract value of $350 million and is expected to add approximately $70 million in annualized revenue. HIVE will provide a dedicated cluster of 2,016 Nvidia Blackwell Ultra GPUs at Bell AI Fabric’s Merritt, British Columbia, facility.
Total contract value describes the agreement over its full term. Annualized revenue is the expected yearly run rate once the service is operating. Neither figure represents revenue already recorded by HIVE.
The customer is not named, so the announcement does not allow an independent assessment of its identity or credit profile beyond HIVE’s description.
$145M of AI revenue is signed, but not yet running
The agreement lifts BUZZ HPC’s total annualized revenue to approximately $180 million, according to HIVE. About $35 million is active today. The other $145 million is contracted revenue expected to come online through the fourth quarter of 2026.
That makes the deployment schedule the article’s real story. HIVE’s contract base has expanded much faster than its live AI operation.
The company had previously targeted approximately $200 million in GPU cloud annualized revenue by the fourth quarter. The new agreement brings it to about $180 million, leaving it roughly $20 million from that stated target.
HIVE also notes that annualized revenue is a run-rate measure, not a guarantee of future results. Cancellations, discounts or changes in service can affect it.
Bitcoin mining still supplies most of the current revenue
HIVE reported $79.1 million in total revenue for the quarter ended June 30. Mining produced $72.1 million of that total, while BUZZ HPC produced $7.1 million.
The company is therefore adding AI cloud to its existing mining business rather than replacing it. Its mining footprint provides the power infrastructure, data-center operations and engineering capacity needed to build GPU clusters. The two operations use different hardware, but both depend on access to reliable power and the ability to operate energy-intensive equipment at scale.
For investors, the important change will be visible in future quarterly results: whether HPC revenue begins to grow fast enough to become a material share of the group’s reported income.
HIVE must spend $185M before the new run rate arrives
HIVE expects capital expenditure for the cluster, related hardware and warranties to total about $185 million. It expects the customer to make an upfront deposit worth around 10% of the contract value, or approximately $35 million.
The company will retain ownership of the Nvidia infrastructure after deployment. That gives HIVE a long-lived asset, but it also means the company carries the responsibility for delivery, financing and operation.
The release does not disclose the project’s operating costs or expected margin. Comparing $350 million of contract value with $185 million of capital expenditure is therefore not a profit calculation.
HIVE expects the Nvidia systems to be delivered and deployed in the fourth quarter. Until that happens, the projected $70 million annualized contribution remains tied to execution.
Riot’s Anthropic lease is related, but not identical
Other Bitcoin miners are using the same scarce resource, large-scale power capacity, to win AI customers. Riot Platforms recently disclosed a 20-year, $9.1 billion data-center lease with a frontier AI lab, identified as Anthropic.
The comparison has limits. Riot is leasing data-center capacity, while HIVE is providing a dedicated GPU cloud cluster. Still, both deals show how miners can monetize power infrastructure through long-term AI contracts rather than relying solely on Bitcoin production.
Riot’s own disclosure shows that large AI contracts take time to convert into operations: its first 96 megawatts are expected in December 2027, with full delivery scheduled for June 2028.
Q4 is when HIVE’s contract figure meets its financial results
The first test is whether HIVE brings the 2,016-GPU cluster online on schedule. The next is whether the contracted annualized revenue starts becoming reported BUZZ HPC revenue.
That is the figure to watch after the headline fades. HIVE has signed a deal large enough to make AI cloud a central part of its strategy. The fourth-quarter deployment will show how much of that strategy has become an operating business.
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