$HIVEJun 18, 2026, 11:01 AMAI processed
HIVE's BUZZ HPC wins ~$220M, 3-year sovereign AI GPU contract with Bell/Cohere
AI Summary
HIVE's BUZZ HPC has signed a three-year GPU cloud contract worth approximately USD $220M to deploy 2,304 NVIDIA Grace Blackwell GPUs (GB200 NVL72 racks) at Bell's Merritt, BC facility to host Cohere's foundation models and enterprise AI for Canadian government and corporate customers; the deployment is expected to go live in late 2026 to early 2027. Management says the deal will strengthen HIVE/BUZZ's position in Canada's sovereign AI stack and is expected to add roughly $70M contracted ARR to the company's current ~$35M realized ARR, with part of the hardware purchase funded from HIVE's April 2026 USD $115M convertible note financing.
Positives
- Three-year GPU cloud contract with total contract value of ~USD $220M
- Deployment includes 2,304 NVIDIA Grace Blackwell GPUs at a Bell data centre, expected live late 2026–early 2027
- Company expects ~USD $70M additional contracted ARR vs current ~USD $35M realized ARR once deployed
Negatives
- Revenue and timing are forward-looking and subject to execution risks such as equipment delivery and commissioning delays
- Monetization depends on customer utilization and carries counterparty, power-cost, and regulatory risks
- Portion of hardware was funded with proceeds from a USD $115M convertible note, which affects financing profile