HIVE Digital Technologies Ltd. (TSX: HIVE) (NASDAQ: HIVE), through its subsidiary BUZZ High Performance Computing Inc., has signed a five-year GPU cloud services agreement with an undisclosed investment-grade enterprise customer valued at approximately $350 million in total contract value.

The agreement adds approximately $70 million in annualized recurring revenue, bringing BUZZ HPC's total contracted annualized revenue to approximately $180 million. That figure includes approximately $35 million in active realized revenue and approximately $145 million in contracted revenue expected to come online through the fourth quarter of 2026.

Under the agreement, BUZZ HPC will deploy a dedicated AI infrastructure cluster consisting of 2,016 Nvidia Blackwell Ultra GPUs in Nvidia GB300 NVL72 rack-scale systems, supported by Nvidia Quantum-X800 InfiniBand networking and VAST Data storage. The cluster is expected to become operational later this year at the Bell AI Fabric facility in Merritt, British Columbia, which runs on 100% renewable hydroelectric power.

The company expects capital expenditures for the deployment to total approximately $185 million. The customer will provide an upfront deposit of approximately 10% of the total contract value, or roughly $35 million. HIVE will retain ownership of the Nvidia infrastructure upon completion.

Once the cluster reaches full deployment, HIVE said its HPC and AI daily revenue is expected to reach approximately $500,000.

CEO Aydin Kilic said the company is "accelerating towards our year-end target of $200 million of ARR for our GPU cloud business," noting the use of proceeds from a June 2026 0% convertible bond to fund the deployment alongside debt financing for GPU purchases.

The information in this article is based on a press release issued by HIVE Digital Technologies.