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 valued at approximately $350 million with an undisclosed investment-grade enterprise customer, according to a company statement.

The contract adds approximately $70 million in annualized recurring revenue, bringing BUZZ HPC's total contracted annualized revenue to approximately $180 million. That figure includes roughly $35 million in active 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 of 2,016 Nvidia Blackwell Ultra GPUs housed in Nvidia GB300 NVL72 rack-scale systems, connected via Nvidia Quantum-X800 InfiniBand networking and supported by 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 estimates capital expenditures for the deployment at 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 fully deployed, HIVE expects its HPC and AI daily revenue to reach approximately $500,000.

CEO Aydin Kilic said the agreement moves the company toward its year-end target of $200 million in annualized GPU cloud revenue, adding that proceeds from a June 2026 zero-percent convertible bond are being used to fund the deployment alongside equipment financing.

HIVE said it has approximately 400 megawatts of capacity in Canada available for data center development.