HIVE Digital’s stock jumped more than 35% after the company revealed plans to pivot from Bitcoin mining toward a massive AI data center project in the Greater Toronto Area. According to The Block, HIVE said it will develop a 320 MW “AI super factory” — a sovereign AI campus designed to host more than 100,000 GPUs — with total capital expenditure pegged at about CAD 3.5 billion (roughly $2.55 billion).
The buildout will be led by HIVE’s high‑performance computing arm, BUZZ. Once complete, the multi‑hall site is intended to support large‑scale AI training and inference workloads, putting the campus in the same power class as major U.S. hyperscale data centers. HIVE is targeting initial operations in the second half of 2027, implying a multi‑year timeline for construction, power procurement and equipment deployment.
HIVE framed the project as “sovereign” AI infrastructure — an explicitly Canadian-controlled alternative for governments, enterprises and local AI startups that may want onshore compute capacity outside the ecosystem of U.S. cloud and chip giants. The company did not provide detailed financing plans in the initial announcement, but said the CAD 3.5 billion budget covers land, power and cooling infrastructure, data center construction and GPU hardware. Given the scale, analysts expect HIVE will pursue a mix of equity, debt and strategic partnerships or anchor tenants to help fund the build.
The Toronto project is HIVE’s most aggressive move yet away from pure Bitcoin mining. The company has already been expanding GPU clusters and AI‑oriented data center operations in Paraguay and Sweden — leveraging its experience managing energy‑intensive mining operations to break into high‑performance compute. The strategic pivot comes as Bitcoin mining faces tighter margins and competition, while demand for GPU‑heavy AI infrastructure is surging.
Investors appear to be rewarding the shift: HIVE’s share price popped on the news as markets priced in the company’s new identity as an AI data center operator rather than a cyclical crypto miner. Key things to watch going forward include the company’s financing roadmap, power agreements, permitting progress, and whether it can secure anchor customers or hardware supply commitments ahead of the planned 2027 ramp.
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