HIVE Digital unveils $3.5B AI gigafactory, shares soar 40%

HIVE Digital will build a CAD $3.5B, 320 MW AI gigafactory near Toronto, housing 100,000+ GPUs by late 2027. The news boosted HIVE shares by up to 40%, marking a shift to AI infrastructure.

HIVE Digital Technologies has unveiled plans for a major AI infrastructure project in Ontario, Canada, through its subsidiary BUZZ High Performance Computing. The company intends to construct a 320-megawatt AI gigafactory in the Greater Toronto Area, with an estimated investment of CAD $3.5 billion. This facility will be capable of accommodating over 100,000 GPUs and is scheduled to become operational in the second half of 2027. BUZZ HPC has secured approximately 25 acres of land for about CAD $58 million, ensuring grid access for the ambitious project. Following the announcement, HIVE’s stock price surged by 35% to 40%. The new campus is designed to support AI startups and businesses requiring high-capacity computation, signaling HIVE’s strategic shift from its legacy bitcoin mining operations toward AI and high-performance computing infrastructure. This move positions HIVE as a key player in Canada’s efforts to reclaim leadership in AI infrastructure and reduce dependence on foreign computing resources.