Toronto, May 18, 2026, 08:06 EDT
- HIVE’s BUZZ HPC arm is looking to set up a 320 MW AI infrastructure site in the Greater Toronto Area. The company said first operations could begin in the second half of 2027.
- HIVE is up 33.09% at $3.58 in Nasdaq pre-market trading, after closing Friday at $2.69. Pre-market trading takes place before the regular 9:30 a.m. open.
- Toronto Stock Exchange is closed Monday for Victoria Day. Markets in Canada will react to the news on Tuesday.
HIVE Digital Technologies Ltd. surged in U.S. pre-market trading Monday after BUZZ HPC, its unit, announced a 320 MW AI infrastructure project set for the Greater Toronto Area. The former bitcoin miner is looking to reposition itself as a data center company.
HIVE moved up from the TSX Venture Exchange to the main TSX last week. But with TSX markets closed Monday for Victoria Day, early price action is coming through on Nasdaq before the U.S. opens.
HIVE was at $3.58 on Public.com at 8:00 a.m. Eastern, up $0.89 from its $2.69 close on Friday. Public said pre-market trades ranged from $3.56 to $3.60. Nasdaq’s regular session is 9:30 a.m. to 4:00 p.m. Eastern, with pre-market from 4:00 a.m. to 9:30 a.m.
BUZZ said it plans a new facility with about 320 MW of utility power and capacity for over 100,000 GPUs once it’s finished. These GPUs are used to train and run AI models. BUZZ put the capital cost at roughly C$3.5 billion. It wants the site to come online in the second half of 2027.
BUZZ bought a 21-acre site for $46 million and grabbed another 4-acre parcel next door for $12 million, the company said. The 320 MW power allotment is now stacked on one block. In the AI rush, power is getting as scarce as chips.
Executive Chairman Frank Holmes called AI “the new industrial base” in the statement. Holmes said the site could become one of North America’s largest domestically controlled AI clusters. hivedigitaltechnologies.com
HIVE CEO Aydin Kilic said the company now counts more than 850 MW of total global power, split between 450 MW in operating data centers and another 400 MW slated for 2027. Kilic said BUZZ is running 5,500 GPUs today, with space for roughly 130,000 GPUs in its infrastructure.
HIVE is pushing deeper into the crowded field of bitcoin miners targeting AI rebrands. Hut 8 agreed to a $9.8 billion, 15-year lease for a data center site in Texas earlier this month, Reuters reported. Investors are watching big miners including MARA and Riot, weighing how much of the sector’s mining capacity could flip to serve AI needs.
HIVE came in with momentum. The company reported record fiscal Q3 revenue at $93.1 million in February, jumping 219% year over year. Most of that—$88.2 million—was from digital-currency hashrate revenue, with $4.9 million coming from BUZZ HPC. Hashrate refers to the computing power used to keep a blockchain running and earn mining rewards.
HIVE pulled in $115 million from a private sale of 0% exchangeable senior notes in April. The company said the cash is earmarked for general purposes, GPU buys, and adding data centers. These notes can be swapped for equity if investors want. The company’s balance sheet is still in focus.
But the risks for HIVE are real. In its forward-looking statement, the company mentioned it could face changes to its project timeline, higher costs, softer-than-expected AI demand, trouble buying enough GPUs, or network slowdowns. Bitcoin slipped, changing hands near $77,303, which adds to the pressure for HIVE’s mining business.
Stocks are under pressure ahead of the open. Reuters reports U.S. stock-index futures slipped Monday as Treasury yields and oil prices climbed. That can hit smaller growth and infrastructure names if higher funding costs persist.
TSX trading kicks off again Tuesday after the holiday. Traders are watching if Canadian stocks track the Nasdaq’s recent gains or pause. The focus is on HIVE—the key question is whether the company turns its land, energy, and capital into AI deals soon, or if investors get tired of waiting for real revenue as construction continues.
