HIVE Digital Technologies has entered into a three-year GPU cloud contract with Bell AI Fabric, a Bell Canada subsidiary, valued at approximately $225 million.
The contract is projected to generate about $75 million in annual recurring revenue once the hardware is operational. One notable feature is that HIVE will own the chips after the contract expires.
How the Bell deal is built
The contract will be carried out through HIVE’s BUZZ High Performance Computing arm and covers the installation of 2,304 NVIDIA GB200 GPUs at a facility in Merritt, British Columbia.
The Merritt facility is powered by renewable hydroelectric energy.
Deliveries are expected in late 2026 or early 2027. The projected $75 million in revenue depends on the cluster becoming operational, making the schedule an important factor to watch.
HIVE obtained a $129 million fixed-rate loan to finance the GPU cluster, which costs around $165 million. The loan has an interest rate of 9% over three years and was finalized in late October 2026.
The loan and contract have matching three-year terms. This aligns three years of customer payments with three years of debt service.
The $129 million loan will cover much, but not all, of the cluster’s cost. HIVE is using debt to finance most of the equipment, with customer payments helping to cover the expense.
Part of a bigger 2026 push
The Bell contract is not HIVE’s only major GPU deal this year. In August 2026, the company signed a five-year GPU cloud contract valued at approximately $350 million, which is expected to contribute about $70 million in annual recurring revenue.
In 2026, HIVE signed GPU agreements with a combined contract value of approximately $600 million.
As of September 30, 2026, BUZZ HPC had approximately $185 million in contracted annual recurring revenue. HIVE is aiming for about $200 million in GPU cloud annual recurring revenue by the end of 2026.
HIVE runs data centers in Canada, Sweden, and Paraguay. It also continues to mine Bitcoin as its high-performance computing business expands.
Implications for HIVE and its investors
The structure of the Bell deal may be more significant than its headline value. By matching a three-year loan with a three-year contract, HIVE has sought to make the GPU purchase largely self-funding.
If all goes according to plan, HIVE will finish the contract with a cluster of NVIDIA GB200 GPUs on its books and the associated debt repaid.
A delay in hardware delivery would postpone revenue while loan payments continue. The period from late 2026 to early 2027 is a near-term milestone for investors.
A key broader measure to watch is HIVE’s $200 million year-end ARR target. With contracted ARR at approximately $185 million as of September 30, the company’s ability to bring new clusters online will determine how much of that contracted amount becomes actual recurring revenue.
