HIVE Stock Soars 35% on $2.55B Toronto AI Super Factory Plans

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HIVE soars over 35% on plans for $2.55b Toronto AI ‘super factory’

As a crypto investor, I’m watching HIVE Digital make a really interesting move. They’re shifting away from Bitcoin mining and building a huge AI data center in Toronto – we’re talking 320 megawatts of power and over 100,000 GPUs! It’s a CAD 3.5 billion project, and the market’s reacting positively, with their stock price jumping over 35% on the news. It’s a big bet on AI, and I’m curious to see how it plays out.

Summary

  • HIVE Digital plans to build a 320 MW AI infrastructure park near Toronto, pitched as one of Canada’s largest sovereign AI “super factories,” sending its stock up more than 35% at Monday’s open.
  • The CAD 3.5 billion (about $2.55 billion) project, advanced by HIVE’s BUZZ high‑performance computing unit, is designed to host over 100,000 GPUs and begin operations in the second half of 2027.
  • The move deepens HIVE’s pivot from Bitcoin mining toward AI and high‑performance computing, following earlier GPU and data center expansions in Paraguay and Sweden.

HIVE Digital Technologies, traditionally a Bitcoin mining company, announced plans to build a large 320 MW AI infrastructure park in the Greater Toronto Area. The news caused their stock price to jump over 35% when trading opened on Monday, as reported by The Block. HIVE is calling the project an AI “super factory” and intends to establish one of Canada’s biggest independent AI centers, responding to the rapidly growing need for data center power and graphics processing units (GPUs).

HIVE announced plans to expand its infrastructure, led by its computing division, BUZZ. The project is expected to cost around CAD 3.5 billion (approximately $2.55 billion USD). When finished, the facility will house over 100,000 GPUs in large data centers, used for developing and operating AI models. This would give the project a power capacity comparable to major data centers in the United States.

320 MW campus targets 2027 go‑live

HIVE expects to begin operations at its new AI park near Toronto in the latter half of 2027. This indicates a construction and power setup process that will likely take several years, similar to building large-scale data centers. The company describes the site as providing independent, Canadian-owned AI infrastructure, aiming to offer a Canadian alternative to major US cloud and chip companies for government, business, and Canadian AI startups.

HIVE didn’t share specifics about how it will fund the project when it was first announced, but the CAD 3.5 billion budget covers land, power, cooling systems, building the data center, and purchasing the necessary GPU hardware. Considering the project’s size, HIVE will probably use a combination of its own funds, loans, and partnerships – potentially with hardware suppliers or future cloud service customers – to secure early commitments before the planned 2027 launch.

From Bitcoin miner to AI infra player

The Toronto project represents HIVE’s biggest move yet in changing its focus from solely mining Bitcoin to building infrastructure for AI and high-performance computing. Over the past few years, the company has been developing GPU clusters and AI data centers in Paraguay and Sweden, leveraging its experience with power-hungry mining operations to launch a new type of computing business.

HIVE has shifted its focus due to increasing competition and shrinking profits in Bitcoin mining, while demand for powerful AI computing infrastructure is booming. By building a large, 320-megawatt facility in Canada that can house over 100,000 GPUs, HIVE is hoping investors will see it more as an AI data center company than a traditional, and often volatile, cryptocurrency miner. The company’s stock price jumped over 35% on Monday, suggesting the market is initially receptive to this new direction.

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2026-05-19 00:31