HIVE Digital Technologies, through its subsidiary BUZZ High Performance Computing Inc., plans to build a massive AI gigafactory in the Greater Toronto Area. The facility will be powered by 320 megawatts and house more than 100,000 GPUs.
The price tag is C$3.5 billion. Operations are expected to begin in the second half of 2027.
HIVE has already secured about 25 acres of land for C$58 million. The land includes a 320 MW power allocation. In the current AI infrastructure gold rush, that is arguably more valuable than the dirt itself.
The facility will use closed-loop cooling systems. All power will be drawn from Ontario’s clean electricity grid, which relies heavily on nuclear and hydroelectric generation.
HIVE is framing the project as a sovereign AI infrastructure hub. This means a domestically owned facility that keeps sensitive AI workloads on Canadian soil.
HIVE Digital, listed on the TSX and NASDAQ under the ticker HIVE, built its reputation as a crypto mining operation. The company rebranded from HIVE Blockchain Technologies in 2023.
Over 100,000 GPUs at full build-out would place this facility among the largest dedicated AI compute campuses in North America.
The stock surged about 30-40% after the announcement. Investors are hungry for companies that can bridge the gap between crypto infrastructure and AI demand.
Ontario’s clean grid is a genuine strategic advantage for a facility that faces scrutiny over energy consumption and carbon footprint.