HIVE Digital Technologies lands $225 million Bell GPU deal worth $75 million a year

HIVE Digital Technologies has signed a three-year GPU cloud contract with Bell AI Fabric, a subsidiary of Bell Canada, valued at approximately $225 million.

Once the hardware is running, the deal is projected to generate around $75 million in annual recurring revenue. The more interesting part is who owns the chips when the contract runs out: HIVE does.

How the Bell deal is built

The contract runs through HIVE’s BUZZ High Performance Computing arm. It covers the deployment of 2,304 NVIDIA GB200 GPUs at a facility in Merritt, British Columbia.

The Merritt site runs on renewable hydroelectric power.

Deliveries are expected toward the end of 2026 or early 2027. The $75 million revenue figure depends on the cluster actually being operational, so timing is the first thing to watch.

To pay for the GPU cluster, which carries a price tag of around $165 million, HIVE secured a $129 million fixed-rate loan. The financing carries 9% interest over three years and was finalized in late October 2026.

The loan term matches the contract term. That alignment is deliberate: three years of customer payments line up against three years of debt service.

The $129 million loan covers a large share of the cluster cost, though not all of it. HIVE is financing most of the equipment with debt and letting the customer’s payments carry the weight.

Part of a bigger 2026 push

The Bell agreement is not HIVE’s first big GPU contract this year. In August 2026, the company signed a five-year GPU cloud contract worth approximately $350 million, expected to add roughly $70 million to annual recurring revenue.

Across 2026, HIVE has signed GPU agreements totaling approximately $600 million in total contract value.

BUZZ HPC’s contracted annual recurring revenue reached approximately $185 million as of September 30, 2026. HIVE is targeting about $200 million in GPU cloud annual recurring revenue by the end of 2026.

HIVE operates data centers in Canada, Sweden, and Paraguay. It continues to mine Bitcoin alongside the expanding high-performance computing business.

What this means for HIVE and its investors

The Bell deal’s structure is arguably more important than its headline value. By pairing a three-year loan with a three-year contract, HIVE has tried to make the GPU purchase largely self-funding.

If everything goes to plan, HIVE finishes the contract with a cluster of NVIDIA GB200 GPUs on its books and the related debt repaid.

A delay in hardware delivery would push back revenue while the clock on the loan keeps ticking. The window of late 2026 to early 2027 is the near-term checkpoint for investors.

The broader scorecard to watch is the $200 million ARR target for year-end. With contracted ARR at approximately $185 million as of September 30, HIVE’s ability to bring new clusters online will determine how much of that contracted figure becomes actual recurring revenue.