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

HIVE Digital is pivoting from Bitcoin mining to a CAD 3.5b, 320 MW Toronto AI “super factory” hosting 100,000+ GPUs, sending its stock up over 35% on the news.

HIVE Digital Technologies, long known as a Bitcoin (BTC) mining company, has unveiled plans for a 320 MW AI infrastructure park in the Greater Toronto Area, a move that sent its shares up more than 35% at the open after the news broke on Monday, according to The Block. The company described the project as an AI “super factory” and said it aims to create one of Canada’s largest sovereign AI campuses at a time when demand for data center power and GPUs is exploding.

HIVE said the buildout will be led by its high‑performance computing subsidiary BUZZ, with total capital expenditure expected to reach roughly CAD 3.5 billion, or about $2.55 billion at current exchange rates. Once fully completed, the site is expected to support more than 100,000 GPUs across multiple large‑scale data halls dedicated to training and running AI models, putting the project in the same power class as some US hyperscale campuses.

The company is targeting the second half of 2027 for initial operations at the Toronto‑area AI park, suggesting a multi‑year construction and power‑procurement timeline that aligns with typical hyperscale data center projects. Management framed the site as “sovereign” AI infrastructure, signaling that HIVE wants to position the campus as a Canadian‑controlled alternative to US cloud and chip majors for governments, enterprises, and local AI startups.

HIVE did not disclose detailed financing plans in the initial announcement but indicated the CAD 3.5 billion budget includes land, power infrastructure, cooling, data center construction, and GPU hardware. Given the scale, the company is likely to lean on a mix of equity, debt, and potential partnerships with hardware vendors or cloud customers to lock in anchor tenants ahead of the 2027 launch.

The Toronto project marks the most aggressive step yet in HIVE’s ongoing shift away from pure Bitcoin mining toward AI and high‑performance computing infrastructure. In recent years, the firm has expanded GPU clusters and AI‑oriented data center operations in Paraguay and Sweden, effectively using its expertise in energy‑intensive mining to bootstrap a different kind of compute business.

That strategic pivot has taken place against a backdrop of rising competition and margin compression in Bitcoin mining, while GPU‑rich AI infrastructure has become one of the hottest capital‑markets stories of the cycle. By tying its future to a 320 MW “super factory” capable of hosting over 100,000 GPUs on Canadian soil, HIVE is betting that investors will reward it more as an AI data center operator than as a cyclical crypto miner — a bet Monday’s 35%+ share price pop suggests the market is, at least initially, willing to entertain.