HIVE (NASDAQ: HIVE) announced a 320MW AI gigafactory in the Greater Toronto Area on Monday through its subsidiary BUZZ High Performance Computing.
The project carries a CAD $3.5 billion (approximately $2.5 billion) capital investment and is expected to go online in the second half of 2027
HIVE shares surged roughly 27% on the news, per Yahoo Finance. The facility, situated on approximately 25 acres of land between Toronto and Waterloo, is designed to host more than 100,000 GPUs at full build-out. BUZZ acquired the two contiguous parcels for a combined CAD $58 million ($42 million), according to the company.
The site already has a 320 MW power allocation. HIVE described the project as one of Canada’s largest planned AI gigafactories. The company said it will create over 800 construction jobs and hundreds of permanent positions.