The Bitcoin miner announced a five-year GPU cloud contract worth $350 million, pushing annual recurring revenue to $70 million.
HIVE Digital Technologies (Nasdaq: HIVE) unveiled a $350 million five-year GPU cloud contract with an unnamed investment-grade customer, adding $70 million in annual recurring revenue. The deal boosts its contracted GPU cloud revenue to $180 million, nearing its $200 million year-end target.
The company’s GPU cloud segment, which rents high-performance chips for AI training, accounted for 10% of quarterly revenue, with Bitcoin mining still dominating. HIVE has signed $600 million in GPU cloud contracts this year against a market value near $800 million, prompting management to argue for a valuation re-rating.
CEO Aydin Kilic highlighted sum-of-the-parts math to justify a higher stock valuation as AI infrastructure expands across Canada, Sweden, and Paraguay. The deal includes 2,016 Nvidia GB300 chips, reinforcing HIVE’s shift from pure Bitcoin mining to AI-driven growth.