Hive plans 320 MW AI campus near Toronto; shares jump 35%

Hive Digital’s BUZZ High Performance Computing unit announced plans to build a 320‑megawatt AI infrastructure campus in the Greater Toronto Area. The company said the site would be capable of hosting more than 100,000 GPUs at full build and has a target phased launch in the second half of 2027. Hive’s stock rose roughly 35% at Monday’s market open.

Hive reported an estimated construction cost of about CAD 3.5 billion and said BUZZ acquired roughly 25 acres of land for about CAD 58 million. The company confirmed it has secured access to electrical power for the planned campus and described the facility as an industrial-scale data center intended to train and run large artificial intelligence models.

Executive Chairman Frank Holmes described the project in the company release, saying, “AI is the new industrial base and compute is the factory floor. Canada produced the Godfathers of deep learning, but kept renting the factories. That era is over.” CEO Aydin Kilic reported the company now controls more than 850 megawatts of global power capacity across operating facilities and planned projects.

The announcement is part of a broader shift at Hive away from legacy bitcoin mining and toward high-performance computing and AI infrastructure. Last month the company arranged a $75 million convertible note offering to help fund GPU purchases and data center expansion. In March Hive began winding down ASIC bitcoin mining at its Boden, Sweden, facility with plans to convert that site for AI workloads and started deploying GPU clusters in Asunción, Paraguay.

Hive said the BUZZ subsidiary will develop and operate the Toronto campus and emphasized securing both land and power access as key preparatory steps. The company did not provide a detailed construction schedule beyond the second-half-2027 target, nor a full financing breakdown beyond the convertible note arrangement.

Other public companies that began as bitcoin miners have announced expansions into data center operations and high-performance computing, repurposing existing power and real estate assets to host AI hardware. Hive’s Toronto project would add a substantial amount of localized compute capacity in Canada if it reaches full build.