HIVE announces $2.5B AI gigafactory in Greater Toronto Area, shares surge 35%

HIVE (NASDAQ: HIVE) announced a 320MW AI gigafactory successful the Greater Toronto Area connected Monday done its subsidiary BUZZ High Performance Computing. The task carries a CAD $3.5 cardinal (approximately $2.5 billion) superior concern and is expected to spell online successful the 2nd fractional of 2027. HIVE shares surged astir 27% connected the news, per Yahoo Finance.

The facility, situated connected astir 25 acres of onshore betwixt Toronto and Waterloo, is designed to big much than 100,000 GPUs astatine afloat build-out. BUZZ acquired the 2 contiguous parcels for a combined CAD $58 cardinal ($42 million), according to the company. The tract already has a 320 MW powerfulness allocation.

HIVE described the task arsenic 1 of Canada’s largest planned AI gigafactories. The institution said it volition make implicit 800 operation jobs and hundreds of imperishable positions. The installation volition usage closed-loop cooling systems with a no-water-use plan and a powerfulness usage effectiveness beneath 1.3.

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“AI is the caller concern basal and compute is the mill floor. Canada produced the Godfathers of heavy learning but kept renting the factories. That epoch is over,” Frank Holmes, enforcement president of HIVE and BUZZ, said successful the release. “At afloat build-out, this quality mill volition deploy implicit 100,000 GPUs, creating 1 of North America’s largest domestically controlled AI clusters.”

Aydin Kilic, president and CEO of HIVE, said the institution present has implicit 850 MW of powerfulness globally, including 450 MW of operating information centers and a 400 MW pipeline expected to travel online successful 2027. In Canada, HIVE operates 100 MW of information centers with a 320 MW pipeline for 2027.

“HIVE present has implicit 850 MW of powerfulness globally,” Kilic said. “With 5,500 GPUs online contiguous doing AI compute, on with our 70 MW New Brunswick Grand Falls site, and present our 320 MW GTA site, we person the onshore and powerfulness to make a pipeline of infrastructure to enactment astir 130,000 GPUs.”

Craig Tavares, president and COO of BUZZ HPC, framed the task arsenic portion of a nationalist AI level spanning British Columbia, Manitoba, Ontario, Quebec, and New Brunswick. “This concern is nationally important to Canada’s efforts to physique the infrastructure required for the adjacent procreation of AI innovation,” Tavares said. “If Canada wants to pb successful AI, we request to physique the factories that nutrient quality present astatine home.”

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HIVE presently operates 5,500 GPUs for AI compute. The institution said the GTA project, combined with its Grand Falls site, gives it the infrastructure pipeline to enactment astir 130,000 GPUs astatine scale.