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

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. The facility will use closed-loop cooling systems with a no-water-use design and a power usage effectiveness below 1.3.

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“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,” Frank Holmes, executive chairman of HIVE and BUZZ, said in the release. “At full build-out, this intelligence factory will deploy over 100,000 GPUs, creating one of North America’s largest domestically controlled AI clusters.”

Aydin Kilic, president and CEO of HIVE, said the company now has over 850 MW of power globally, including 450 MW of operating data centers and a 400 MW pipeline expected to come online in 2027. In Canada, HIVE operates 100 MW of data centers with a 320 MW pipeline for 2027.

“HIVE now has over 850 MW of power globally,” Kilic said. “With 5,500 GPUs online today doing AI compute, along with our 70 MW New Brunswick Grand Falls site, and now our 320 MW GTA site, we have the land and power to develop a pipeline of infrastructure to support approximately 130,000 GPUs.”

Craig Tavares, president and COO of BUZZ HPC, framed the project as part of a national AI platform spanning British Columbia, Manitoba, Ontario, Quebec, and New Brunswick. “This investment is nationally important to Canada’s efforts to build the infrastructure required for the next generation of AI innovation,” Tavares said. “If Canada wants to lead in AI, we need to build the factories that produce intelligence here at home.”

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HIVE currently operates 5,500 GPUs for AI compute. The company said the GTA project, combined with its Grand Falls site, gives it the infrastructure pipeline to support approximately 130,000 GPUs at scale.