HIVE Stock Jumps 35% After $2.5 Billion AI Gigafactory Plan in Toronto

HIVE expands AI infrastructure strategy with major Canada project

Shares of HIVE Digital Technologies surged more than 35% after the company revealed plans for a large scale artificial intelligence infrastructure project in the Greater Toronto Area. Through its subsidiary BUZZ High Performance Computing, HIVE plans to build a 320-megawatt AI campus designed to support more than 100,000 GPUs once fully developed.

The company estimates the project will cost around CAD $3.5 billion, or nearly $2.55 billion, with operations expected to begin in the second half of 2027. HIVE has already secured about 25 acres of land worth CAD $58 million and confirmed access to electricity needed for the facility.

HIVE shifts focus from bitcoin mining to AI data centers

Executive Chairman Frank Holmes described AI computing as a new industrial foundation, saying Canada now has an opportunity to strengthen domestic infrastructure for advanced technology.

The announcement reflects HIVE’s growing move away from traditional bitcoin mining toward AI and high performance computing. Earlier this year, the company expanded GPU operations in Paraguay and Sweden, while also increasing global energy capacity to more than 850 megawatts across current and future facilities.