The corporate first disclosed the proposal in June. It includes an unnamed, investment-grade Swedish expertise firm and contemplates a lease lasting as much as 10 years. Throughout Tuesday’s earnings name, CEO Aydin Kilic mentioned the events had been negotiating deposits, termination rights, and different phrases that would have an effect on financing prices. A lender’s advisor had visited the positioning the earlier week, he mentioned.
“We don’t need to rush right into a deal only for the sake of reporting new top-line income,” Kilic mentioned, in line with the earnings name transcript.
HIVE expects to hunt financing for the Boden undertaking after securing a signed lease, probably by means of company bonds. The corporate has not introduced a completion date for negotiations.
From crypto mining to AI infrastructure
The prevailing knowledge heart would additionally want a considerable makeover. HIVE plans to retrofit it for as much as 10,000 Nvidia GB300 GPUs, utilizing liquid cooling to deal with high-density computing racks.
Though the power has a 32-megawatt utility connection, the proposed buyer would obtain roughly 25 megawatts of usable computing capability, with the remaining energy supporting knowledge heart operations.
“This website has advanced from a GPU compute facility supporting Ethereum,” Kilic mentioned when asserting the letter of intent, describing its deliberate conversion right into a extra highly effective AI set up.
The growth follows HIVE’s broader effort to maneuver past Bitcoin mining, a shift that has already produced a number of giant GPU-cloud contracts.
HIVE signed a serious three-year AI computing settlement with Bell Canada and Cohere in June, overlaying 2,304 Nvidia GPUs because it expanded past crypto mining.
HIVE now studies $185 million in contracted GPU-cloud annualized run-rate income, though solely $40 million is stay. The rest represents contracted capability that has not but entered service.
The corporate is concentrating on roughly $700 million in whole high-performance computing annualized income by the top of 2028, although that determine contains initiatives requiring further financing, development, and buyer commitments.
For Boden, HIVE’s subsequent milestone is securing a definitive lease earlier than continuing with undertaking financing.
