The Merritt web site runs on renewable hydroelectric energy.
Deliveries are anticipated towards the tip of 2026 or early 2027. The $75 million income determine is determined by the cluster really being operational, so timing is the very first thing to look at.
To pay for the GPU cluster, which carries a price ticket of round $165 million, HIVE secured a $129 million fixed-rate mortgage. The financing carries 9% curiosity over three years and was finalized in late October 2026.
The mortgage time period matches the contract time period. That alignment is deliberate: three years of buyer funds line up towards three years of debt service.
The $129 million mortgage covers a big share of the cluster value, although not all of it. HIVE is financing many of the tools with debt and letting the shopper’s funds carry the load.
A part of a much bigger 2026 push
The Bell settlement will not be HIVE’s first massive GPU contract this 12 months. In August 2026, the corporate signed a five-year GPU cloud contract price roughly $350 million, anticipated so as to add roughly $70 million to annual recurring income.
Throughout 2026, HIVE has signed GPU agreements totaling roughly $600 million in complete contract worth.
BUZZ HPC’s contracted annual recurring income reached roughly $185 million as of September 30, 2026. HIVE is focusing on about $200 million in GPU cloud annual recurring income by the tip of 2026.
HIVE operates knowledge facilities in Canada, Sweden, and Paraguay. It continues to mine Bitcoin alongside the increasing high-performance computing enterprise.
What this implies for HIVE and its traders
The Bell deal’s construction is arguably extra essential than its headline worth. By pairing a three-year mortgage with a three-year contract, HIVE has tried to make the GPU buy largely self-funding.
If every little thing goes to plan, HIVE finishes the contract with a cluster of NVIDIA GB200 GPUs on its books and the associated debt repaid.
A delay in {hardware} supply would push again income whereas the clock on the mortgage retains ticking. The window of late 2026 to early 2027 is the near-term checkpoint for traders.
The broader scorecard to look at is the $200 million ARR goal for year-end. With contracted ARR at roughly $185 million as of September 30, HIVE’s capacity to convey new clusters on-line will decide how a lot of that contracted determine turns into precise recurring income.
