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Bitcoin mining company HIVE Digital Technologies is expanding its artificial intelligence infrastructure ambitions, targeting USD 45 million in annual colocation revenue from its Big Boden facility in Sweden. However, the proposed arrangement remains nonbinding, with financing, lease negotiations and infrastructure upgrades still pending.
According to HIVE's latest earnings update, its 32-megawatt Big Boden facility could generate approximately USD 45 million annually under a proposed long-term lease.
The company initially disclosed the arrangement in June through a nonbinding letter of intent with an unnamed investment-grade Swedish technology company. The proposed agreement could extend for 10 years.
During Tuesday's earnings call, CEO Aydin Kilic confirmed that negotiations included deposits, termination provisions and financing-related conditions.
“We do not want to rush into a deal just for the sake of reporting new top-line revenue,” Kilic said, according to the earnings call transcript.
HIVE intends to secure a definitive lease before arranging financing, potentially through corporate bonds. No completion date has been announced.
The proposed redevelopment would transform Big Boden into a high-density AI computing facility capable of accommodating approximately 10,000 NVIDIA GB300 GPUs.
The upgrade requires liquid-cooling infrastructure and substantial modifications to existing systems.
Although the facility has a 32-megawatt electricity connection, approximately 25 megawatts would support customer computing operations. Remaining capacity would power supporting infrastructure.
“This site has evolved from a GPU compute facility supporting Ethereum,” Kilic said when announcing the original proposal.
HIVE's expansion builds on its three-year AI computing agreement with Bell Canada and Cohere, signed in June and covering 2,304 NVIDIA GPUs.
According to the company, contracted GPU-cloud annualized run-rate revenue currently stands at USD 185 million. However, only USD 40 million is operational, while the remaining contracted capacity awaits deployment.
The proposed USD 45 million Boden opportunity is separate from these existing contracts and cannot yet be counted as secured revenue.
HIVE aims to generate approximately USD 700 million in annualized high-performance computing revenue by the end of 2028.
Achieving this target depends on financing, construction, customer commitments and successful deployment. For Big Boden, securing a binding lease remains the immediate priority before financing and redevelopment can proceed.
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