HIVE Digital Technologies says its Big Boden facility in Sweden could generate $45 million in annual revenue from an AI colocation deal. The 10-year arrangement is nonbinding, and financing and final lease terms are still under negotiation.
Bitcoin miner HIVE Digital Technologies is eyeing $45 million in annual revenue from an AI data center in Sweden, but it has not secured a final lease. The company reiterated in its latest earnings update that the 32-megawatt Big Boden facility could generate the sum through a long-term colocation arrangement.
That revenue depends on a definitive agreement, financing, facility upgrades, and the project entering service. HIVE first disclosed the proposal in June, involving an unnamed, investment-grade Swedish technology company and a lease of up to 10 years.
Lease terms and financing still open
During Tuesday's earnings call, CEO Aydin Kilic said the parties were negotiating deposits, termination rights, and other terms that could affect financing costs. A lender's consultant had visited the site the previous week, he said.
Kilic also said HIVE does not want to rush into a deal just to report new top-line revenue. HIVE expects to seek financing for the project after securing a signed lease, potentially through corporate bonds. The company has not announced a completion date for negotiations.
From crypto mining to AI infrastructure
Beyond the lease, the existing data center would need a substantial makeover. HIVE plans to retrofit it for up to 10,000 Nvidia GB300 GPUs, using liquid cooling to handle high-density computing racks.
Although the facility has a 32-megawatt utility connection, the proposed customer would receive approximately 25 megawatts of usable computing capacity. The remaining power would support data center operations.
Separately, the project does not belong to HIVE's existing GPU-cloud business. In June, HIVE signed a three-year AI computing agreement with Bell Canada and Cohere covering 2,304 Nvidia GPUs. The company now reports $185 million in contracted GPU-cloud annualized run-rate revenue, although only $40 million is live.
HIVE is targeting approximately $700 million in total high-performance computing annualized revenue by the end of 2028, a figure that includes projects requiring additional financing, construction, and customer commitments. For Boden, the next milestone is a definitive lease.
Source: Decrypt
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