Dually-Listed AI Infrastructure Play Moving on $3.5B Gigafactory Plan

2026-05-18 12:01:00 ET

The race to build domestic AI infrastructure is accelerating as governments and enterprises recognize that access to computing power may become just as strategically important as energy or manufacturing capacity. As artificial intelligence adoption expands, companies positioned to supply the infrastructure behind those workloads are drawing increasing investor attention.

Shares of HIVE Digital Technologies Ltd. ( NASDAQ: HIVE ) ( TSX: HIVE ) are moving sharply higher Monday in the U.S. after the company announced plans through its wholly owned subsidiary, BUZZ High Performance Computing Inc., to develop one of Canada’s largest AI gigafactories in the Greater Toronto Area. Toronto markets are closed for the holiday.

The planned facility is backed by approximately 320 megawatts of utility capacity and is expected to host more than 100,000 GPUs at full buildout, positioning it as a major sovereign AI infrastructure project within Canada’s growing technology ecosystem.

To support the project, BUZZ acquired approximately 25 contiguous acres in the Toronto-Waterloo innovation corridor for a combined $58 million. The location places the development near major AI research institutions, enterprise customers, and critical network infrastructure.

Total capital investment is expected to reach approximately CAD $3.5 billion, with the facility targeted to come online in the second half of 2027. Construction is expected to create more than 800 jobs, with several hundred permanent high-skill roles once operational.

The company said the facility will be powered by Ontario’s clean electricity grid and designed with closed-loop cooling systems aligned with its sustainability initiatives.

The announcement significantly expands HIVE’s AI infrastructure footprint. Including the GTA project, the company now controls more than 850 MW globally, consisting of 450 MW of operating data centers and an additional 400 MW pipeline expected online by 2027.

Management said that combined infrastructure, including its existing New Brunswick operations, could support roughly 130,000 GPUs, strengthening HIVE’s positioning in enterprise AI cloud computing alongside its legacy digital asset mining business.

Shares of HIVE are up 28.7% to $3.46 in Monday morning Nasdaq trading.

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