HIVE Digital Technologies just announced plans to build a 320 MW AI data center in Ontario’s Greater Toronto Area, a facility the company is calling a “gigafactory” that would house more than 100,000 GPUs at full capacity. The project carries a targeted investment of CAD $3.5 billion, roughly $2.5 billion USD, making it one of the largest AI infrastructure bets by a company that built its name mining Bitcoin.
Investors apparently liked what they heard. HIVE’s stock surged 25-28% immediately following the May 18 announcement.
What HIVE is actually building
The company acquired approximately 25 acres of land in the Toronto-Waterloo corridor for CAD $58 million. HIVE has secured a 320 MW power allocation from Ontario’s clean energy grid, which includes nuclear, hydro, and renewable sources.
The facility will use closed-loop cooling systems designed to minimize water consumption. Operations are projected to begin in the second half of 2027. The build is expected to create more than 800 construction jobs along with hundreds of permanent skilled positions once operational.
