HIVE Digital Technologies is placing a very large bet that the future of its business looks less like proof-of-work and more like neural networks. The company has set a target of $200 million in annualized recurring revenue from its GPU AI cloud operations by the end of calendar year 2026, a figure that would represent a massive leap from its current contracted base.
As of March 31, 2026, HIVE’s contracted HPC and GPU ARR stood at roughly $35 million. Getting from $35 million to $200 million in under a year is ambitious.
The GPU buildout powering the target
The math behind the revenue goal starts with hardware. HIVE plans to roughly double its GPU fleet from approximately 5,500 units to around 11,000, effectively scaling its compute capacity to meet growing enterprise demand for AI infrastructure.
The company recently secured a $220 million sovereign AI GPU contract with Bell AI Fabric for Cohere Inc., a deal that provides the kind of multi-year revenue visibility that makes ambitious projections at least plausible.
