HIVE Digital Technologies reports its 32-megawatt Big Boden facility in Sweden could generate $45 million in annual AI colocation revenue. The proposed arrangement involves an unnamed, investment-grade Swedish technology company and contemplates a lease lasting up to 10 years. This potential income stream remains separate from the company’s existing $185 million in contracted GPU-cloud annualized revenue. CEO Aydin Kilic stated that parties are currently negotiating deposits, termination rights, and other terms that could affect financing costs. A lender’s consultant visited the site recently, confirming active progress on the project structure.
Retrofitting for high-density compute
The existing data center requires a substantial makeover to support the new workload. HIVE plans to retrofit the facility for up to 10,000 Nvidia GB300 GPUs, using liquid cooling to handle high-density computing racks. Although the site has a 32-megawatt utility connection, the proposed customer would receive approximately 25 megawatts of usable computing capacity. The remaining power supports essential data center operations. Kilic noted that the site "has evolved from a GPU compute facility supporting Ethereum," describing its planned conversion into a more powerful AI installation. This expansion follows HIVE’s broader effort to move beyond Bitcoin mining, a shift that has already produced several large GPU-cloud contracts.
Nonbinding terms and financial hurdles
The proposed 10-year arrangement remains nonbinding, with financing and final lease terms still under negotiation. HIVE expects to seek financing for the Boden project after securing a signed lease, potentially through corporate bonds. The company has not announced a completion date for negotiations. Kilic emphasized that they do not want to rush into a deal just for the sake of reporting new top-line revenue. Only $40 million of the current $185 million contracted run-rate is live, meaning the remainder represents contracted capacity that has not yet entered service. HIVE targets approximately $700 million in total high-performance computing annualized revenue by the end of 2028. That figure includes projects requiring additional financing, construction, and customer commitments. For Boden, the next milestone is securing a definitive lease before proceeding with project financing.
