HIVE drops $58M on Toronto land for a 320MW AI gigafactory — shares rocket 40%!

HIVE Digital Technologies spent $58 million acquiring roughly 25 acres of land in the Toronto area to build one of Canada's largest AI compute facilities, sending shares as high as 40% on the day. The acquisition, executed through HIVE's BUZZ High Performance Computing subsidiary, covers a 21-acre primary site for $46 million and an adjacent 4-acre parcel for $12 million.

When fully equipped, the facility is expected to support 320 megawatts of capacity and more than 100,000 GPUs — a scale HIVE is calling a 'gigafactory.' The move follows a $115 million capital raise just two weeks prior, earmarked for expanding HIVE's global data center and GPU footprint across Canada, Sweden, and Paraguay.

'Compute is the new engine of the AI economy,' said Craig Tavares, BUZZ HPC's president. 'If Canada wants to lead in AI, we need to build the factories that produce intelligence here at home.'…