Hive Digital Technologies signed a $350 million artificial-intelligence cloud service agreement to provide AI-infrastructure cluster to an investment grade enterprise customer.

The sustainable digital infrastructure company on Monday said the five-year agreement is through its wholly owned subsidiary Buzz High Performance Computing, under which it will deliver a cluster of 2,016 Nvidia Blackwell Ultra GPUs using Nvidia's reference architecture to support large-scale AI training and workloads.

The cluster is expected to become operational later this year at the Bell AI Fabric facility in Merritt, British Columbia.

Hive said the contract adds about $70 million in annualized revenue, bringing Buzz's total annualized revenue to around $180 million. Hive will keep ownership of the Nvidia AI infrastructure, which it said will create a long-lived strategic asset with potential for continued cashflows.

The company expects total capital expenditures for the project to be around $185 million.