HIVE Targets $45 Million a Year From Swedish AI Data Center Lease

HIVE Digital Technologies expects a proposed AI lease at its Boden, Sweden data center to generate $45 million in annual revenue, CEO Aydin Kilic told investors during Tuesday's earnings call, laying out the economics of a deal that would anchor the Bitcoin miner's continued push into high-performance computing.

The arrangement involves an unnamed, investment-grade Swedish technology company and a lease of up to 10 years. HIVE first disclosed the proposal in June. Kilic said the parties are still negotiating deposits, termination rights and other terms that could affect financing costs, and that a lender's consultant visited the site the previous week.

What does the deal change for HIVE?

The $45 million figure is a projection tied to a lease that is not yet signed. Kilic was explicit about the sequencing: HIVE intends to secure a definitive lease first, then seek project financing for the Boden buildout, potentially through corporate bonds. The company has not announced a completion date for negotiations.

The CEO also set expectations deliberately. "We do not want to rush into a deal just for the sake of reporting new top-line revenue," Kilic said, according to the earnings call transcript. For practitioners, that framing signals the negotiation is being treated as a financing-grade contract, where termination rights and deposit structures matter as much as headline revenue for lenders underwriting the retrofit.

The site itself requires substantial work. HIVE plans to retrofit the existing facility for up to 10,000 Nvidia GB300 GPUs, deploying liquid cooling to handle high-density computing racks. The property holds a 32-megawatt utility connection, but the proposed customer would receive roughly 25 megawatts of usable computing capacity, with the remaining power reserved for data center operations.

From Ethereum mining to AI racks

The Boden site has already changed identities once. "This site has evolved from a GPU compute facility supporting Ethereum," Kilic said when HIVE announced the letter of intent, describing the planned conversion into a more powerful AI installation. The GB300 retrofit would mark its third operational life: Ethereum compute, then intermediate GPU hosting, now AI infrastructure.

The deal extends a pattern. In June, HIVE signed a three-year AI computing agreement with Bell Canada and Cohere covering 2,304 Nvidia GPUs, part of the same move beyond crypto mining. The commercial logic is straightforward: Bitcoin mining revenue is volatile and hardware depreciates on a brutal cycle, while long-dated leases to investment-grade tenants support debt financing against the same powered shell.

The revenue gap between contract and cash

HIVE's disclosed numbers show how much of the pivot remains in front of it. The company reports $185 million in contracted GPU-cloud annualized run-rate revenue, but only $40 million is live. The remaining $145 million represents contracted capacity that has not yet entered service — revenue that exists on paper until racks energize and customers begin consuming compute.

The company's larger target compounds that gap. HIVE aims for 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 that have not yet been secured. Against the $40 million currently live, the 2028 target implies scaling revenue more than seventeenfold in under four years.

Each pending item carries its own timeline risk. The Boden lease must be signed before project financing begins, and financing must close before the retrofit proceeds at full pace.

What comes next

For Boden, the critical milestone is a definitive lease. Once signed, HIVE can move to project financing, potentially in the bond market, and begin the conversion toward that 10,000-GPU configuration. Until the ink dries, the $45 million remains an estimate — and the 2028 target depends on deals like it closing, financing and construction staying on schedule, and contracted capacity entering service on time.