HIVE Digital Technologies Ltd. (data center company) has signed a letter of intent with an investment-grade, sovereign Swedish technology company for a long-term high-performance computing colocation arrangement at its 32-megawatt facility in Boden data center, Sweden, the company announced.

The agreement, if converted into a definitive contract, would see the unnamed client lease the site for up to 10 years to host a colocation infrastructure built around up to 10,000 GB300 GPUs.

Terms of the Letter of Intent

The letter of intent is non-binding and remains subject to the negotiation and execution of a definitive agreement. Under the terms contemplated in the LOI, the arrangement would cover a usable critical IT load of approximately 25 megawatts, which corresponds to the facility's gross utility load of 32 megawatts. The term of the colocation lease is described as up to 10 years.

HIVE said it expects to retrofit the Boden facility to accommodate up to 10,000 GB300 GPUs, with single rack densities reaching up to 150 kilowatts per rack. The cooling infrastructure planned for the upgrade will use a hybrid approach combining direct-to-chip liquid cooling with air cooling.

The company said the client selected the Boden facility following rigorous site visits and technical due diligence. HIVE did not disclose the identity of the Swedish technology company but described it as an investment-grade, sovereign entity.

Boden Facility Background

HIVE has operated at the Boden facility since 2018 and has run approximately 130,000 GPUs in the region during that period. The company noted that the site was originally used for GPU compute supporting Ethereum and is now being repositioned as a high-power-density, liquid-cooled GPU colocation facility based on GB300 NVL72 architecture.

As previously announced, the Boden Municipal Council approved HIVE's acquisition of the Boden facility from Bodens Utvecklings AB. That acquisition forms the ownership foundation upon which the proposed long-term lease arrangement with the Swedish client is being structured.

Executive Commentary

Frank Holmes, Executive Chairman of HIVE, framed the announcement in terms of long-term infrastructure strategy and what he described as the growing importance of sovereign AI computing capacity.

"The nations that control the compute will shape the next century," Holmes said. "We built in Sweden when others were not looking at the Nordics, and an investment-grade, sovereign Swedish technology client committing to up to 10 years at this facility is the proof of what that patience delivers."

Holmes also referenced HIVE's broader international footprint, noting operations spanning Canada, Paraguay, and Sweden. "Sovereign AI infrastructure is one of the most important buildouts of our generation, and HIVE is building it," he said.

Aydin Kilic, President and Chief Executive Officer of HIVE, said the company views the Boden site as a strategic long-term asset. "This site has evolved from a GPU compute facility supporting Ethereum and now comes full circle as a high-power-density, liquid-cooled GPU facility based on GB300 NVL72 architecture," Kilic said.

He added that the company anticipates the arrangement contributing significant annual recurring revenue and described the potential deal as creating long-term stable cashflows as HIVE makes investments to upgrade the facility.

Johanna Thörnblad, Country Site President for Sweden at HIVE, described the signing of the letter of intent as both a commercial milestone and a symbol of the company's commitment to the Boden region.

"This project reinforces our commitment to supporting digital sovereignty while building world-class infrastructure that serves the long-term needs of Sweden," Thörnblad said.

Facility Specifications and Infrastructure Plans

The planned retrofit is designed to bring the Boden facility in line with the demands of modern high-performance computing workloads. The target of up to 10,000 GB300 GPUs, paired with rack densities of up to 150 kilowatts, represents a significant increase in power intensity compared to traditional data center configurations.

The hybrid cooling system, combining direct-to-chip liquid cooling with air cooling, is intended to manage the thermal requirements associated with those densities.

The 25-megawatt critical IT load figure represents the usable compute power available to the client within the facility's 32-megawatt gross utility capacity. HIVE said the critical IT load of approximately 25 megawatts is what the LOI specifically contemplates for HPC colocation use.

Company Context

Founded in 2017, HIVE Digital Technologies was among the first publicly listed companies to focus on mining digital assets using green energy. The company has since expanded into high-performance computing and operates Tier-I and Tier-III data centers across Canada, Sweden, and Paraguay. HIVE describes its infrastructure model as a dual engine combining hashrate services for Bitcoin mining with GPU-accelerated AI computing.

The Boden announcement marks a continuation of HIVE's efforts to reposition legacy cryptocurrency mining infrastructure toward HPC and AI colocation use cases.

The company noted that the clean power available at the Boden site and its nearly decade-long presence in the local community were factors that contributed to the client's decision to select the facility.

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