HIVE Digital secures $129M loan to build Cohere AI cluster

The former Bitcoin miner is financing a $165 million NVIDIA GPU cluster through debt, with no new shares issued HIVE Digital Technologies has lined up roughly $129 million in fixed-rate debt to buy the GPUs behind its sovereign AI contract with Cohere. The company announced the facility on Wednesday. The loan carries a 9% fixed rate over three years. At the end of that run, HIVE owns the hardware outright, with no balloon payment waiting at the finish line. The deal, piece by piece The credit facility was signed by BUZZ Alpha Cloud Inc., an indirect HIVE subsidiary, with an institutional lender. It closed on October 27, 2026. The money funds a $165 million NVIDIA GB200 NVL72 cluster made up of 2,303 GPUs. That puts the loan at approximately 80% loan-to-cost, meaning the lender covers most of the bill and HIVE supplies the rest. The cluster serves a three-year contract with Cohere valued at approximately $225 million. HIVE first announced that agreement on June 18, 2026. So the contract is worth more than the cluster costs to build. HIVE plans to repay the loan from the revenue the Cohere deal generates, essentially letting the customer fund the hardware over time. The facility is b...