HIVE Digital Technologies said on Oct. 27 that its subsidiary BUZZ HPC secured a loan of about $129 million to buy 2,303 Nvidia GB200 graphics processing units (GPUs) used to train and run AI models. The full cluster costs about $165 million, so the loan covers roughly 80% of the price. The three-year loan carries a fixed 9% annual interest rate and comes from an unnamed institutional lender, secured by the GPUs themselves. HIVE says the loan will be repaid from revenue under its three-year, fixed-term contract with AI customer Cohere, first announced in June, after which HIVE will own the chips outright. President and CEO Aydin Kilic put the Cohere deal at $225 million in total contract value, including computing power plus connectivity and storage; HIVE had earlier disclosed $220 million for computing alone. Kilic said HIVE has signed $600 million of TCV for GPU cloud deals this year across three GPU off-take contracts. HIVE is funding the remainder of the cluster’s cost with money from 0% interest convertible bonds it issued earlier this year, and says it issues no new shares as part of this financing. The new GPUs are expected to arrive toward the end of the fourth quarter of 2026.