HIVE Digital Technologies plans 320 MW AI gigafactory in Toronto area

HIVE Digital Technologies announced plans to build a large-scale artificial intelligence (AI) gigafactory in the Greater Toronto Area, sparking a 33.1% surge in its stock price. The facility, led by HIVE’s subsidiary BUZZ High Performance Computing Inc., will occupy 25 acres and have a capacity of 320 megawatts, making it one of the largest AI-focused facilities in Canada with plans to support over 130,000 GPUs. This strategic location in the Toronto-Waterloo corridor, recognized as a major hub for AI and software talent, will leverage Ontario’s clean electricity grid and is projected to create over 800 construction jobs along with hundreds of permanent skilled positions once operational in late 2027.

HIVE Digital Technologies: HIVE Digital Technologies is a publicly traded data center and digital infrastructure company that builds and operates facilities for high-performance computing and AI workloads. In this news, HIVE is the parent company behind a new Canadian AI infrastructure expansion in the Greater Toronto Area, using its capital and operational platform to push further into AI compute hosting.
BUZZ High Performance Computing Inc.: BUZZ High Performance Computing is HIVE Digital Technologies’ wholly owned subsidiary focused on AI and HPC infrastructure. It is the direct developer of the new Greater Toronto Area project and is positioning the site as a major Canadian compute hub tied to the domestic AI ecosystem.

HPC market trend: Data center operators are increasingly adding large-scale GPU capacity to serve AI training and inference demand rather than only traditional cloud or colocation workloads.
Canadian AI corridor: The Toronto–Waterloo corridor is widely seen as one of Canada’s strongest AI and software talent clusters, anchored by the University of Toronto, the Vector Institute, and the University of Waterloo.
AI infrastructure buildout: Recent Canadian AI infrastructure announcements have emphasized sovereign compute, local talent access, and clean-power-backed data center design as key differentiators.