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Mark Cuban’s line landed as a joke, but it carried a thesis. Speaking on the All-In podcast, the Dallas Mavericks minority owner and Dallas Flash pickleball team co-owner predicted that as AI models and data centers become more efficient, much of today’s frantic buildout will look redundant, and that “a lot of data centers are going to be turned into pickleball courts.” Meanwhile, in northern Utah, that abstract skepticism now has a concrete case study: Kevin O’Leary’s roughly $100 billion Stratos Project has been forced into a real-world diet, and the fallout is still spreading.

Cuban’s Warning: Planning for Perfection Cuban was careful to say he does not think the AI boom is another dot-com-style bubble, describing the scale as narrower and the potential fallout more contained. His worry is downstream: if efficiency gains outrun demand, the overbuild could still “destroy” venture capital funds, hedge funds, and private equity firms that have underwritten the boom. Big Tech, he argued, is borrowing heavily and committing to years of capital expenditure, a stance he called “planning for perfection.”

The macro backdrop makes his math harder to dismiss. The 10-year Treasury yield sits at 4.67% as of July 22, 2026, near its 12-month high. For projects with multi-year debt stacks, every basis point compounds.

The Stratos Project Meets Utah Politics O’Leary’s venture in Box Elder County, north of the Great Salt Lake, was originally pitched as an AI campus spanning more than 40,000 acres with a power demand of roughly 9 gigawatts, promising about 2,000 permanent jobs and a Pentagon-linked national security angle. Box Elder County approved it in May 2026.

The state pushed back almost immediately. Utah Senate President Stuart Adams called for a 75% reduction in the footprint, and Governor Spencer Cox signed an executive order on May 29, 2026 requiring proper state evaluation of large data center proposals. O’Leary first called the demands “outrageous,” then reversed and agreed to shrink the site from roughly 40,000 acres to just over 20,000. He later conceded in an interview: “The two of us really screwed this up initially… We made huge mistakes… We pissed off a lot of people, and that’s not the way I do business.”

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Water, the Lake, and a Lawsuit The binding constraint was water. Utah’s Great Salt Lake has been shrinking for years, and residents were not eager to let a 9-gigawatt server farm draw from a stressed basin. Data center cooling is thirsty work: U.S. facilities consumed an estimated 66 billion liters of water in 2023, per the Department of Energy, with an indirect footprint from electricity generation of nearly 800 billion liters. O’Leary pledged industry-leading water technology and committed any excess supply to the lake itself.

The story is still live. On July 17, 2026, two Utah advocacy groups sued O’Leary and Fox News for defamation after he claimed, without evidence and later walked back, that opposition to the project was funded by the Chinese Communist Party.

What to Watch Cuban’s pickleball court prediction may or may not age well. The rest of the sector is still leaning in: OpenAI announced a 3.2 gigawatt campus in Effingham County, Georgia, and Hut 8 (NASDAQ:HUT) secured a $9.8 billion lease for its Texas campus this week. But Stratos is what Cuban’s warning looks like when it meets zoning boards, governors, and a drying lake. The signal to watch next quarter is whether other mega-sites, in Texas, Georgia, and Wyoming, run into their own Stuart Adams before a shovel hits the dirt.

If You'd Bought Amazon When the Motley Fool Said To…In September 2002, Stock Advisor told subscribers to buy Amazon. In December 2004, Netflix. In April 2005, Nvidia. The newsletter still publishes two new stock picks every month — and over 23 years, has more than quadrupled the S&P 500. Here's how to get this month's picks:

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Posted by Defense World Staff on Jul 24th, 2026

Atika Capital Management LLC acquired a new stake in shares of Hut 8 Corp. (NASDAQ:HUT – Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 49,300 shares of the company’s stock, valued at approximately $2,313,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. GAMMA Investing LLC bought a new position in shares of Hut 8 in the fourth quarter worth about $30,000. Imprint Wealth LLC purchased a new stake in Hut 8 in the 4th quarter worth approximately $38,000. Russell Investments Group Ltd. increased its holdings in Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after acquiring an additional 1,719 shares in the last quarter. Harbor Investment Advisory LLC bought a new stake in Hut 8 during the 1st quarter worth approximately $47,000. Finally, Activest Wealth Management bought a new stake in Hut 8 during the 4th quarter worth approximately $49,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 News Roundup Here are the key news stories impacting Hut 8 this week:

Positive Sentiment: Benchmark raised its price target on Hut 8 to $195 from $165 and reiterated a buy rating, signaling additional upside after the stock’s recent rally. Benchmark Raises Hut 8 Price Target For Second Time In A Week Positive Sentiment: Needham lifted its target to $145 after Hut 8 secured a second Beacon Point AI lease, reinforcing investor confidence in the company’s pivot toward AI data centers. Needham lifts Hut 8 target to $145 after second Beacon Point AI lease Positive Sentiment: Benchmark also highlighted Hut 8’s new $9.8 billion AI infrastructure deal, which materially increases contracted capacity and supports the company’s transition from bitcoin mining toward higher-value AI data center operations. Benchmark Raises Hut 8 Price Target After Bitcoin Miner Signs $9.8 Billion AI Data Center Deal Positive Sentiment: Rosenblatt Securities initiated or reiterated a Buy rating on Hut 8, adding to the bullish sentiment around the stock. Hut 8 (NASDAQ:HUT) Earns “Buy” Rating from Rosenblatt Securities Neutral Sentiment: Investor attention is also being drawn to elevated call-option activity, suggesting traders are positioning for continued volatility around the stock. Investors Buy Large Volume of Call Options on Hut 8 (NASDAQ:HUT) Wall Street Analyst Weigh In HUT has been the subject of a number of recent analyst reports. Needham & Company LLC upped their price target on shares of Hut 8 from $128.00 to $145.00 and gave the stock a “buy” rating in a research report on Monday. Citizens Jmp raised their price objective on shares of Hut 8 from $100.00 to $140.00 and gave the company a “market outperform” rating in a research report on Thursday, May 7th. Piper Sandler lifted their target price on shares of Hut 8 from $93.00 to $127.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Northland Securities set a $120.00 target price on shares of Hut 8 in a report on Thursday, May 7th. Finally, Jefferies Financial Group assumed coverage on shares of Hut 8 in a report on Thursday, May 14th. They issued a “buy” rating and a $156.00 target price for the company. Eighteen equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $133.10.

Get Our Latest Research Report on HUT

Hut 8 Stock Up 7.1% HUT opened at $117.67 on Friday. The firm has a 50-day simple moving average of $111.44 and a two-hundred day simple moving average of $79.09. Hut 8 Corp. has a 52 week low of $18.68 and a 52 week high of $140.80. The company has a market capitalization of $13.25 billion, a PE ratio of -39.22 and a beta of 4.62. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12.

Hut 8 (NASDAQ:HUT – Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. The firm had revenue of $139.31 million for the quarter, compared to analysts’ expectations of $78.53 million. Analysts forecast that Hut 8 Corp. will post -1.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Hut 8 In related news, insider Victor Semah sold 10,518 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $76.83, for a total value of $808,097.94. Following the completion of the transaction, the insider owned 41,378 shares of the company’s stock, valued at approximately $3,179,071.74. This trade represents a 20.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joseph Flinn sold 30,500 shares of Hut 8 stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $116.21, for a total value of $3,544,405.00. Following the completion of the transaction, the director owned 18,238 shares of the company’s stock, valued at approximately $2,119,437.98. This represents a 62.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 112,724 shares of company stock valued at $12,184,340. Corporate insiders own 10.40% of the company’s stock.

About Hut 8 (Free Report)

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.

Featured Stories Five stocks we like better than Hut 8 Premium Retail’s Stress Test Is Separating Winners From Losers D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? GE Vernova Just Sent a Mixed AI Signal to Investors Alphabet Crushed Earnings, But One Number Spooked the Market Want to see what other hedge funds are holding HUT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hut 8 Corp. (NASDAQ:HUT – Free Report).

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Hut 8 Today

$111.79 +2.81 (+2.58%)

As of 10:26 AM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$18.68▼

$140.80Price Target$121.26

When artificial intelligence (AI) models scale, they require an astonishing amount of electricity. Silicon Valley can design the fastest chips in the world, but without the physical power grid to turn them on, those chips are completely sidelined.

That reality is actively repricing the digital infrastructure market, and savvy market participants are watching a wealth transfer unfold from software developers to energy landlords.

Get Hut 8 alerts:

Hut 8 NASDAQ: HUT just provided a textbook example of this structural shift, securing a 15-year, $9.8 billion mega-lease that fundamentally alters the enterprise's valuation profile.

Flipping the Switch on a $9.8B LeaseThe immediate catalyst driving Hut 8's shares up 16% in recent trading sessions is the commercialization of its Beacon Point campus in Nueces County, Texas. Hut 8 locked down a second triple-net lease for 352 megawatts of IT capacity.

For those evaluating commercial real estate mechanics, a triple-net lease requires the tenant to cover all property expenses, including taxes, insurance, and maintenance. This specific structure protects the landlord's profit margins and creates highly predictable, utility-like cash flows.

The tenant, an unnamed high-investment-grade enterprise that also executed the Phase 1 lease, has now doubled its contracted footprint at the Texas site to 704 megawatts. By designing the second phase of this data hall around NVIDIA's NASDAQ: NVDA DSX reference architecture, Hut 8 is explicitly building for gigawatt-scale AI infrastructure.

Traditional data centers typically run rack power densities of 10 to 15 kilowatts. Artificial intelligence processing generates substantially more heat and requires specialized rack densities that frequently exceed 40 kilowatts. Designing specifically for NVIDIA infrastructure ensures the real estate commands top-tier premium pricing.

This transaction effectively transforms Hut 8 into an energy arbitrageur. The infrastructure provider is taking raw, low-cost utility interconnects in Texas and packaging them into specialized, high-margin hyperscaler real estate. The base-term contract value for the full 1,000-megawatt campus now stands at $19.6 billion. If the tenant exercises all three of its five-year renewal options, the gross campus-level contract value could scale to $50.2 billion.

Short-Circuiting the Crypto CyclesUnderstanding this transition requires examining the legacy business model closely. For years, Bitcoin (BTC) mining stocks traded as high-beta proxies for the broader cryptocurrency market. When digital asset prices fell, the related equities suffered heavy institutional selling.

The first-quarter 2026 earnings report from Hut 8 highlighted this exact financial vulnerability. Despite revenue of $139.31 million, which beat consensus estimates, the company reported an earnings-per-share loss of $1.98. The primary culprit was a $295.7 million unrealized loss on digital assets held on the balance sheet.

That extreme cyclicality makes it difficult for traditional institutional investors to underwrite long-term cash flow models. The Beacon Point transaction changes that calculus entirely. With total contracted IT capacity across the AI data center portfolio reaching 949 megawatts, management expects average annual net operating income to exceed $1.75 billion upon full stabilization.

By securing long-term revenue streams backed by high-investment-grade counterparties, the operational business begins to decouple from Bitcoin's price. The legacy crypto treasury will continue to cause short-term balance-sheet friction, but the underlying business is rapidly transitioning to a highly dependable cash-generating utility model.

Why Power Is the Ultimate AI ChokepointTo grasp why hyperscalers are willing to sign $9.8 billion leases, investors must look at the broader macroeconomic picture. Compute hardware is no longer the primary chokepoint of the artificial intelligence revolution. Raw power access holds that title today. Training next-generation large language models requires gigawatt-level infrastructure, and the domestic power grid is struggling to meet that immediate demand.

Companies that previously secured large utility interconnects for cryptocurrency mining find themselves holding the exact asset Big Tech desperately needs. We are seeing this theme validate itself across the entire sector. TeraWulf NASDAQ: WULF recently achieved a market capitalization of approximately $9 billion to $10 billion after securing an AI infrastructure deal. Core Scientific NASDAQ: CORZ currently trades at a $7.1 billion valuation, driven by high-density colocation demand.

Hut 8 holds a distinct competitive advantage through pure scale. Offering 1,000 megawatts of utility capacity at a single location under an interconnection agreement with AEP Texas creates a formidable economic moat. It saves hyperscalers the logistical nightmare of distributing their compute clusters across dozens of smaller, fragmented data centers.

Fast-Tracking the Greenfield GridThe velocity of this transition is equally compelling. Management noted that Hut 8 took the Beacon Point greenfield site from its very first lease to full commercialization in a matter of months. That aggressive timeline signals a clear intent to apply this exact origination and delivery model across the remaining development pipeline.

The executive team is also utilizing strategic financial engineering to support the equity value during this transition phase. Hut 8 recently initiated a $250 million stock repurchase program, targeting up to 5% of the outstanding common stock. Retiring shares before the anticipated 2028 cash flows from Phase 2 hit the balance sheet is a highly accretive move for long-term shareholders.

Options market data reflects the magnitude of this corporate pivot. Implied volatility remains elevated in the 113% to 115% range, with single-session call volume frequently spiking well above historical averages. While short interest remains relatively healthy at roughly 12.5% of the float, the fundamental shift toward long-term real estate contracts limits the downside thesis for bearish traders. Insider trading data shows $12.2 million in executive sales over the trailing 90 days. This warrants mild observation, though it likely reflects standard portfolio rebalancing after a 120% year-to-date run rather than a lack of conviction in the forward-looking cash flows.

Powering Up a Long-Term TransitionThe execution of this second mega-lease proves that energy infrastructure platforms can successfully reposition themselves at the very top of the artificial intelligence food chain. By converting legacy power agreements into high-margin, long-term contracts, Hut 8 is building a financial profile more like that of a premier commercial real estate investment trust than a volatile crypto miner.

Those navigating the digital infrastructure sector might want to monitor how quickly the new lease revenues eclipse the legacy digital asset balance sheet. The real test will be the initial energization scheduled for early 2027 and the expected Phase 2 data hall delivery in 2028.

Investors with a long-term time horizon may consider evaluating Hut 8 as a pure-play energy arbitrage asset. However, cautious market participants should remain aware of the short-term earnings volatility tied to the remaining cryptocurrency exposure.

Should You Invest $1,000 in Hut 8 Right Now?Before you consider Hut 8, you'll want to hear this.

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The S&P 500 (^GSPC 0.19%) slipped 0.19% to 7,443, the Nasdaq Composite (^IXIC 0.05%) edged 0.05% lower to 25,508, and the Dow Jones Industrial Average (^DJI 0.59%) lost 0.59% to 51,839 as an early-session semiconductor rally lost steam amid mounting geopolitical concerns.

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Gold prices gained 0.10% to $4,008.09 as of U.S. market close, and the 10-Year Treasury yield gained 0.02% to 4.59%. Communications and energy stocks led gainers, while technology and industrials fell the most.

Today's biggest movesAlphabet gained over 3% in intraday trading following reports of a new internal AI chip, before slipping back slightly. Hut 8 surged after announcing a $9.8 billion (artificial intelligence) AI data center lease. Semiconductor and AI infrastructure stocks edged upwards, with Advanced Micro Devices, Micron Technology, Intel, and Coherent all rising. Nike shares fell as geopolitical tensions weighed on global consumer sentiment.

What this means for investorsEscalating U.S.-Iran tensions drove crude oil higher, taking WTI crude to almost $83 per barrel and boosting energy stocks such as Chevron and ExxonMobil. Tech leaders such as Nvidia seemed to erase last week’s losses this morning. However, broader pressure outweighed early resilience, and many heavyweights finished the day with only slight gains.

A slew of earnings due this week from many major companies will give investors more information on the AI trade. Tech stocks could fall further if companies can’t justifiy AI spending levels and think the rally has run its course.  However, strong earnings could ease current jitters and see stocks rebound on renewed optimism.

Emma Newbery has positions in Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Chevron, Coherent, Intel, Micron Technology, Nike, and Nvidia. The Motley Fool has a disclosure policy.

15-year, 352 MW IT lease doubles the existing high-investment-grade tenant's contracted capacity to 704 MW

Total contracted IT capacity across Hut 8's AI data center portfolio rises to 949 MW, supported by 1,330 MW of utility capacity, with aggregate base-term contract value of $26.6 billion and average annual NOI of more than $1.75 billion

100% of Hut 8's contracted AI data center capacity is leased to or backstopped by investment-grade counterparties

Renewal options increase potential campus-level contract value to $50.2 billion

, /PRNewswire/ -- Hut 8 Corp. (Nasdaq, TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies, today announced the commercialization of the second phase of its one-gigawatt Beacon Point data center campus in Nueces County, Texas through a second 15-year, $9.8 billion lease (the "Agreement") for 352 megawatts (MW) of IT capacity (the "Transaction"). The tenant, the high-investment-grade company that executed the Phase 1 lease, has doubled its contracted IT capacity at the campus to 704 MW. The Transaction fully commercializes the Beacon Point campus against its 1,000 MW of utility capacity, secured under an interconnection agreement with AEP Texas for electric delivery service.

Rendering of Hut 8's fully commercialized Beacon Point data center campus in Nueces County, Texas Transaction Highlights

Lease Structure: Triple net (NNN) lease executed on substantially the same terms as the Phase 1 lease. Tenant Profile: High-investment-grade company; the Phase 1 tenant. Compute Architecture: Hut 8 to deliver a second 352 MW AI factory designed to NVIDIA's DSX reference architecture for gigawatt-scale AI infrastructure supported by 500 MW of utility capacity. Base-Term Contract Value: $9.8 billion over a 15-year base lease term, inclusive of a 3.0% annual base rent escalator; base-term contract value for the full 1,000 MW campus rises to $19.6 billion. NOI Contribution: Expected cumulative NOI contribution of $9.8 billion over the base term, or an average of $655 million per year upon stabilization; average annual NOI for the full 1,000 MW campus rises to $1.31 billion. Upside Economics: Three 5-year renewal options per lease increase potential campus-level contract value to $50.2 billion if all options are exercised. Delivery Timeline: Initial Phase 2 data hall delivery expected in Q2 2028. Full Commercialization Driven by Power-First Development Model

With the Transaction, Beacon Point becomes Hut 8's first fully commercialized AI data center campus. The Company secured the site, contracted the campus in full with investment-grade cash flows, financed Phase 1 with investment-grade debt, and commenced construction. Together, these stages demonstrate structural features of the Company's disciplined, power-first development model, from origination through delivery:

Power-first underwriting preserves optionality across end markets: Initially underwritten on a speed-to-power thesis to serve Hut 8's affiliated customer, American Bitcoin Corp., Beacon Point is now fully contracted under two 15-year AI leases to a high-investment-grade counterparty. First-principles approach to design and partnership supports efficient commercialization: Hut 8 has designed the campus around its tenant's evolving requirements throughout development, including a redesign of the first data hall for Phase 1 to NVIDIA's DSX reference architecture, enabling 57% more IT capacity within the same land and utility footprint. With this second lease, the tenant doubled its contracted capacity on substantially the same terms. Partnership-driven execution model mitigates execution risk: The campus's full 1,000 MW of utility capacity is secured under an interconnection agreement with AEP Texas for electric delivery service, and no incremental capacity is required to serve the Phase 2 lease. Hut 8 will implement the partnership-driven model first implemented at River Bend and Beacon Point Phase 1 to deliver the site. Site preparation is underway, and long-lead critical equipment has been procured. Initial energization remains on schedule for Q1 2027. Asher Genoot, CEO of Hut 8, said, "The real test of our power-first approach is what our partners are willing to commit against it. Our tenant at Beacon Point chose to double its footprint at the site, the strongest validation an asset can receive. We took this greenfield site from first lease to full commercialization in just months. That speaks to the quality of the sites we originate, the credibility of our delivery, and the long-term orientation of our partnerships. The opportunity ahead of us is to apply the same model across our development pipeline."

Contracted Portfolio Highlights

Contracted Capacity: Total contracted IT capacity across Hut 8's AI data center portfolio of 949 MW, comprising 704 MW at Beacon Point and 245 MW at River Bend. Contract Value and NOI Contribution: Cumulative base-term contract value across Hut 8's AI data center portfolio of $26.6 billion, with expected average annual NOI of more than $1.75 billion. Counterparty Credit: 100% of Hut 8's AI data center portfolio is leased to or backstopped by investment-grade counterparties. Stock Repurchase Program

On December 4, 2024, as part of its capital management strategy, the Company launched a $250.0 million stock repurchase program (the "Stock Repurchase Program") with respect to its common stock, par value $0.01 per share (the "Common Stock"). Under the Stock Repurchase Program, the Company may repurchase up to 6,159,439 shares of Common Stock (representing 5.0% of the current issued and outstanding Common Stock) in the next twelve months. The Company expects that any repurchases will be made through the facilities of Nasdaq at prevailing market prices, in accordance with applicable securities laws.

Non-GAAP Financial Measures

This press release includes a non-GAAP financial measure, expected net operating income (NOI) contribution, which the Company defines as expected lease revenue for a particular lease less any non-reimbursable operating expenses attributable to the leased property. The Company's management team uses expected NOI contribution to measure the expected operating performance of a particular lease. Operating income is the GAAP measure most directly comparable to expected NOI contribution. In evaluating expected NOI contribution, you should be aware that in the future the Company may incur non-reimbursable lease operating expenses that are not currently known. The Company's presentation of expected NOI contribution should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. Expected NOI contribution has important limitations as an analytical tool and you should not consider expected NOI contribution in isolation or as a substitute for analysis of results as reported under GAAP. For example, expected NOI contribution excludes the impact of selling, general and administrative expenses and depreciation and amortization, which have real economic effect and could materially impact the Company's consolidated financial results. Other companies, including Real Estate Investment Trusts, may calculate expected NOI contribution differently than the Company does and, accordingly, the Company's expected NOI contribution may not be comparable to similar measures published by such companies. No reconciliation of expected NOI contribution is included in this press release because the Company is unable to quantify certain amounts that would be required to be included in operating income without unreasonable efforts as such quantification would imply a degree of precision that would be confusing or misleading to investors.

Additional Transaction Information and Upcoming Communications

Hut 8 has made available on its website an investor presentation with further details regarding the Transaction.

For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company's website, hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

About Hut 8

Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies such as AI, high-performance computing, and ASIC compute. The Company develops, commercializes, and operates industrial-scale energy and data center infrastructure through a power-first, innovation-driven approach. For more information, visit hut8.com.

Cautionary Note Regarding Forward-Looking Information

This press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to  the terms, value, and expected benefits of the Transaction and the Agreement, including expected contract value, NOI contribution, and potential value from renewal options, the timing of development, construction, energization, and delivery of the Beacon Point campus, the expected capacity of the campus, the Company's development pipeline, and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "allow," "believe," "estimate," "expect," "predict," "can, "might," "potential," "is designed to," "likely," or similar expressions.  

Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, risks relating to the construction of new data centers, including cost overruns, delays, supply chain issues, permitting or regulatory hurdles, unexpected technical challenges, and dependency on contractors; risks relating to the financing of new data centers, including the potential dilutive impact of equity issuances (if any), access to capital markets, timing and cost of financing, and market conditions such as increases in interest rates, declining equity valuations, volatility in credit markets, or tightening lending standards; risks impacting our ability to expand the power capacity at the River Bend campus, such as limitations of transmission and/or generation resources; failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at sec.gov and SEDAR+ profile at sedarplus.ca.

SOURCE Hut 8 Corp.

The $9.8B Lease Doubles IT CapacityThe 15-year triple net lease is valued at $9.8 billion over its base term, inclusive of a 3.0% annual base rent escalator, and doubles the existing tenant’s contracted IT capacity at the campus to 704 MW. The tenant — a high-investment-grade company that also executed the Phase 1 lease — will be served by a second 352 MW AI factory designed to NVIDIA’s DSX reference architecture.

The transaction fully commercializes Beacon Point against its 1,000 MW of utility capacity, secured under an interconnection agreement with AEP Texas. Initial Phase 2 data hall delivery is expected in the second quarter of 2028, with three five-year renewal options that could increase potential campus-level contract value to $50.2 billion if all are exercised.

“We took this greenfield site from first lease to full commercialization in just months,” said Asher Genoot, CEO of Hut 8. “That speaks to the quality of the sites we originate, the credibility of our delivery, and the long-term orientation of our partnerships. The opportunity ahead of us is to apply the same model across our development pipeline.”

Portfolio HighlightsHut Shares Climb HigherHUT Price Action: At the time of publication, Hut shares are trading 11.56% higher at $102.02, according to data from Benzinga Pro.

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As the race for computing power intensifies, investors are looking for the best way to play the digital infrastructure boom. Choosing between Hut 8 Corp (HUT +9.42%) and Riot Platforms Inc (RIOT +6.11%) requires understanding their pivot toward high-density workloads.

Hut 8 operates as a diversified compute infrastructure provider with assets across North America, while Riot Platforms focuses on large-scale, vertically integrated data center development. Both companies are navigating the shift from pure Bitcoin mining to supporting artificial intelligence and high-performance computing applications.

The case for Hut 8 CorpHut 8 develops and manages power and digital infrastructure, including data centers and cloud services. The company operates through several segments, including its Hut 8 Canada unit, which provides colocation services to more than 200 enterprise customers. This pivot is attracting attention within the broader fintech stocks landscape as the company focuses on energy-intensive compute workloads.

A major highlight of its strategy is a 15-year lease for its River Bend campus AI data center, a deal valued at approximately $7 billion. This long-term relationship serves as a primary revenue source. In FY 2025, the company reported revenue of nearly $235.1 million, an increase of 45% from the prior year. The company also reported a net loss of approximately $226.1 million for the same period, a swing from net income of more than $338 million in 2024.

As of its December 2025 balance sheet, the company maintains a debt-to-equity ratio of nearly 0.3x. This ratio measures total debt relative to shareholder equity, indicating a relatively conservative use of borrowed funds. For the previous 12 months, free cash flow was negative $132.6 million, calculated by subtracting capital expenditures from cash flow from operations.

The case for Riot PlatformsRiot Platforms operates large-scale data centers with a focus on vertical integration across mining, engineering, and fabrication. The company primarily operates out of facilities in central Texas and Kentucky, serving major power markets. A key differentiator is its strategic shift toward high-performance computing, evidenced by a 10-year data center lease with Advanced Micro Devices (AMD +7.91%) at its Rockdale facility.

The company is also exploring advanced energy solutions, including a collaboration with Terrestrial Energy to study molten salt nuclear reactors for future data centers. In FY 2025, Riot Platforms reported revenue of nearly $647.4 million, reflecting a revenue growth increase of nearly 72%. Despite the growth in sales, the company reported a net loss of roughly $663.2 million for the fiscal year, a swing from $109 million netincome in 2024.

According to its December 2025 balance sheet, the debt-to-equity ratio is approximately 0.3x. This indicates that for every dollar of equity, the company carries roughly 30 cents of total debt. Free cash flow for the period reached negative $774.3 million as the company continued to invest heavily in its data center infrastructure and expansion projects.

Risk profile comparisonHut 8 faces significant risks from Bitcoin price volatility, which directly affects its financial results given its large holdings. The business is also heavily dependent on reliable electrical power, particularly at its sites in Texas and Louisiana, where grid constraints can force operational shutdowns. Furthermore, the company faces intense competition from other players for access to the power and land required for high-density AI workloads. A previously noted legal risk related to a 2023 merger was resolved through a settlement of roughly $2.35 million in mid-2026.

Riot Platforms is currently defending an intellectual property lawsuit over its data center cooling technology, brought by Green Revolution Cooling Inc. Like its peers, the company is highly sensitive to the power market, specifically to regulatory orders from the Electricity Reliability Committee of Texas (ERCOT) that could curtail operations in that state. Profitability remains concentrated in Bitcoin mining, making it vulnerable to price drops or increased mining difficulty. There is also the risk of executing its pivot to large-scale AI data centers, as any failure to manage the technical transition could hurt financial performance relative to competitors like Marathon Digital Holdings (MARA +6.53%).

Valuation comparisonRiot Platforms currently trades at significantly lower earnings and sales multiples than Hut 8, suggesting a more conservative valuation relative to future earnings estimates.

MetricHut 8Riot PlatformsSector BenchmarkForward P/E84.8x20.9x17.3xP/S ratio36.7x11.7xn/aSector benchmark uses the SPDR XLF sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?Two years ago, Hut 8 set about transforming its business from a Bitcoin miner to an energy- and AI data center-focused company. Management spun out its Bitcoin holding subsidiary as its own traded entity, American Bitcoin (ABTC +3.67%). Hut 8 still controls the majority of that business, but the move was to simplify the story of Hut 8 transformation into a data center and associated energy production developer. Basically, its model is to develop new data centers with on-site energy production, securing revenue from long-term leases. While Hut 8 is working to pitch investors on an explainable developer model, the business’s financials are still affected by the subsidiary’s Bitcoin operations, which get included in Hut 8’s accounting. The drop in Bitcoin’s price in 2025, which is marked to market for the period, accounts for much of the net loss.

Similarly, Riot Platforms is transitioning itself to a data center operator, while also being highly invested in the Bitcoin space. The company continues to mine for Bitcoin while using the digital currency as an asset to help finance its data center developments. Its first major deal, with AMD, is a prototype of what it expects to do with other companies, developing a data center with co-located energy resources. Like Hut 8, Riot’s books are still affected by the price of Bitcoin, with the marking to market of its Bitcoin holdings responsible for much of the net loss for fiscal 2025.

Both businesses are moving headlong into AI to diversify away from the boom-and-bust, increasingly expensive world of Bitcoin mining. Hut 8 controls about $675 million in Bitcoin while Riot controls more than $900 million, at recent prices. Both businesses remain highly dependent on currency prices. The plus side is that those assets can be used to secure financing for the capital-intensive development of data centers and to backstop the value of the companies themselves. The price-to-book value of Riot is 3.5x while the price-to-book value for Hut 8 is 7.9x. Book value is a rough estimate of what the business is worth if it were liquidated.

Wall Street analysts see Hut 8 growing revenue faster than Riot, with consensus revenue near $ 1.4 billion in 2030. For Riot, analysts project revenue will jump to $1.9 billion in 2029. But beware: both estimates are highly speculative and depend on businesses executing their AI and energy plans well.

Right now, Riot Platforms, with its cheaper price-to-sales and cheaper price-to-book, is the choice to make in 2026.

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Transition aligns Board leadership with Hut 8's continued focus on building an enduring, generational business at the intersection of energy and technology

O'Neal, former Chairman and Chief Executive Officer of Merrill Lynch & Co., brings decades of senior executive leadership and public-company governance experience to the role

Founding Chair William Tai remains a director and a member of the Nominating and Governance Committee

, /PRNewswire/ -- Hut 8 Corp. (Nasdaq, TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies, today announced the appointment of E. Stanley (Stan) O'Neal as Chair of the Board of Directors, effective immediately. O'Neal, an independent director of the Company since November 2023, succeeds William (Bill) Tai, who will continue to serve as a director and as a member of the Nominating and Governance Committee.

William (Bill) Tai, left, Founding Chair and Independent Director of Hut 8, and E. Stanley O'Neal, Chair of the Board of Directors of Hut 8 Asher Genoot, CEO of Hut 8, said: "Our ambition is to build at the intersection of energy and next-generation technologies for decades to come. We are grateful to Bill, Hut's founding Chair, for stewarding us through the formative years that have positioned us to pursue this ambition, and we welcome Stan to the Chair for the stretch ahead. Stan led one of the world's largest financial institutions and has served on our board since the early days of US Bitcoin Corp. As Chair, he will lead the board with the discipline and judgment required of a major institutional leader and the firsthand perspective developed through years with the Company."

E. Stanley O'Neal, Chair of the Board of Hut 8, said: "The reorganization of capital around energy, digital infrastructure, and compute is among the largest I have seen in my career. At this scale of capital deployment, advantage accrues to operators whose position is structural. Hut 8 has built such a position with intent: a power-first foundation, an engineering discipline rooted in first principles, and an operating model proven across evolving markets. The Board will continue to work with management, providing oversight and governance aligned with the demands of a business operating at Hut 8's scale and ambition."

Bill Tai, Independent Director of Hut 8, said: "I've spent my career backing companies at the frontier of technology, and few transformations have been as remarkable as the one Hut 8 has made — from its earliest days as a pioneering startup to the institutional platform it is today. Chairing this Board through that growth has been one of the great privileges of my career. I could not be more excited to hand the Chair to Stan, who has served beside me on this Board for years. I do so with full confidence in him, and in Asher and Mike, who have built something rare, with the potential to become one of the category-defining companies of our time."

About E. Stanley O'Neal

E. Stanley O'Neal has served on the Hut 8 Board since November 2023 and previously served as a director of U.S. Data Mining Group, Inc. ("US Bitcoin Corp") from March 2021 through its merger with Hut 8 Mining Corp. O'Neal is former Chairman and Chief Executive Officer of Merrill Lynch & Co., Inc. He was named Chief Executive Officer in 2002 and elected Chairman in 2003, serving in both positions until October 2007. O'Neal currently serves on the boards of Clearway Energy, Inc., Element Solutions, Inc. and served previously on the board of directors of General Motors from 2001 to 2006 and on the board of directors of Arconic from 2008 (through Arconic's predecessor, Alcoa) to August 2023. He also served as director of American Beacon Advisors, Inc. from 2009 to September 2012.

About William (Bill) Tai

William (Bill) Tai served as Chair of the Hut 8 Board from November 2023 to June 2026 and previously served as a director and Chair of Hut 8 Mining Corp. from March 2018 through its merger with US Bitcoin Corp. He is a venture capitalist and was an early investor in high-profile start-ups including Canva, Color Genomics, Dapper Labs, SafetyCulture, TweetDeck, and Zoom Video. Tai has co-founded several successful technology companies including IPInfusion and Treasure Data Inc., where he served as Chairman. He has served as a director of seven publicly listed companies.

2026 Director Election Results

On June 11, 2026, Hut 8 held its 2026 Annual Meeting of Stockholders (the "Meeting").  At the Meeting, each of the eight nominees listed in the Company's definitive proxy statement dated April 28, 2026 was elected as a director of the Company to hold office until the next annual meeting of stockholders or until his or her successor is duly elected or appointed, subject to earlier resignation or removal. Of the 70,859,886 total votes cast (including abstentions), the votes cast "for" each director were as follows: 

Nominee 

  For              

Joseph Flinn 

69,524,014

Asher Genoot 

70,536,078

Michael Ho 

70,530,325

E. Stanley O'Neal 

65,940,165

Carl J. (Rick) Rickertsen       

70,370,263

Mayo A. Shattuck III 

63,437,474

William Tai 

68,982,263

Amy Wilkinson 

62,429,791

Final voting results on all matters voted on at the Meeting will be filed on Form 8-K with the U.S. Securities and Exchange Commission and on SEDAR+.

About Hut 8

Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies such as AI, high-performance computing, and ASIC compute. The Company develops, commercializes, and operates industrial-scale energy and data center infrastructure through a power-first, innovation-driven approach. For more information, visit hut8.com.

Cautionary Note Regarding Forward-Looking Information 

This press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company's leadership and governance succession, the Company's development pipeline, and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "allow," "believe," "estimate," "expect," "predict," "can, "might," "potential," "is designed to," "likely," or similar expressions. 

Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, risks relating to the construction of new data centers, including cost overruns, delays, supply chain issues, permitting or regulatory hurdles, unexpected technical challenges, and dependency on contractors; risks relating to the financing of new data centers, including the potential dilutive impact of equity issuances (if any), access to capital markets, timing and cost of financing, and market conditions such as increases in interest rates, declining equity valuations, volatility in credit markets, or tightening lending standards; risks impacting our ability to expand the power capacity at the River Bend campus, such as limitations of transmission and/or generation resources; failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at sec.gov and SEDAR+ profile at sedarplus.ca. 

SOURCE Hut 8 Corp.

Hut 8 Corp. has transitioned from a mid-tier Bitcoin miner to a leading AI infrastructure provider with $16.8B in contracted, triple-net lease revenues. HUT's power-first strategy secured 15-year, take-or-pay leases at Beacon Point and River Bend, locking in multi-decade NOI visibility before GPU deployment. Investment-grade, non-recourse $3.25B bond financing and $1.3B liquidity underpin HUT's balance sheet, supporting further growth and risk mitigation.

Hut 8 Corp. (NASDAQ:HUT) shares are trading lower Thursday. The move follows a nearly 35% surge during Wednesday's session. Investors appear to be taking profits after the company hit new 52-week highs.

The Nasdaq is up 0.24% while the S&P 500 has gained 0.03%.

Post-Rally Cooling PeriodThe retreat comes after a landmark Wednesday. The stock soared 34.80% to $108.52. This followed news of a 15-year lease agreement for its Beacon Point campus.

Massive AI Contract ValueThe deal involves 352 megawatts of IT capacity. Hut 8 noted the contract carries $9.8 billion in base-term contract value. This could reach $25.1 billion if the tenant exercises all renewal options. The tenant remains a confidential, high-investment-grade entity focused on AI training.

Strategic Infrastructure ShiftAnalysts are watching the pivot from Bitcoin (CRYPTO: BTC) mining to high-performance computing.

Earnings and Sector MomentumHut 8 reported first quarter revenue of $71 million on Wednesday. Most of this came from its Compute division. While the company posted a net loss of $253.1 million, the market prioritized its $16.8 billion aggregate contract backlog.

HUT Stock Price Activity: Hut 8 shares were down 9.71% at $98.36 at the time of publication on Thursday, according to Benzinga Pro data.

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Shares of IREN Limited (NASDAQ:IREN) are climbing Friday, extending a powerful run after the company unveiled a transformational partnership with NVIDIA (NASDAQ:NVDA | NVDA Price Prediction). IREN stock changed hands near $61, building on a 5% opening pop.

The reaction follows an 8-K filed May 7 at 9:05 p.m. ET detailing a $3.4 billion AI Cloud contract alongside a five-year option for NVIDIA to take an equity stake worth up to $2.1 billion. The disclosure has reframed IREN as a marquee AI infrastructure name, not just a Bitcoin miner.

The move caps a remarkable stretch. IREN stock is up 38% over the past week, 71% over the past month, and 813% over the past year, with a market cap now hovering around $20.84 billion.

NVIDIA Deal Powers the Surge The headline catalyst is a five-year, $3.4 billion AI Cloud contract for air-cooled Blackwell GPUs, anchoring a broader 5-gigawatt strategic infrastructure partnership. NVIDIA also received a five-year right to acquire up to 30 million IREN shares at $70 each, an option that could deliver roughly $2.1 billion in fresh capital if fully exercised.

That equity option is the tell. NVIDIA doesn’t tie its incentives to a partner casually, and a $70 strike sits notably above today’s quote, signaling conviction in IREN’s multi-year buildout. CEO Daniel Roberts framed the moment bluntly, stating:

The world is structurally short compute… We also signed a 5-year, $3.4bn AI Cloud contract with NVIDIA and entered into a broader strategic partnership that further validates IREN’s key role in the AI infrastructure ecosystem.

The earnings report itself was mixed. IREN posted Q3 FY2026 revenue of $144.8 million against a $219.29 million consensus, with a net loss of $247.8 million that included a $140.4 million non-cash impairment tied to decommissioned mining hardware. AI Cloud revenue, however, nearly doubled sequentially to $33.6 million. For broader context on the AI infrastructure buildout, see our recent coverage of NVIDIA’s AI infrastructure outlook.

The Pivot Reshapes the Peer Group This is the most dramatic miner-to-AI pivot the market has seen, and it puts IREN in direct conversation with Hut 8 (NASDAQ:HUT), whose own AI shift includes a 15-year, $7.0 billion Fluidstack lease backstopped by Alphabet‘s (NASDAQ:GOOGL) Google. Hut 8 stock is actually down 2% in early trading, a hint that capital may be rotating toward the freshest NVIDIA-validated story.

NVDA stock is also rising, up 2% as investors digest the strategic logic of locking in power-constrained capacity. NVIDIA closed Thursday at $211.50, with a market cap near $5.14 trillion, so the dollar size of the IREN tie-up matters less than the message it sends about GPU placement strategy.

Reddit sentiment captures the mood shift. IREN’s aggregate sentiment score jumped to 82, classified as very bullish, with the deal headline drawing 106 upvotes on r/stocks. NVDA discussion across r/WallStreetBets ran even hotter, hitting a sentiment score of 92 at the announcement window.

The Bear Case Hasn’t Gone Away The bull case rests on IREN’s targets: $3.7 billion in annualized recurring revenue by the end of CY2026, $3.1 billion ARR already under contract, and a power footprint scaling to 1,210 megawatts by 2027. IREN’s cash sits at a healthy $2.6 billion, providing real runway for the buildout.

IREN stock’s bear case is the earnings report itself. Bitcoin (CRYPTO:BTC) mining revenue dropped to $111.2 million from $167.4 million sequentially, and a multi-gigawatt AI deployment carries enormous capital intensity and dilution risk. The forward P/E ratio of 63x leaves little room for execution slippage.

What to Watch The first test is whether IREN stock holds today’s premarket gains into the close, with the $76.87 52-week high in sight. Investors should track the early-2027 ramp on the NVIDIA contract and quarterly progress toward the 150,000 GPU fleet target.

Sell-side context on IREN is constructive but not unanimous. The current analyst target sits at $70.40, with 10 buy ratings against two strong sell ratings, a split that captures the genuine debate here. The next analyst notes following the call could move the stock as much as the deal itself.

Investment expected to increase long-term system capacity alongside development of River Bend AI data center campus

, /PRNewswire/ -- Hut 8 Corp. (Nasdaq, TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases, today announced an agreement with West Feliciana Parish, Louisiana, to invest approximately $16 million to expand local water system capacity in connection with the development of its River Bend AI data center campus. The investment includes the construction of a new water well, approximately eight miles of water main, and other system enhancements, which will be transferred to the parish upon completion, expected in the second half of 2026, at no cost to taxpayers.

These improvements are expected to expand system capacity and reliability across West Feliciana Parish, with the potential to benefit more than 4,000 households and more than 200 employer establishments, based on U.S. Census Bureau data1. The investment aligns with broader efforts across Louisiana to strengthen water infrastructure, including the state's $750 million Water Sector Program, established to fund repairs and upgrades to community water systems. By expanding core system capacity through private investment, the project is also expected to help preserve public funding capacity for other infrastructure priorities across the parish.

The River Bend campus is expected to deliver significant economic impact to the Capital Region. Phase 1 alone represents a multibillion-dollar capital investment, ranking among the largest planned private infrastructure projects in the state's history. At peak construction, Hut 8 anticipates approximately 1,000 construction workers on-site. Once operational, Phase 1 is expected to support at least 75 direct permanent jobs and approximately 193 indirect jobs, or 268 jobs in total.

At River Bend, Hut 8 is expanding the local water system while designing its facilities to minimize demand on it. The campus will use a closed loop cooling system that significantly reduces ongoing water requirements and relies on water outside the residential aquifer, with no impact to the local water supply.

Asher Genoot, Chief Executive Officer of Hut 8, said: "We build infrastructure for communities, not just for ourselves. At River Bend, that means strengthening the water system the parish depends on rather than straining it. As the United States scales AI infrastructure, we believe this approach will set the standard for how AI infrastructure is developed in communities across the country."

Kenny Havard, Parish President of West Feliciana Parish, said: "This is a real investment in the infrastructure our parish needs. It will strengthen our water system and expand service in areas that need it most without adding cost for our residents. It puts us in a position to handle future growth in the right way while protecting the resources our community depends on."

The River Bend campus is part of Hut 8's integrated North American energy and digital infrastructure platform, developed in partnership with public and private sector stakeholders.

Source: U.S. Census Bureau, American Community Survey 2024 5-Year Estimates, Table DP02, and County Business Patterns 2023, Table CB2300CBP About Hut 8

Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies such as AI, high-performance computing, and ASIC compute. The Company develops, commercializes, and operates industrial-scale energy and data center infrastructure through a power-first, innovation-driven approach. For more information, visit hut8.com.

Cautionary Note Regarding Forward-Looking Information

This press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the terms, value, features and expected benefits of the water infrastructure investment, including the expected completion and timing of the infrastructure improvements, the expected system capacity, impact and benefits to West Feliciana Parish and the Capital Region of Hut 8's water infrastructure investment and the River Bend project, Hut 8's potential expansion plans for the River Bend site, the Company's development pipeline, and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "allow," "believe," "estimate," "expect," "predict," "can," "might," "potential," "is designed to," "likely," or similar expressions.

Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, risks relating to the construction of new data centers, including cost overruns, delays, supply chain issues, permitting or regulatory hurdles, unexpected technical challenges, and dependency on contractors; risks relating to the financing of new data centers, including the potential dilutive impact of equity issuances (if any), access to capital markets, timing and cost of financing, and market conditions such as increases in interest rates, declining equity valuations, volatility in credit markets, or tightening lending standards; risks impacting our ability to expand the power capacity at the River Bend campus, such as limitations of transmission and/or generation resources; failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at sec.gov and SEDAR+ profile at sedarplus.ca.

SOURCE Hut 8 Corp.

Eidelman most recently led investor relations at NextEra Energy after 17 years in corporate and investment banking at J.P. Morgan

Appointment follows the contracting of $16.8 billion in data center lease revenue and the closing of a landmark investment-grade construction bond issuance as the Company pursues a corporate investment-grade rating

, /PRNewswire/ -- Hut 8 Corp. (Nasdaq, TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies, today announced the appointment of Mark Eidelman as Head of Investor Relations and Senior Vice President of Strategic Finance. Eidelman will report to CFO Sean Glennan and lead the Company's strategic finance and investor relations functions.

Mark Eidelman, Head of Investor Relations and Senior Vice President of Strategic Finance at Hut 8 Before joining Hut 8, Eidelman led investor relations at NextEra Energy, where he owned the company's equity narrative and global investor relationships. He was ranked #2 Investor Relations Professional in Utilities on Extel's 2025 All-America Executive Team. Prior to that role, he led the M&A and joint ventures team at NextEra Energy Transmission.

Eidelman has 17 years of experience in corporate and investment banking at J.P. Morgan, most recently as a managing director. In that role, he led the execution of more than $75 billion in debt, equity, and structured financings and advised public and private clients on capital structure, M&A, and strategic transactions, primarily in the power, utility, and renewables industries.

Asher Genoot, CEO of Hut 8, said: "Our ambition is to build one of the defining businesses of this era at the intersection of energy and technology. As we advance our power-first strategy, contracting institutional-grade infrastructure at scale and pursuing a corporate investment-grade rating, our priority is to deepen institutional sponsorship and lower our cost of capital over time. That demands a leader who has operated at the highest levels of both infrastructure finance and institutional capital markets. Mark is that leader, and his appointment reflects the strength of what we have built and the scale of what we intend to build."

Sean Glennan, CFO of Hut 8, said: "What distinguishes Mark is the full arc of his career — from structuring some of the most complex transactions in the power sector at J.P. Morgan to representing NextEra Energy's investment case to the most sophisticated institutional capital in the world. His experience on both sides of the capital markets relationship gives him a fluency not only in how to present a capital story but also in how to engage rating agencies as we pursue a corporate investment-grade rating, how to build relationships with long-duration capital, and how to establish a company's position in the institutional capital markets. We could not be more confident in his ability to lead that work for Hut 8."

Mark Eidelman, Head of Investor Relations and Senior Vice President of Strategic Finance at Hut 8, said: "Growing demand for power across AI and other energy-intensive technologies is reshaping infrastructure markets and creating new opportunities for differentiated platforms. I believe Hut 8 is uniquely positioned to continue to capitalize on this structural shift. I look forward to working closely with Asher, Sean and the rest of the leadership team as we execute on the Company's growth strategy and continue building long-term shareholder value."

About Hut 8

Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies such as AI, high-performance computing, and ASIC compute. The Company develops, commercializes, and operates industrial-scale energy and data center infrastructure through a power-first, innovation-driven approach. For more information, visit hut8.com.

Cautionary Note Regarding Forward-Looking Information 

This press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company's strategic priorities, institutional capital markets strategy, efforts to strengthen its credit profile, pursuit of a corporate investment-grade rating, capital allocation and financing initiatives, access to capital, cost of capital, development pipeline,  future business strategy, competitive strengths, expansion and growth plans more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "allow," "believe," "estimate," "expect," "predict," "can, "might," "potential," "is designed to," "likely," or similar expressions. 

Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, risks relating to the construction of new data centers, including cost overruns, delays, supply chain issues, permitting or regulatory hurdles, unexpected technical challenges, and dependency on contractors; risks relating to the financing of new data centers, including the potential dilutive impact of equity issuances (if any), access to capital markets, timing and cost of financing, and market conditions such as increases in interest rates, declining equity valuations, volatility in credit markets, or tightening lending standards; risks impacting our ability to expand the power capacity at the River Bend campus, such as limitations of transmission and/or generation resources; failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at sec.gov and SEDAR+ profile at sedarplus.ca. 

SOURCE Hut 8 Corp.

Fully amortizing project financing due 2042; non-recourse to Hut 8 Corp.

, /PRNewswire/ -- Hut 8 Corp. (Nasdaq, TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies, today announced that its wholly-owned subsidiary, Beacon Point DC LLC (the "Issuer"), has priced a $4.25 billion private offering (the "Offering") of 6.129% senior secured notes due 2042 (the "Notes"). The Notes will be offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to non-U.S. persons in reliance on Regulation S thereunder. The Offering is expected to close on June 9, 2026, subject to market and other conditions. There can be no assurance that the Offering will be completed on the terms described herein or at all.

The Issuer intends to use the proceeds from the Offering to (i) finance (1) the development and construction of a turnkey data center, comprising six data halls with a combined total of 352 megawatts of critical IT capacity, to be built on an approximately 521-acre property in Nueces County, Texas (the "Property") and (2) the construction of the substation located on the Property (together, the "Project"), which data center facility will be leased to a tenant that is a high-investment-grade company (i.e., rated AA- or higher) as of the date hereof (the "Tenant") pursuant to the Data Center Lease Agreement (as amended by the First Amendment to Data Center Lease Agreement, the "Lease"), (ii) fund debt service reserves, and (iii) pay fees and expenses in connection with the Offering.

The Notes will bear interest at a rate of 6.129% per annum payable semi-annually in cash in arrears on May 30 and November 30 of each year, beginning on November 30, 2026 and will mature on November 30, 2042. The Notes will be fully amortizing with amortization payments payable semi-annually beginning on May 30, 2030.

The Notes will constitute senior secured obligations of the Issuer and will be secured by first-priority liens on substantially all assets of the Issuer, other than certain excluded property, as well as a pledge of the equity interests in the Issuer held by Beacon Point Holding LLC, the direct parent company of the Issuer. The Notes are non-recourse to Hut 8.

The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction, and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and any applicable state securities laws. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in reliance on Regulation S thereunder.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Hut 8

Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies such as AI, high-performance computing, and ASIC compute. The Company develops, commercializes, and operates industrial-scale energy and data center infrastructure through a power-first, innovation-driven approach.

Cautionary Note Regarding Forward-Looking Information

This press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company and the Issuer expect or anticipate will or may occur in the future, including statements relating to the Project and the terms of the Offering and the use of proceeds therefrom, the Company's development pipeline, and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "allow," "believe," "estimate," "expect," "predict," "can," "might," "potential," "is designed to," "likely," or similar expressions.

Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by the Company as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, risks relating to the construction of new data centers (including the Project), including cost overruns, delays, supply chain issues, permitting or regulatory hurdles, unexpected technical challenges, and dependency on contractors; risks relating to the financing of new data centers (including the Project), including the potential dilutive impact of equity issuances (if any), access to capital markets, timing and cost of financing, and market conditions such as increases in interest rates, declining equity valuations, volatility in credit markets, or tightening lending standards; risks impacting our ability to expand the power capacity at the Beacon Point AI data center campus, such as limitations of transmission and/or generation resources; failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; predicting facility requirements; strategic alliances or joint ventures; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca. Information in this press release is as of the dates and time periods indicated herein, and neither the Company nor the Issuer undertake to update any of the information contained in these materials, except as required by law.

SOURCE Hut 8 Corp.

Hut 8's second investment-grade data center construction bond — fully amortizing, non-recourse, and non-dilutive — rated Baa2 and priced 20 basis points inside the River Bend notes issuance spread

Substantially oversubscribed, broadening Hut 8's institutional credit investor base and bringing cumulative project-level, investment-grade data center construction financing to $7.5 billion

, /PRNewswire/ -- Hut 8 Corp. (Nasdaq: HUT) (TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies, today announced the closing of a $4.25 billion offering (the "Offering") of 6.129% senior secured notes due 2042 (the "Notes") issued by its wholly-owned subsidiary, Beacon Point DC LLC (the "Issuer"). The Notes are rated Baa2 by Moody's Ratings, one notch above the BBB− assigned by S&P Global Ratings and Fitch Ratings to Hut 8's River Bend financing in April 2026.

The Issuer intends to use the proceeds from the Offering to (i) finance (1) the development and construction of a turnkey data center, comprising six data halls with a combined total of 352 megawatts of critical IT capacity, to be built on an approximately 521-acre property in Nueces County, Texas and (2) the construction of the substation located on the property, which data center facility will be leased to a tenant that is a high-investment-grade company (i.e., rated AA− or higher) as of the date hereof pursuant to the data center lease agreement, (ii) fund debt service reserves, and (iii) pay fees and expenses in connection with the Offering.

Offering Highlights

Demonstrates the repeatability of an investment-grade financing model that preserves balance-sheet strength: The Offering marks the second execution of a financing model that is non-recourse to Hut 8, fully funded at the project level, and non-dilutive to existing shareholders, with no expected equity issuance by Hut 8 to fund the project. The fully amortizing structure eliminates refinancing risk at the project level, while its non-recourse profile allows Hut 8 to maintain zero recourse debt at the parent level, leaving its balance sheet unconstrained. Reflects disciplined, first-principles execution marked by improved rating, pricing, and scale: The Offering improves upon the first execution of the model at River Bend across rating and spread. At T+165 basis points, the Notes priced 20 basis points inside the River Bend notes issuance spread. These terms establish the Offering as the largest, tightest-priced, and highest-rated investment-grade bond issued to date in a single-sponsor data center construction financing. Across successive executions, this progression supports Hut 8's pursuit of a corporate investment-grade profile. Confirms broadening institutional endorsement of Hut 8's development financing model: Investor demand validates Hut 8's model of financing investment-grade, construction-stage development. The Offering was substantially oversubscribed and attracted both repeat investors and new investors who did not participate in the River Bend offering, broadening Hut 8's institutional credit investor base. Together, River Bend and Beacon Point represent $7.5 billion of investment-grade capital raised for construction-stage data center development, a credit standard rarely achieved prior to commercial operations. Asher Genoot, CEO of Hut 8, said: "The investment-grade market has historically not been available to finance project-level data center construction. Together with our River Bend offering, this Offering establishes the ability of our data center projects to access investment-grade financing markets and demonstrates a repeatable model for funding construction-stage development. We believe this structure, which eliminates refinancing risk and protects shareholder value, can support a durable competitive advantage as we continue to scale."

Sean Glennan, CFO of Hut 8, said: "The hallmark of this financing model is repeatability. What enables us to deliver superior outcomes over time, however, is rigor of execution. Each term of the Offering was structured from first principles rather than inherited from the prior offering. Beacon Point improves on River Bend across key financing metrics, including rating and spread. We intend to bring that same discipline to future transactions."

J.P. Morgan acted as lead bookrunner for the Offering. Goldman Sachs & Co. LLC acted as a bookrunner for the Offering.

About Hut 8Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies such as AI, high-performance computing, and ASIC compute. The Company develops, commercializes, and operates industrial-scale energy and data center infrastructure through a power-first, innovation-driven approach. For more information, visit hut8.com.

Cautionary Note Regarding Forward-Looking Information

This press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the anticipated use of proceeds from the Offering, the development and construction of the Beacon Point project, the expected benefits and repeatability of the Company's financing model, the Company's pursuit of a corporate investment-grade profile, the Company's development pipeline, and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "allow," "believe," "estimate," "expect," "predict," "can, "might," "potential," "is designed to," "likely," or similar expressions.

Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, risks relating to the construction of new data centers, including cost overruns, delays, supply chain issues, permitting or regulatory hurdles, unexpected technical challenges, and dependency on contractors; risks relating to the financing of new data centers, including the potential dilutive impact of equity issuances (if any), access to capital markets, timing and cost of financing, and market conditions such as increases in interest rates, declining equity valuations, volatility in credit markets, or tightening lending standards; risks impacting our ability to expand the power capacity at the River Bend campus, such as limitations of transmission and/or generation resources; failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at sec.gov and SEDAR+ profile at sedarplus.ca. Information in this press release is as of the dates and time periods indicated herein, and neither the Company nor the Issuer undertake to update any of the information contained in these materials, except as required by law.

SOURCE Hut 8 Corp.