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Hut 8s AI-Data-Center Push Rewrites Its Bitcoin-Mining Legacy
From bitcoin to AI: Hut 8 Corp. (NASDAQ: HUT) is shedding its early‑day mining identity in favor of a new role as a large‑scale AI data‑center operator.
The company has secured $3.25 billion of non‑recourse, investment‑grade financing for its River Bend campus in Louisiana and $4.25 billion for its Beacon Point campus in Texas. In May 2026, Hut 8 signed a 15‑year, 352‑MW lease at Beacon Point with a base‑term contract value of $9.8 billion, and a 245‑MW lease at River Bend with a $7 billion value. Together, the contracted AI capacity reaches 597 MW, generating $16.8 billion of aggregate base‑term revenue and a projected $1.109 billion of average annual net operating income once both sites are fully operational.
Founded in 2016 as a bitcoin‑mining company and listed on the Toronto Stock Exchange before moving to Nasdaq, Hut 8’s original model hinged on low‑cost renewable power for ASIC miners. In 2025 the firm announced a strategic pivot to AI compute, citing higher margins and a more stable revenue stream from institutional tenants. The shift is reflected in its public filings, which now describe Hut 8 as an “energy infrastructure platform integrating power, digital infrastructure, and compute at scale.”
River Bend’s financing was structured as 16.5‑year senior secured notes with a 6.192% coupon and a 95% loan‑to‑cost ratio. The notes are fully amortizing and non‑dilutive, preserving equity holders’ stakes. Beacon Point’s $4.25 billion senior secured note was issued to a consortium of institutional investors, also non‑recourse and fully amortizing. Both deals, completed through FalconX and other market makers, lowered Hut 8’s borrowing costs and released roughly 3,300 bitcoins that had been held as collateral.
Lease agreements form the backbone of the company’s valuation. Beacon Point’s triple‑net, take‑or‑pay contract is with an unnamed high‑investment‑grade tenant, while the River Bend lease—signed in December 2025—covers 245 MW of IT load and is backed by a $7 billion base‑term value. The two leases together deliver a stable, long‑term revenue stream largely insulated from bitcoin price volatility.
Despite the new focus, market participants still price Hut 8 largely as a crypto‑beta stock. As of June 8, 2026, the share traded at $119.60, with a trailing P/E of 28.26 and a forward P/E of 84.75 according to Yahoo Finance. Analysts note that the current market capitalization does not fully capture the projected NOI and the scale of the AI infrastructure. A bullish view argues that, once construction, power, and tenant concentration risks are absorbed, Hut 8’s AI assets could justify higher valuation multiples.
Looking ahead, Hut 8 plans to commercialize additional phases of its AI campuses through 2027. The firm has announced intentions to energize the remaining portions of the River Bend and Beacon Point sites and has secured commitments from several institutional tenants. Investors will watch the company’s earnings releases for updates on lease occupancy, construction progress, and the impact of the new financing on cash flow.
In summary, Hut 8 is transitioning from a volatile bitcoin‑mining business to a more predictable AI data‑center operator. The recent financing and lease agreements provide a solid foundation for future growth, but the market remains cautious. Upcoming quarterly earnings, lease renewal dates, and any further financing or tenant announcements will be pivotal in determining whether the stock’s valuation adjusts to reflect its new infrastructure profile.
The company has secured $3.25 billion of non‑recourse, investment‑grade financing for its River Bend campus in Louisiana and $4.25 billion for its Beacon Point campus in Texas. In May 2026, Hut 8 signed a 15‑year, 352‑MW lease at Beacon Point with a base‑term contract value of $9.8 billion, and a 245‑MW lease at River Bend with a $7 billion value. Together, the contracted AI capacity reaches 597 MW, generating $16.8 billion of aggregate base‑term revenue and a projected $1.109 billion of average annual net operating income once both sites are fully operational.
Founded in 2016 as a bitcoin‑mining company and listed on the Toronto Stock Exchange before moving to Nasdaq, Hut 8’s original model hinged on low‑cost renewable power for ASIC miners. In 2025 the firm announced a strategic pivot to AI compute, citing higher margins and a more stable revenue stream from institutional tenants. The shift is reflected in its public filings, which now describe Hut 8 as an “energy infrastructure platform integrating power, digital infrastructure, and compute at scale.”
River Bend’s financing was structured as 16.5‑year senior secured notes with a 6.192% coupon and a 95% loan‑to‑cost ratio. The notes are fully amortizing and non‑dilutive, preserving equity holders’ stakes. Beacon Point’s $4.25 billion senior secured note was issued to a consortium of institutional investors, also non‑recourse and fully amortizing. Both deals, completed through FalconX and other market makers, lowered Hut 8’s borrowing costs and released roughly 3,300 bitcoins that had been held as collateral.
Lease agreements form the backbone of the company’s valuation. Beacon Point’s triple‑net, take‑or‑pay contract is with an unnamed high‑investment‑grade tenant, while the River Bend lease—signed in December 2025—covers 245 MW of IT load and is backed by a $7 billion base‑term value. The two leases together deliver a stable, long‑term revenue stream largely insulated from bitcoin price volatility.
Despite the new focus, market participants still price Hut 8 largely as a crypto‑beta stock. As of June 8, 2026, the share traded at $119.60, with a trailing P/E of 28.26 and a forward P/E of 84.75 according to Yahoo Finance. Analysts note that the current market capitalization does not fully capture the projected NOI and the scale of the AI infrastructure. A bullish view argues that, once construction, power, and tenant concentration risks are absorbed, Hut 8’s AI assets could justify higher valuation multiples.
Looking ahead, Hut 8 plans to commercialize additional phases of its AI campuses through 2027. The firm has announced intentions to energize the remaining portions of the River Bend and Beacon Point sites and has secured commitments from several institutional tenants. Investors will watch the company’s earnings releases for updates on lease occupancy, construction progress, and the impact of the new financing on cash flow.
In summary, Hut 8 is transitioning from a volatile bitcoin‑mining business to a more predictable AI data‑center operator. The recent financing and lease agreements provide a solid foundation for future growth, but the market remains cautious. Upcoming quarterly earnings, lease renewal dates, and any further financing or tenant announcements will be pivotal in determining whether the stock’s valuation adjusts to reflect its new infrastructure profile.
