HUT
Hut 8
Summary
What they do:
Hut 8 develops and operates AI data center infrastructure across 19 sites in North America, anchored by a 245MW River Bend campus in Louisiana leased to Fluidstack/Anthropic with Google financial backstop under a $7B, 15-year triple-net lease.
Why they matter:
HUT's 8.5GW development pipeline and $7B Anthropic/Google-backed contract make it the most aggressively expanding miner-to-AI-host operator, with the strongest counterparty backing in the layer (Google financial guarantee).
Recent performance:
FY2025 revenue $235.1M (+45% YoY), Q4 revenue $88.5M (+179% YoY), gross margin expanded to 60%; stock ~$66, market cap ~$8.0B. Net loss of $248M driven by $220M unrealized Bitcoin mark-to-market losses.
Our Verdict
The most ambitious miner-to-AI-infrastructure pivot with an 8.5GW pipeline and Google-backed Anthropic lease, trading at a premium that reflects both the scale of the opportunity and the execution risk of converting a development pipeline 35x larger than current operational capacity.
Structural trends
Structural
65
/ 100
Moat
5/10
Pipeline Scale + Google Backstop
AI Exp.AI Exposure
High~40% AI
Play Type
EmergingAI Growth
~179% YoY
Rel. Value
34
FAIRPriceLIVE
$71.74
+2.84%
Live via Yahoo Finance · refreshes every 5 min
Market Cap
$8.0B
P/E Ratio
N/A
P/S Ratio
33.8x
52W High
$74.65
52W Low
$10.61
52W Chg
576.2%
Beta
5.71
Hut 8 has undergone one of the most dramatic transformations in the L24 layer. Originally a Canadian Bitcoin miner, the company merged with US Bitcoin Corp in late 2023 and redomiciled to the US, creating a combined entity with a large power portfolio and data center footprint. By early 2026, the pivot to AI infrastructure was nearly complete — the company now operates across 19 sites targeting 2.5GW of capacity with an 8.5GW development pipeline.
The centerpiece is River Bend, a campus in Louisiana where Hut 8 signed a 15-year, $7B triple-net lease with Fluidstack for 245MW of initial AI data center capacity. The deal is financially backstopped by Google (Alphabet), which provides the credit guarantee that makes the lease effectively investment-grade despite Fluidstack being a smaller GPU cloud operator. The contract is structured for Anthropic's AI training and inference workloads, with potential expansion to 2.295GW — making it one of the largest single-site AI infrastructure commitments in the world.
Hut 8's corporate structure has evolved to match the pivot. American Bitcoin Corp., a majority-owned subsidiary, houses the remaining Bitcoin mining operations. Highrise AI, a wholly owned subsidiary, runs the AI cloud services business. The parent company focuses on infrastructure development and leasing. For FY2025, compute revenue (mining + AI cloud) was $202.3M, power generation and managed services contributed $23.2M, and colocation services generated $9.6M.
Management disclosed the 8.5GW development pipeline as of December 31, 2025 — a staggering figure that implies Hut 8 is targeting infrastructure scale comparable to a mid-tier utility. The company has signaled it is actively marketing multiple sites and is in discussions with additional hyperscaler and AI lab counterparties. Q1 2026 results are expected May 6, 2026.
Supply Chain Dependencies
Upstream Suppliers
Downstream Customers
The Catch
Hut 8's 8.5GW pipeline is aspirational until proven otherwise. Only 245MW is contracted — 97% of the development target has no tenant and no revenue. The market cap of ~$8.0B prices in significant pipeline conversion that hasn't happened yet. If the AI capex cycle moderates or competitors lock up available hyperscaler demand, Hut 8 risks being a one-contract company trading at 34x revenue. The Bitcoin exposure through American Bitcoin Corp adds unwanted earnings volatility that complicates the AI infrastructure narrative. And the $248M net loss, even if largely Bitcoin mark-to-market, means Hut 8 is burning cash during a period when it needs to fund billions in construction capex.
If They Win
If Hut 8 converts even 20% of its 8.5GW pipeline — roughly 1.7GW — into contracted AI infrastructure with counterparty quality comparable to the Google-backed Fluidstack deal, the company generates $4-5B in annual lease revenue with 60%+ gross margins. In this scenario, Hut 8 becomes the largest pure-play AI infrastructure platform in public markets, supporting a $30-50B enterprise value and attracting infrastructure-focused institutional capital. The River Bend campus alone, if expanded to its full 2.295GW potential, would be the single largest AI data center complex in the western hemisphere.
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Not financial advice. All scores generated via AI algorithms using public data.