Hut 8
A former bitcoin miner turning into a landlord for AI: it builds power-hungry data centres in Louisiana and Texas and rents them whole to two tenants for 15 years.
The scores
Growth3/4 →
Revenue more than doubled in a year, but all of it is American Bitcoin's mining and the bitcoin price; no rent has printed.
Business quality3/4 →
Contracted utility power won two top-rated tenants on 15-year leases with no warrants given, but rivals lease to the same tenant and buyers mostly self-build.
Financial position2/4 ↑
Two campuses are funded by non-recourse notes and the parent owes little, but Phase 2 needs money not yet raised.
Execution record3/4 →
Each financing improved on the last and no date has moved yet, but no AI hall has been delivered, so the record is too short.
Per share capture2/4 ↓
Shares up 11.9% in six months, $51.2M a quarter of stock pay, and awards paying up to three times on market value.
Potential3/4 →
A bounded, committed upside: 949 MW signed, two campuses financed and dated. Not a 4 - the expansion waits on Entergy, unsigned.
Risk profile2/4 ↓
One unnamed tenant holds 74% of contracted rent, and Beacon Point sits in a state that has paused data centre projects for audit.
Valuation3/4 ↑
10.8 times contracted NOI prices the signed rent roughly as described and nothing for the expansion. Not a 4 - nothing bills yet.
Evidence quality3/4 →
Leases, notes, shares and awards are filed facts; NOI and cash flow are presentation figures, and the Beacon Point tenant is unnamed.
If it works 1.4× · if it fails you keep about 13%.
The Verdict
We rate Hut 8 neutral. It has leased 949 megawatts of data centres for 15 years to a Google-backed Fluidstack and a top-rated technology company, but none of it pays rent before 2027, so the business is mixed for now. The price pays roughly what that signed rent is worth after head-office costs and stock pay, so it is fair, not cheap. As a bet it is fragile: if River Bend's expansion is leased on the same terms, the shares are worth well under twice today's; if the build fails, lenders come first and little is left.
The long caseAI needs new buildings with power already connected, and Hut 8 found the power first; long leases to top-rated tenants turn that power into rent for fifteen years.
The evidence under this - 9 claims
- Phase 2's financing is assumed, not raised (C09): equity in place of debt would lower the multiple and dilute the shares instead.
- A multiple of NOI suits a perpetual property; these notes amortise to zero by 2042 and value past the base term depends on renewals the tenants choose.
Part of the cost is American Bitcoin's, and part of the stock pay is the one-off November 2025 awards (C24), so a steady-state figure may be lower.
Both are options, not leases: nothing is priced, the River Bend right depends on Entergy expanding power, and the Anthropic capacity is 'may jointly diligence and develop'.
- The parent cash is derived by subtraction, not stated; it moves with every quarter's spending.
- American Bitcoin trades below the bitcoin it holds, so valuing the stake at its quote is the low reading; at its coin it would be worth more, but its miner liabilities rank first.
The company
AI companies need buildings full of chips, and those buildings need enormous amounts of electricity that most sites cannot get for years. Hut 8 secures the land and the power, builds the shell, cooling and electrical plant, and rents the finished hall to a tenant who brings the chips.
Its buyers are AI labs and the very largest technology companies. Without a landlord they wait in a utility's queue or build their own, which is what most of them still do.
The evidence under this - 6 claims
No Louisiana Public Service Commission docket approving the expansion was found; the 1,000 MW is a potential, not a contracted supply.
- Hut 8 has never delivered an AI data hall; its 10-K warns that delays can bring liquidated damages, defer rent or let a tenant terminate (C44).
- Rival builds for the same tenant have slipped: Cipher's Barber Lake moved a quarter in 2026 with excess cost on the landlord.
How it makes money
Once a hall is finished, the tenant pays a fixed monthly rent that rises 3% a year for 15 years, and pays the power and running costs too. So almost every rent dollar is profit before debt.
Until then the money comes from American Bitcoin's mining, which moves with the bitcoin price and has lost money in each of the last four quarters.
The evidence under this - 4 claims
- These are presentation figures, not filed lessor schedules: no lease has commenced, so no 10-Q yet shows contracted rent.
- Average NOI over 15 years includes the 3% escalator, so the early years earn less: Beacon Point Phase 1's own table starts at $489M in 2028 against a $653M average.
Where the money comes from, stream by stream
| Stream | Share of sales (Q2 2026) | How it earns it |
|---|---|---|
| ASIC compute (bitcoin mining through American Bitcoin) | 97% | Bitcoin earned by American Bitcoin's machines, booked as revenue when received; about 935 bitcoin in the quarter. |
| Colocation and other digital infrastructure | 2% | Hosting and colocation for third parties; the 50% King Mountain venture's $27.0M share sits below the revenue line. |
| Power and managed services | 2% | Managed power services; the Ontario gas plants that earned most of it were sold in February 2026. |
| AI data centre leases | 0% filed; first rent due Q2 2027 | 15-year triple-net leases of whole campuses to Fluidstack and an unnamed top-rated tenant, 949 MW in all. |
Who runs it
Asher Genoot, a co-founder of the business that merged into Hut 8 in 2023, has been chief executive since February 2024. Under him it signed every lease and raised $7.5B of project debt. He owns 3.5%; Michael Ho, the strategy chief, owns 5.6% and hedged part of it in September.
Their big awards pay out as the company's market value rises, up to 3 times the target shares at the top tier. Nothing in them rewards rent, cash or value per share.
The evidence under this - 5 claims
Why it wins, and who could beat it
Why customers come back
What Hut 8 has that a tenant cannot buy quickly is connected power. Entergy Louisiana will supply River Bend, and AEP Texas has agreed to connect all of Beacon Point.
Outside evidence says that power is scarce: 95% of the North American capacity under construction is already spoken for. The leases themselves are the proof it works: two top-rated tenants signed before a building stood, and Hut 8 gave Google nothing for its guarantee, where Cipher gave Google warrants for its own.
The evidence under this - 6 claims
No Louisiana Public Service Commission docket approving the expansion was found; the 1,000 MW is a potential, not a contracted supply.
The Governor's audit and permit halt (C34) post-date the interconnection agreement and do not exempt existing projects in their words.
The threat
The biggest rival is the customer itself: almost 60% of the largest technology companies' capacity is built and owned by them. Former miners compete for the same tenants, and TeraWulf and Cipher also lease to Fluidstack. Applied Digital has signed 15-year leases with two investment-grade giants.
The evidence under this - 4 claims
The rivals: AMZN, GOOGL, MSFT, META, CIFR, WULF, APLD, MARA, RIOT, CLSK.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| AMZN · GOOGL · MSFT · META | Amazon, Google, Microsoft and Meta building their own capacityPriced against it: Not checked | AI data center leasing | On sale | Not checked |
| CIFR | Cipher Digital Inc.Priced against it: Not checked | AI data center leasing | On sale | Not checked |
| WULF | TeraWulf Inc.Priced against it: Not checked | AI data center leasing | On sale | Not checked |
| APLD | Applied Digital CorporationPriced against it: Not checked | AI data center leasing | On sale | Not checked |
| MARA · RIOT · CLSK | MARA Holdings, Riot Platforms, CleanSpark and every other miner adding computing powerPriced against it: Not checked | American Bitcoin (ASIC compute) | On sale | Not checked |
How big it could get
How big this could get
Nobody publishes the size of the market for leased AI halls, so the case is not built on one. What is measured points one way: North America absorbed a record 25 gigawatts of data-centre capacity in the first half of 2026, double a year earlier.
Hut 8's own ceiling is set by its utilities. River Bend can grow to 1,000 megawatts of power, and Fluidstack holds the first offer on up to 1,000 megawatts more of halls.
The evidence under this - 3 claims
No Louisiana Public Service Commission docket approving the expansion was found; the 1,000 MW is a potential, not a contracted supply.
Both are options, not leases: nothing is priced, the River Bend right depends on Entergy expanding power, and the Anthropic capacity is 'may jointly diligence and develop'.
Who has signed
Two tenants have signed binding 15-year leases. Fluidstack took River Bend's 245 megawatts with Google guaranteeing the payments. The unnamed Beacon Point tenant took 352 megawatts and then another 352 megawatts in July, with rent owed whether or not it uses the halls.
The evidence under this - 3 claims
The results
The numbers
Sales grew 129% over the twelve months to Jun 2026, faster than the 45% in the year to Dec 2025.
Operating margin is −295%, down from 9.8% in the year to Dec 2023.
Running costs take 358¢ of each sales dollar, up from 34¢ in the year to Dec 2023.
Shareholders' money lost 44% a year, down from 4.5% in the year to Dec 2023.
Operations used $89.4M of cash, 28% of sales, before capital spending, which the filer does not tag.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-18. Fiscal years end in December.
| Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Jun 2026 | |
|---|---|---|---|---|
| Size and growth | ||||
| Sales | $96.0M | $162M | $235M | $318M |
| Sales growth | - | +69% | +45% | +129% |
| Profit | ||||
| Gross margin | 44% | 47% | 54% | 62% |
| Operating margin | 9.8% | 284% | −137% | −295% |
| Net margin | 23% | 204% | −96% | −189% |
| What growth costs, per sales dollar | ||||
| General and admin | 51% | 45% | 52% | 72% |
| Pay in shares | 14% | 13% | 25% | 47% |
| Cash | ||||
| Cash from operations | −$22.2M | −$68.5M | −$139M | −$89.4M |
| Balance sheet | ||||
| Cash and short-term investments | $30.5M | $85.0M | $44.9M | $234M |
| Debt | $187M | $301M | - | - |
| Net cash | −$157M | −$216M | - | - |
| Returns and shares | ||||
| Return on capital | 1.4% | 35% | - | - |
| Shares (diluted) | - | 101M | 105M | 118M |
What growth costs
So far growth has widened the loss: sales more than doubled on mining while head-office cost, mostly stock pay, rose faster. Whether the leases pay off cannot be tested yet. Under their terms the tenants pay the running costs, so rent should be nearly all profit, but none arrives until 2027.
The evidence under this - 4 claims
Part of the cost is American Bitcoin's, and part of the stock pay is the one-off November 2025 awards (C24), so a steady-state figure may be lower.
- These are presentation figures, not filed lessor schedules: no lease has commenced, so no 10-Q yet shows contracted rent.
- Average NOI over 15 years includes the 3% escalator, so the early years earn less: Beacon Point Phase 1's own table starts at $489M in 2028 against a $653M average.
The last report (4 Aug)
Quarter ended June 2026, filed figures.
In the second quarter of 2026 sales were $74.9M, and $72.5M of that was bitcoin mining. Hut 8 still lost $177.1M, mostly because bitcoin's price fell and head-office cost reached $76.1M, two thirds of it stock pay.
The report mattered for the building, not the numbers. Construction began at River Bend, the equipment for its first two halls was bought at fixed prices, and the July lease filled Beacon Point. What it did not bring was a plan to pay for that second phase.
What it did to the thesisIt supported the build: River Bend began rising on fixed-price equipment and the second Beacon Point lease filled the campus. It left open how that second phase is paid for, and showed head-office and stock pay costs running ahead of any rent.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $-1.27 against $-0.55 expected; $-1.27 as filed, with no adjustments.
The evidence under this - 5 claims
An analyst asked about upward pressure on build costs; management's answer named no budget figure and none is filed.
The $1.07B revolver signed in September can carry development 'while we determine the optimal timing and structure for long-term, non-recourse financing', and the first two campuses each priced notes within months of leasing.
What management did with the money
Everything goes into the campuses and the bitcoin reserve. The halls are paid for with project debt that Hut 8 itself does not owe, but the share count still rose 11.9% in six months as a convertible note turned into stock and shares were sold. No buybacks, no dividend.
Insiders in 2026Q3: 2 purchases and 4 sales, from their Form 4 filings.
The evidence under this - 4 claims
The price, and where we disagree
In short. Fair. The price pays roughly what the signed rent is worth after overhead and stock pay, and nothing for River Bend's expansion or the wider pipeline.
The shares have halved from their June high, falling on bitcoin, bond yields and Texas politics rather than on anything in the leases. In August Texas's Governor ordered an audit of every data centre waiting to connect to the state grid, which bears on Beacon Point.
The next tests are near. Results on 4 November should say how Phase 2 is paid for, and Beacon Point is due to switch on power in the first quarter of 2027.
The evidence under this - 5 claims
Neither statement says whether projects with signed interconnection agreements already under construction, like Beacon Point, are held up.
The Governor's audit and permit halt (C34) post-date the interconnection agreement and do not exempt existing projects in their words.
The $1.07B revolver signed in September can carry development 'while we determine the optimal timing and structure for long-term, non-recourse financing', and the first two campuses each priced notes within months of leasing.
- Hut 8 has never delivered an AI data hall; its 10-K warns that delays can bring liquidated damages, defer rent or let a tenant terminate (C44).
- Rival builds for the same tenant have slipped: Cipher's Barber Lake moved a quarter in 2026 with excess cost on the landlord.
How we read the multiple
A buyer gets about $1.11B of bitcoin, American Bitcoin shares and cash, and the leases priced at the rest. No hall is finished, and about $300M a year of head-office cost and stock pay comes before shareholders.
- The leases are priced at about $7.24B of shareholders' money.
- Add $7.5B of project debt and an assumed $4.25B for Phase 2: about $19.0B.
- Expected average yearly profit from the leases is $1.764B.
- So the price is about 10.8 times that profit.
Against its own history. Its own past ratios describe a bitcoin miner, not a landlord, so this comparison says little about the leases.
The evidence under this - 6 claims
- The parent cash is derived by subtraction, not stated; it moves with every quarter's spending.
- American Bitcoin trades below the bitcoin it holds, so valuing the stake at its quote is the low reading; at its coin it would be worth more, but its miner liabilities rank first.
- Phase 2's financing is assumed, not raised (C09): equity in place of debt would lower the multiple and dilute the shares instead.
- A multiple of NOI suits a perpetual property; these notes amortise to zero by 2042 and value past the base term depends on renewals the tenants choose.
- These are presentation figures, not filed lessor schedules: no lease has commenced, so no 10-Q yet shows contracted rent.
- Average NOI over 15 years includes the 3% escalator, so the early years earn less: Beacon Point Phase 1's own table starts at $489M in 2028 against a $653M average.
Part of the cost is American Bitcoin's, and part of the stock pay is the one-off November 2025 awards (C24), so a steady-state figure may be lower.
Priced against its rivals
Its rivals have not yet been checked against their own filings, so there is no group to price it against; the price is judged against its own history instead.
The bet: what it pays if it works
This is a bet that the AI leasing business grows beyond the signed 949 megawatts, most plausibly by Fluidstack taking River Bend's expansion at the same rent. Even then, valued like the rent it is, the shares would be worth well under twice today's price.
If the build fails, the project lenders are paid first from each campus, and shareholders keep little beyond the bitcoin, the American Bitcoin stake and the cash.
| AI data center leasing revenue in two to three years | Leased IT megawatts needed | At the stated multiple |
|---|---|---|
| $1.77B | about 949 at 100% kept | 1.0× |
| $2.71B (the big win) | about 1.4K at 100% kept | 1.4× |
| $4.58B | about 2.4K at 100% kept | 2.3× |
To pay 2× (a Fair bet) it would need about $3.90B of AI data center leasing revenue (about 2.1K leased IT megawatts); to pay 5× (a Cheap bet), about $10.16B of AI data center leasing revenue (about 5.4K leased IT megawatts), at the same multiple.
Each row is AI data center leasing alone, plus the rest of the company (American Bitcoin (ASIC compute)) counted at about $1.10B.
The steps it has to take
- Done 949 MW leased to a Google-backed Fluidstack and a top-rated tenant
- Done Project notes raised for River Bend and Beacon Point Phase 1
- In progress Beacon Point Phase 2 financed due 2027-03
- In progress Beacon Point energised due 2027-03
- In progress River Bend's first hall delivered and paying rent due 2027-06
- In progress Beacon Point's first hall delivered and paying rent due 2027-09
- Not started A lease signed on River Bend's expansion due 2028-06
The detail behind the label
The evidence under this - 7 claims
Both are options, not leases: nothing is priced, the River Bend right depends on Entergy expanding power, and the Anthropic capacity is 'may jointly diligence and develop'.
No Louisiana Public Service Commission docket approving the expansion was found; the 1,000 MW is a potential, not a contracted supply.
An average over 15 years with a 3% escalator: rent in the first year is lower, about $1.6M per megawatt.
- The parent cash is derived by subtraction, not stated; it moves with every quarter's spending.
- American Bitcoin trades below the bitcoin it holds, so valuing the stake at its quote is the low reading; at its coin it would be worth more, but its miner liabilities rank first.
Where we disagree with the market
Hut 8 is an AI landlord worth about twice today's price, with the expansion and the pipeline to come.
The signed rent is worth roughly today's price; the expansion is real but unsigned, unfunded and further off.
The analysts may be right that more leases follow: Fluidstack holds a first offer at River Bend and the company reports thousands of megawatts in talks. But none of that is signed, Phase 2 still needs money, and the share count keeps rising.
What would prove us wrong is Phase 2 financed without new shares, both campuses on time and an expansion lease at today's rent.
What analysts say, and the evidence
The evidence under this - 6 claims
Both are options, not leases: nothing is priced, the River Bend right depends on Entergy expanding power, and the Anthropic capacity is 'may jointly diligence and develop'.
Diligence and exclusivity are the company's own stages with no filed contract behind them; the development stage fell to 50 MW once Beacon Point moved to construction.
The $1.07B revolver signed in September can carry development 'while we determine the optimal timing and structure for long-term, non-recourse financing', and the first two campuses each priced notes within months of leasing.
- Phase 2's financing is assumed, not raised (C09): equity in place of debt would lower the multiple and dilute the shares instead.
- A multiple of NOI suits a perpetual property; these notes amortise to zero by 2042 and value past the base term depends on renewals the tenants choose.
What could go wrong, and how we would know
The risks
- A delay with a bill. Late halls can bring penalties, deferred rent or a tenant's right to walk away, and the leases bill only once delivered.
- Two tenants hold everything. The unnamed Beacon Point tenant holds about three quarters of all contracted rent, and Fluidstack the rest.
- Texas politics. The state has ordered audits of data centres waiting for grid power and paused new permits, and Beacon Point is in Texas.
- More shares. Phase 2 is unfinanced, the share count rose 11.9% in six months, and executive awards could pay out at their maximum.
- Bitcoin. Mining is nearly all of today's sales and the bitcoin reserve is a large part of what the price holds besides the leases.
The evidence under this - 8 claims
Both counterparties are rated near the top of the scale, AA- or higher at Beacon Point and Google's AA+ behind Fluidstack, which makes the concentration a credit risk on very strong names.
Neither statement says whether projects with signed interconnection agreements already under construction, like Beacon Point, are held up.
The $1.07B revolver signed in September can carry development 'while we determine the optimal timing and structure for long-term, non-recourse financing', and the first two campuses each priced notes within months of leasing.
The test is a rolling 90-day average from November 2026 to 2029, not today's close; a further fall below about $7.0B of market value lowers the payout.
- The parent cash is derived by subtraction, not stated; it moves with every quarter's spending.
- American Bitcoin trades below the bitcoin it holds, so valuing the stake at its quote is the low reading; at its coin it would be worth more, but its miner liabilities rank first.
What we still do not know
- Who the Beacon Point tenant is: the company says only that it is rated AA- or better.
- How Beacon Point Phase 2 will be paid for, and whether any new shares are part of it.
- Whether Fluidstack takes up its first offer on River Bend's expansion, and on what rent.
The evidence under this - 3 claims
The $1.07B revolver signed in September can carry development 'while we determine the optimal timing and structure for long-term, non-recourse financing', and the first two campuses each priced notes within months of leasing.
Both are options, not leases: nothing is priced, the River Bend right depends on Entergy expanding power, and the Anthropic capacity is 'may jointly diligence and develop'.
What would change our view
- Neutral→AttractivePhase 2 financed cleanly and the next lease signed
It needs all of:
- ○Beacon Point Phase 2 paid for with project debt Hut 8 does not owe and no new shares, with both campuses on time.watched as it happens
- ○A new lease at River Bend's expansion or another site, at rent per megawatt as good as the first three.watched as it happens
- Neutral→UnattractiveThe build, the funding or a tenant gives way
It needs any of:
- ○River Bend's first hall or Beacon Point's power switch-on slips by more than a quarter, or Hut 8 pays for a cost overrun.watched as it happens
- ○A tenant ends its lease, Google disputes its guarantee, or Phase 2 is paid for mainly with new shares.watched as it happens
We would also be wrong if
- Texas regulators stop Beacon Point switching on its power or getting permits in 2027.
What is coming
- 4 November 2026 Q3 2026 results: Whether Phase 2 is financed and how, whether both campuses' dates hold, and whether any new lease is signed.
Every dated event ahead
- 4 November 2026 Q3 2026 results: Whether Phase 2 is financed and how, whether both campuses' dates hold, and whether any new lease is signed.
- 31 March 2027 Beacon Point energisation: Whether Texas power reaches the campus on schedule despite the state's audit and permit halt.
- 30 June 2027 River Bend's first data hall delivered: The first rent, and whether Hut 8 can deliver an AI hall on time and on budget.
Since we wrote this
- 18 OctThesis writtenNeutral, medium convictionNeutral with medium conviction: 949 MW is leased to a Google-backed Fluidstack and a top-rated tenant at about 10.8 times NOI, but nothing bills until 2027 and Phase 2 is unfinanced.
Sources 26
Sources - 26
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-25Item 1's platform, sites and segments, the Anthropic and Fluidstack partnership with the ROFO and the 1,050 MW option, the $9-11M per MW build cost, the Competition section naming no company, risk factors on delay, termination, concentration and bitcoin, and 248 employeesbacksC01C05C06C21C29C39C43C44C50
- S02primarycompany filing2026-08-04the balance sheet, debt note and maturities, the River Bend and Beacon Point notes, the Coatue conversion and FalconX loan, bitcoin held, the American Bitcoin interest, the equity and award notes, potentially dilutive securities, litigation and the MD&AbacksC02C03C07C08C10C11C13C14C20C21C22C23C36C42C46C47
- S03primarycompany release2026-08-04segment revenue, the King Mountain share, construction progress, Phase 2's NOI and campus totals, liquidity of $8.1B, the Baa2 rating, the FalconX refinancing, Phase 2 financing still being evaluated and the 8,660 MW pipelinebacksC03C04C05C08C09C11C20C39C40C41C43
- S04primarytranscript2026-08-04Hut 8 second-quarter 2026 earnings call transcriptthe CFO's financing principles, the Phase 2 funding answer, the Governor's letter, the Anthropic relationship, the 99% NOI margin, long-lead items contracted, and turns from eleven analysts whose questions are a separate origin from the answers
Anthropic is a great kind of example of a customer that needs a lot of demand and capacity to fulfill their needs. And so we work very closely with them, have a good relation with them. Obviously, we're building the campus in River Bend for them.
backsC04C06C09C35C40 - S05primarycompany release2025-12-17the 15-year triple-net lease with Fluidstack, $7.0B base term and $17.7B with renewals, the 3% escalator, Google's backstop of rent and pass-through obligations, no equity or warrants issued, the guaranteed-maximum-price EPCM contract and the ROFObacksC01C04C36C39
- S06primarycompany release2026-04-27the indicative cash waterfall: $6,982M of NOI, $1,982M of interest, $3,248M of amortisation and $1,670M of levered free cash flow at 1.31 times coverbacksC07C19
- S07primarycompany release2026-06-04the Phase 1 cash waterfall: $9,788M of NOI starting at $489M in 2028, $2,569M of interest, $4,250M of amortisation from 2030 and $2,860M of levered free cash flow at 1.34 times coverbacksC02C04C19
- S08primarycompany release2026-07-20the second 352 MW lease at $9.8B and $655M of average NOI, first hall in Q2 2028, the AEP Texas interconnection for the full 1,000 MW, the DSX redesign and energisation on schedule for Q1 2027backsC03C04C35
- S09primarycompany release2026-09-28the facility's size, pricing grid, letter-of-credit sublimit and the CFO's statement that it carries projects while long-term non-recourse financing is arrangedbacksC09C12
- S10primarycompany release2026-05-06the Beacon Point Phase 1 lease with a high-investment-grade tenant, the River Bend notes raising loan-to-cost from 85% to 95% and returning $184M, and the ERCOT interconnection work at Beacon PointbacksC02C07C35
- S11primarycompany release2026-02-25the full-year results, the River Bend partnership as announced and the pipeline at year endread, but no claim rests on it
- S12primarycompany filing2026-04-28the beneficial ownership table at 13 April 2026, the 2025 pay design, and the November 2025 Transformation Awards with their market-value and American Bitcoin hurdlesbacksC24C51
- S13primaryvendor data2026-10-18Research pack, frozen at content/HUT/research-pack.jsonthe 16 October close and market value, returns and the 52-week range, the analyst rating series and target drift, revenue estimates, FINRA consolidated short interest, the insider roster and the news reactionsbacksC18C27C28
- S14primarycompany filing2026-10-1816 open-market sales and no purchases, 13 discretionary and 3 under a Rule 10b5-1 plan, read off each Form 4's own checkboxbacksC26
- S15primarycompany filing2026-09-30a prepaid variable share forward on 1.5M shares with a $40 floor and $221 cap, $58.3M paid upfront, maturing May 2027, and 123,259,468 shares outstanding at 31 July 2026backsC22C26
- S16primarycompany filing2026-08-0324,004,726 Class A and 48,814,987 Class B shares outstanding at 30 July 2026backsC14
- S17primarygovernment data2025-12-17Louisiana Economic Development, 17 December 2025: Hut 8 selects Southeast Louisiana as site of $10 billion AI data center Louisiana Economic Developmentthe state's account of River Bend's power, its up to $10B first phase and the 1,000 MW potential, and that the supply was contemplated in Entergy's November 2025 outlooks
Hut 8 tapped Entergy Louisiana to provide an initial 330 megawatts (MW) of utility capacity to support 245 MW of critical IT load for Fluidstack ... has the potential to scale to up to 1,000 MW of utility capacity
backsC33 - S18primaryindustry data2026-08-11JLL news release - Data center demand exceeds expectations as H1 2026 absorption hits record 25 GW JLLa broker's North American absorption, capacity under construction and its owner-occupied part
North America data center demand reached an all-time high in the first half of 2026 with 25 GW of absorption ... North America now has 66 GW under construction, 95% of which is pre-committed ... with 28 GW of owner-occupied capacity currently under construction
backsC31 - S19secondaryindustry data2026-04-07Synergy Research Group - hyperscale operators to account for 67% of all data center capacity by 2031 Synergy Research Grouphow much of their own capacity the concentrated buyers build rather than lease
Almost 60% of that hyperscale capacity is now in own-built, owned data centers with the balance being in leased facilities.
backsC30 - S20primarygovernment data2026-05-19the underlying rate of change, measured by a statistical agency
Across all cases, servers alone accounted for an estimated 7% of commercial sector electricity consumption in 2025. Data center server electricity use grows to 22%-33% of commercial building electricity use by 2050 across our cases.
backsC32 - S21primaryregulator2026-08-03Office of the Texas Governor, 3 August 2026: Governor Abbott directs comprehensive data center audit Office of the Texas Governorthe directive behind the Texas pause
conduct a comprehensive verification and audit of all data centers advancing through ERCOT's interconnection process ... The PUCT and ERCOT must complete this audit before any data center project moves forward.
backsC34 - S22secondarynews2026-09-21Texas Tribune, 21 September 2026: Abbott orders a halt to data center permits pending audits Texas Tribunethe second directive: no state permits for data centre projects until the audits are complete; it does not say whether permitted projects are affected
Until they do, TCEQ will issue no permits sought by data center projects.
backsC34 - S23primarycompany filing2026-08-04a named rival leasing to the same tenant: Google's warrants for 24,178,576 Cipher shares as consideration for backstopping Fluidstack's Barber Lake leasebacksC36
- S24primarycompany filing2026-08-05a named rival leasing to the same tenant: Fluidstack HPC leases at Lake Mariner, commencing in stages, and 102 MW energised in July 2026backsC37
- S25primarycompany filing2026-07-29a rival selling the same product: about 15-year leases with two U.S. investment-grade hyperscalers for 200 MW and 300 MWbacksC38
- S26primaryvendor data2026-10-16FMP end-of-day quotes for bitcoin (BTCUSD) and American Bitcoin (ABTC), 16 October 2026bitcoin's close of $81,500.04 and American Bitcoin's $7.56 close and $550.5M market valuebacksC15