Hut 8

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.

1. S01primarycompany filing2026-02-25
   Hut 8 Corp. Form 10-K for the year ended 31 December 2025
   Item 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 employees
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2. S02primarycompany filing2026-08-04
   Hut 8 Corp. Form 10-Q for the quarter ended 30 June 2026
   the 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&A
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3. S03primarycompany release2026-08-04
   Hut 8 second-quarter 2026 results release, Form 8-K Exhibit 99.1
   segment 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 pipeline
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4. S04primarytranscript2026-08-04
   Hut 8 second-quarter 2026 earnings call transcript
   the 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.

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5. S05primarycompany release2025-12-17
   Hut 8 release and investor presentation on the River Bend lease, Form 8-K Exhibits 99.1 and 99.2
   the 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 ROFO
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6. S06primarycompany release2026-04-27
   Hut 8 River Bend notes investor presentation, Form 8-K Exhibit 99.1
   the 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 cover
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7. S07primarycompany release2026-06-04
   Hut 8 Beacon Point notes investor presentation, Form 8-K Exhibit 99.1
   the 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 cover
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8. S08primarycompany release2026-07-20
   Hut 8 release on the Beacon Point Phase 2 lease, Form 8-K Exhibit 99.1
   the 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 2027
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9. S09primarycompany release2026-09-28
   Hut 8 release on its $1.07B revolving credit facility, Form 8-K Exhibit 99.1
   the 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 arranged
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10. S10primarycompany release2026-05-06
    Hut 8 first-quarter 2026 results release, Form 8-K Exhibit 99.1
    the 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 Point
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11. S11primarycompany release2026-02-25
    Hut 8 fourth-quarter and full-year 2025 results release, Form 8-K Exhibit 99.1
    the full-year results, the River Bend partnership as announced and the pipeline at year end
    read, but no claim rests on it
12. S12primarycompany filing2026-04-28
    Hut 8 Corp. definitive proxy statement (DEF 14A) for the 2026 annual meeting
    the beneficial ownership table at 13 April 2026, the 2025 pay design, and the November 2025 Transformation Awards with their market-value and American Bitcoin hurdles
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13. S13primaryvendor data2026-10-18
    Research pack, frozen at content/HUT/research-pack.json
    the 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 reactions
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14. S14primarycompany filing2026-10-18
    Form 4 filings for Hut 8 insiders, last 365 days, read by scripts/insider_fetch.py
    16 open-market sales and no purchases, 13 discretionary and 3 under a Rule 10b5-1 plan, read off each Form 4's own checkbox
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15. S15primarycompany filing2026-09-30
    Schedule 13D/A filed by Michael Ho on 30 September 2026
    a 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 2026
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16. S16primarycompany filing2026-08-03
    American Bitcoin Corp. Form 10-Q for the quarter ended 30 June 2026 ABTC
    24,004,726 Class A and 48,814,987 Class B shares outstanding at 30 July 2026
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17. S17primarygovernment data2025-12-17
    Louisiana Economic Development, 17 December 2025: Hut 8 selects Southeast Louisiana as site of $10 billion AI data center Louisiana Economic Development
    the 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

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18. S18primaryindustry data2026-08-11
    JLL news release - Data center demand exceeds expectations as H1 2026 absorption hits record 25 GW JLL
    a 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

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19. S19secondaryindustry data2026-04-07
    Synergy Research Group - hyperscale operators to account for 67% of all data center capacity by 2031 Synergy Research Group
    how 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.

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20. S20primarygovernment data2026-05-19
    U.S. Energy Information Administration, Today in Energy - data center server energy use across the commercial building stock EIA
    the 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.

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21. S21primaryregulator2026-08-03
    Office of the Texas Governor, 3 August 2026: Governor Abbott directs comprehensive data center audit Office of the Texas Governor
    the 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.

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22. S22secondarynews2026-09-21
    Texas Tribune, 21 September 2026: Abbott orders a halt to data center permits pending audits Texas Tribune
    the 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.

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23. S23primarycompany filing2026-08-04
    Cipher Digital Inc. Form 10-Q for the quarter ended 30 June 2026 CIFR
    a named rival leasing to the same tenant: Google's warrants for 24,178,576 Cipher shares as consideration for backstopping Fluidstack's Barber Lake lease
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24. S24primarycompany filing2026-08-05
    TeraWulf Inc. Form 10-Q for the quarter ended 30 June 2026 WULF
    a named rival leasing to the same tenant: Fluidstack HPC leases at Lake Mariner, commencing in stages, and 102 MW energised in July 2026
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25. S25primarycompany filing2026-07-29
    Applied Digital Corporation Form 10-K for the fiscal year ended 31 May 2026 APLD
    a rival selling the same product: about 15-year leases with two U.S. investment-grade hyperscalers for 200 MW and 300 MW
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26. S26primaryvendor data2026-10-16
    FMP end-of-day quotes for bitcoin (BTCUSD) and American Bitcoin (ABTC), 16 October 2026
    bitcoin's close of $81,500.04 and American Bitcoin's $7.56 close and $550.5M market value
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