Hut 8 shifts focus to AI infrastructure, locking in $3.25 billion non-dilutive financing and $16.8 billion in contracted revenue.
Hut 8 Corp. (HUT) secured $3.25 billion in investment-grade, non-recourse financing for its River Bend AI data center campus, refinancing its bitcoin-backed credit facility to reduce costs and release 3,300 bitcoin from collateral. Shares traded at $119.60 as of June 8th, with a forward P/E of 84.75.
The company announced a 15-year lease for the first 352 MW phase of Beacon Point, carrying a $9.8 billion base-term contract value. Combined with River Bend, projects are projected to generate $1.109 billion in average annual NOI, with $16.8 billion in aggregate contracted revenue across signed leases.
Hut 8 is transitioning from a bitcoin mining firm to an AI infrastructure provider, though markets continue to value it as a crypto-linked asset.