Hut 8 Stock Soars 15% After Landing $7 Billion Google-Backed AI Data Center Deal

Bitcoin Miner Hut 8's Stock Soars After Inking $7 Billion Google-Backed AI Deal - Decrypt

Shares in publicly traded Bitcoin miner Hut8 (HUT) are soaring after the firm booked a new $7 billion, 15-year deal with Fluidstack -- backstopped by Google -- to provide power for high-performance computing via a 245MW data center at its River Bend campus in Louisiana. HUT was recently changing hands at $42.55 shortly after the opening bell on Wednesday, a gain of more than 15%. HUT is up nearly 13% in the last month, and better than 150% in the last six months. "This agreement is the result of disciplined, patient execution as we focused on securing the right transaction, not just the first," said Hut8 CEO Asher Genoot, in a statement. "Together with the State of Louisiana, Entergy, JPMorgan, Goldman Sachs, Vertiv, and Jacobs, we expect to deliver next-generation AI and high-performance computing infrastructure at scale, and we are committed to applying the same rigor and long-term focus as we advance commercialization across our broader development pipeline," he added. The firm's deal also includes up to 15 years of renewal options that can take the contract value to $17.7 billion. While Google is providing the financial backstop, the firm's latest initiative will also hold ties to JPMorgan and Goldman Sachs on deal financing and loan underwriting. "River Bend demonstrates how, when Hut 8 brings together the combination of innovative thinking, an aligned team, and institutional discipline to a rapidly evolving sector, it translates into real, enduring value," said JPMorgan Global Chairman of Investment Banking Noah Wintroub, in a statement. The deal is the latest in a trend that has seen Bitcoin miners expand significantly into AI compute, some with Google's backing. In September, Cipher Mining shares boomed on a $3 billion AI cloud hosting deal that was backstopped by Google. Bitcoin miner TeraWulf similarly had a deal with Fluidstack backed by Google, and the tech giant upped its stake in the miner in August. Other miners like MARA are expanding their AI services alongside Bitcoin mining, while Bitfarms is completely winding down its BTC operations to focus on providing AI compute. Hut8 anticipates that the construction of its new site will create up to 265 jobs in Louisiana. The first data hall at River Bend is expected to be completed in Q2 2027. The firm operates five Bitcoin mining sites across the United States and Canada.

Bitcoin miner Hut 8 lands $7B Google-backed AI data center lease

The 15-year agreement anchors Hut 8's shift toward long-duration AI infrastructure revenue as hyperscalers seek power-first compute capacity. Bitcoin mining company Hut 8 signed a 15-year, $7 billion lease to deliver 245 megawatts of artificial intelligence data center capacity at its River Bend campus in Louisiana, marking one of the biggest infrastructure agreements between a crypto-native company and hyperscale AI demand. Hut 8 announced Wednesday that infrastructure provider Fluidstack will lease the capacity, while Google will provide a financial backstop covering lease payments and related obligations over the 15-year base term. This means that Google will cover the payments if Fluidstack is unable to pay the costs. "River Bend reflects the strength of Hut 8's power-first, innovation-driven development model, validated by the world-class counterparties we are executing alongside," said Hut 8 CEO Asher Genoot, adding that the agreement is a result of disciplined and patient execution. The company said initial construction is already underway, with the first data hall scheduled for completion and commissioning in the second quarter of 2027. Additional data halls are expected to come online over the next year. A defining feature of the deal is Google's role as a financial backstop, covering both pass-through obligations and lease payments during the base term. Hut 8 and Fluidstack are also expected to execute an operations services agreement for ongoing data center management, backed by an additional payment guarantee from Google. The project will be financed using loans tied directly to the data center, with major banks expected to cover most of the construction cost, reducing the amount of capital Hut 8 needs to invest upfront. "River Bend demonstrates how, when Hut 8 brings together innovative thinking, an aligned team, and institutional discipline, it translates into real, enduring value," said Noah Wintroub, global chairman of investment banking at JP Morgan. The agreement deepens Hut 8's involvement in the AI sector, which started in 2024. In September 2024, Hut 8 launched a GPU-as-a-Service offering through its new subsidiary, Highrise AI. With the pivot, Hut 8 deployed over 1,000 Nvidia H100 GPUs to drive its cloud-based AI compute services. Related: MARA and Hut 8 profits surge in Q3 as Bitcoin reserves grow In June, Core Scientific announced a $3.5 billion deal with AI cloud provider CoreWeave to rent out its infrastructure over a 12-year term. The deal is expected to generate an annual revenue of $290 million for Core Scientific. In August, Galaxy Digital accelerated the expansion of its Helios AI data center in Texas after securing a $1.4 billion loan that will cover roughly 80% of the project's construction costs. AI infrastructure firm CoreWeave also signed a 15-year agreement to lease power, cooling and physical data center infrastructure from Galaxy Digital to support its AI and high-performance computing operations. The deal is expected to generate roughly $1 billion in annual revenue for Galaxy

Hut 8 Stock Continues To Climb: What's Fueling The Rally? - Hut 8 (NASDAQ:HUT)

Shares of Hut 8 Corp. (NASDAQ:HUT) are trending Thursday. Multiple analysts adjusted ratings and price targets on the stock. Hut 8 stock is among today's top performers. Why is HUT stock up today? What To Know: Canaccord Genuity and Needham published positive notes about the Bitcoin miner turned AI infrastructure company on Thursday. Canaccord Genuity analyst Joseph Vafi affirmed a buy rating and raised the price target from $54 to $62. Meanwhile, Needham analyst John Todaro affirmed a buy rating and maintained a price target of $60. Hut 8 announced Wednesday a $7 billion deal to build a data center for AI company Anthropic in Louisiana, leveraging high-performance clusters operated by Fluidstack. Needham's Todaro said Hut 8 has signed the "most attractive lease yet" for a data center. His optimism stems from the project's realistic timeline, Google's reliability as a financial partner and a favorable lease structure. Canaccord's Vafi mentioned in his note that the deal was a "standout outcome" on both pricing and terms since Google is acting as a financial backstop for the project. The company will cover all lease payment obligations in the initial 15-year term, at no cost in equity, warrant or upfront dilution to Hut 8. Completion is targeted for the second quarter of 2027. Local support for the project also boosts the Canaccord analyst's sentiment on Hut 8. According to Vafi, Louisiana Governor Jeff Landry has expressed support for the project and the more than 300 jobs the project is expected to bring. BTIG analyst Gregory Lewis also maintained a buy rating and $55 price target following the news. The widespread positive analyst coverage on Thursday appears to be driving shares higher on continued momentum following the data center deal. HUT Price Action: Hut 8 shares were up 6.15%, trading at $42.63 at the time of publication, according to Benzinga Pro. Read More: Eric Trump Gives A Sneak Peek Of American Bitcoin's Mining Facility, Calls It 'Living Proof' Of Tangible Nature Of Crypto Image: Shutterstock.com HUTHut 8 Corp$42.275.24%OverviewMarket News and Data brought to you by Benzinga APIs

Why Hut 8 Stock Popped Today

The former Bitcoin miner is becoming a major player in the artificial intelligence (AI) power-generation race. Shares of Hut 8 (HUT +8.74%) climbed nearly 9% on Wednesday after the former cryptocurrency miner announced a partnership with Anthropic and a lucrative data center lease agreement. A shift to AI After spinning off its Bitcoin-mining business earlier this year, Hut 8 is transitioning its business to high-performance energy infrastructure used in artificial intelligence (AI) factories. Those efforts received a boost today when Hut 8 struck a deal to help power Anthropic's rapid expansion. Hut 8 will work with cloud platform operator Fluidstack to deliver at least 245 megawatts (MW) -- and as much as 2,295 MW -- of AI data center infrastructure to Anthropic at its River Bend campus in Louisiana. "Hut 8's ability to source and deliver infrastructure at scale provides the runway necessary to continue advancing the capabilities of our models," Anthropic executive James Bradbury said in a press release. Big-time backers As part of this collaboration, Hut 8 signed a 15-year, $7 billion lease with Fluidstack at its River Bend data center campus. The company expects the deal to generate average annual net operating income of $454 million. Interestingly, Alphabet's Google is providing a financial backstop covering the lease payments and related obligations. J.P. Morgan and Goldman Sachs are helping to finance the deal. "River Bend reflects the strength of Hut 8's power-first, innovation-driven development model, validated by the world-class counterparties we are executing alongside," Hut 8 CEO Asher Genoot said.

Bitcoin News: Hut 8 Secures Google's Backing In $7B Deal; HUT Stock Rallies 22%

Projected net operating income reaches $6.9B over the base lease term. Bitcoin miner Hut 8 has entered the U.S. artificial intelligence infrastructure market through a long-term partnership with Anthropic and Fluidstack. The collaboration focuses on developing large-scale AI data center capacity and reflects a strategic expansion beyond Bitcoin mining operations. Bitcoin Miner Firm Secures $7B River Bend AI Lease In a press release, Bitcoin miner platform announced that it signed a 15-year lease agreement with Fluidstack valued at $7 billion. The lease is for 245 megawatts of IT capacity in the River Bend data center campus in Louisiana. It will be the first AI-focused infrastructure buildout at the site. It's a deal that allows room for expansion down the road. In addition, Fluidstack was awarded a right of first offer for an additional 1,000 megawatts of IT capacity. If it grows, it will be contingent on space available at the River Bend campus. The largest bottleneck to scaling more advanced AI-infrastructure is power availability, Chief Executive Officer of Bitcoin miner Hut 8 Asher Genoot said. The post Hut 8 is already doing both appeared first on Coin Rivet. The deal allegedly incorporates financial guarantees. Google, a unit of Alphabet Inc., is offering financial backing. This backstop extends to rents and related obligations for the full base term of the lease. Project Revenue and Expansion Milestones Set for 2027 The lease includes the possible extension of the lease period through three separate five-year renewal options. If all options are exercised, the total potential value of the contract could rise to approximately $17.7 billion. The Bitcoin Mining company projected financial returns for the project. The company expects $6.9 billion in accumulated net operating income during the base lease period. That would mean average annual yield net operating income of about $454 million. Construction schedules were reported in conjunction with the development. The first data hall at the River Bend campus will be completed in the Q2 of 2027. The company has written, and plans to plumb, more of its data halls by later that year. The Bitcoin miner company said that it is using an institutional caliber execution model on the initiative. There are several major companies participating in various aspects of power delivery, financing, engineering and infrastructure constructions. Partners are Entergy, J.P. Morgan, Goldman Sachs, Vertiv and Jacobs. Following the announcement, shares of Bitcoin miner company Hut 8 stock price jumped 22% in premarket trading. The advance builds on gains of almost 80% this year.

Hut 8 Corp. (HUT) Discusses AI Infrastructure Partnership and Major Data Center Lease with Anthropic and Fluidstack Transcript

So today, Hut 8 announced 2 major announcements. We announced an AI infrastructure partnership with Anthropic and Fluidstack, where Hut will develop at least 245 megawatts of infrastructure and up to 2.3 gigawatts of AI data center infrastructure for Anthropic, one of the leading AI labs who will be leveraging Fluidstack's clusters. We also announced the signing of a 15-year 245-megawatt AI data center lease at our River Bend campus in Louisiana with a total contract value of $7 billion over the base term and up to $17.7 billion if all renewal options are exercised. Google will be providing a financial backstop covering obligations for the 15-year base lease term, and we are really excited to get into this transaction with you guys today. So -- but first, some quick housekeeping items. Unless otherwise indicated, all figures discussed today are in U.S. dollars. Certain statements made during this call may constitute forward-looking statements within the meaning of applicable securities laws. These statements reflect current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Certain key risks are detailed in our Form 10-K for the year ended December 31, 2024, and in our other continuous disclosure filings. Except as required by law, we assume no obligation to update or revise any forward-looking statements. And with that, let's get into the AI infrastructure partnership that Hut 8 announced this morning.

Hut 8 Stock Soars On Mega Data Center Lease With Fluidstack - Hut 8 (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT) stock rose Wednesday after the company announced a long-term lease agreement that solidifies its position in the fast-growing AI data center market. The company has signed a 15-year lease valued at $7.0 billion with Fluidstack for 245 megawatts of IT capacity at its River Bend data center campus in Louisiana. The triple-net lease includes a 3.0% annual base rent escalator and carries a potential total value of up to $17.7 billion if all three five-year renewal options are exercised. Also Read: Hut 8's Valuation Gets More Attractive As Eric Jackson Takes A Long Position, Firm Pivots To AI Infrastructure Fluidstack also receives a Right of First Offer for up to an additional 1,000 MW of future expansion capacity, subject to available power at the site. Google Backstop, Institutional Counterparties Google, a subsidiary of Alphabet Inc. (NASDAQ:GOOG), is providing a financial backstop covering lease payments and pass-through obligations during the 15-year base term. Hut 8 expects the lease to generate cumulative net operating income (NOI) of approximately $6.9 billion, or an average of $454 million annually. The project is structured with blue-chip counterparties across financing, construction, and operations. JP Morgan (NYSE:JPM) and Goldman Sachs (NYSE:GS) are expected to underwrite project-level financing of up to 85% loan-to-cost, subject to definitive agreements and customary closing conditions. Jacobs Solutions (NYSE:J) is serving as EPCM partner, working alongside Vertiv Holdings (NYSE:VRT) on critical infrastructure delivery. Construction Timeline and Operations The initial data hall at River Bend is scheduled for completion and commissioning in the second quarter of 2027, with additional halls expected to come online through the remainder of 2027. Hut 8 and Fluidstack also plan to enter into an Operations Services Agreement for ongoing data center operations, supported by an additional Google payment backstop. Asher Genoot, CEO of Hut 8, said, "River Bend reflects the strength of Hut 8's power-first, innovation-driven development model, validated by the world-class counterparties we are executing alongside." Expanding AI Infrastructure Nationwide The River Bend lease also fits within Hut 8's broader partnership with Anthropic and Fluidstack, which aims to scale hyperscale AI infrastructure across the United States. Under this framework, River Bend serves as an anchor project within a repeatable deployment model designed to support surging AI compute demand. The partnership establishes a pathway to deploy significantly more capacity beyond Louisiana as additional power and sites are developed. State Partnership and Economic Impact Hut 8 secured an initial 330 MW of utility capacity for River Bend through Entergy Louisiana (NYSE:ETR), with the potential to scale by another 1,000 MW. At full buildout, the campus could rank among the largest data center developments globally and one of Louisiana's largest private capital projects. At peak construction, the project is expected to employ roughly 1,000 workers. Once operational, it is projected to support at least 75 direct jobs and 190 indirect and induced jobs in West Feliciana Parish. Following the transaction, Hut 8 reclassified 330 MW at River Bend as "Energy Capacity Under Construction," bringing total pipeline capacity to 9,520 MW across all stages. HUT Price Action: Hut 8 shares were up 23.61% at $45.55 during premarket trading on Wednesday, according to Benzinga Pro data. Read Next: TotalEnergies Divests Half Of Greek Wind And Solar Assets For $595 Million Image via Shutterstock HUTHut 8 Corp$45.6123.8%OverviewAIQGlobal X Artificial Intelligence & Technology ETF$50.050.36%ETREntergy Corp$92.81-%GOOGAlphabet Inc$308.990.41%GOOGLAlphabet Inc$307.530.31%GSThe Goldman Sachs Group Inc$883.010.44%JJacobs Solutions Inc$134.820.65%JPMJPMorgan Chase & Co$317.000.46%ROBTFirst Trust Nasdaq Artificial Intelligence and Robotics ETF$51.94-%VRTVertiv Holdings Co$158.98-1.05%Market News and Data brought to you by Benzinga APIs

Hut 8 shares jump as ex-bitcoin miner signs US$7 billion AI data center lease

Hut 8 has signed a deal valued at about US$7 billion to lease a data center in Louisiana, it said on Wednesday, as former cryptocurrency miners pivot to meet surging demand for artificial intelligence infrastructure. Its shares rose 21 per cent in premarket trading, adding to the roughly 80 per cent jump this year. The company will sign a 15-year lease agreement to develop a 245-megawatt data center in the River Bend campus. Construction of the first phase is expected to be completed by early 2027. The transition from crypto mining to AI hosting has become a key trend for firms like Hut 8, CoreWeave, and Applied Digital that are repurposing their access to high-voltage power, cooling systems and specialized real estate. These assets are increasingly scarce as AI developers race to deploy Nvidia graphics processing units and other essential hardware. Hut 8, once a pure-play bitcoin miner, has spent the last year repositioning itself as an energy infrastructure platform. The new deal involves partnerships with AI model developer Anthropic and infrastructure provider Fluidstack. Alphabet-owned Google is providing a financial backstop for the 15-year term, a move that highlights major cloud providers' urgency to secure capacity for power-intensive AI technologies. The agreement is also part of a broader collaboration between Hut 8 and Anthropic that could eventually scale to 2.3 gigawatts of capacity. Last month, Anthropic announced a $50 billion investment to build data centers alongside Fluidstack. Hut 8 said last month that it had a total power pipeline of 8.65 gigawatts, ranging from early-stage site diligence to 1.53 gigawatts of late-stage projects under active development.

Hut 8 shares jump as ex-bitcoin miner signs $7 billion AI data center lease

Dec 17 (Reuters) - Hut 8 has signed a deal valued at about $7 billion to lease a data center in Louisiana, it said on Wednesday, as former cryptocurrency miners pivot to meet surging demand for artificial intelligence infrastructure. Its shares rose 21% in premarket trading, adding to the roughly 80% jump this year. The company will sign a 15-year lease agreement to develop a 245-megawatt data center in the River Bend campus. Construction of the first phase is expected to be completed by early 2027. The transition from crypto mining to AI hosting has become a key trend for firms like Hut 8, CoreWeave, and Applied Digital that are repurposing their access to high-voltage power, cooling systems and specialized real estate. These assets are increasingly scarce as AI developers race to deploy Nvidia graphics processing units and other essential hardware. Hut 8, once a pure-play bitcoin miner, has spent the last year repositioning itself as an energy infrastructure platform. The new deal involves partnerships with AI model developer Anthropic and infrastructure provider Fluidstack. Alphabet-owned Google is providing a financial backstop for the 15-year term, a move that highlights major cloud providers' urgency to secure capacity for power-intensive AI technologies. The agreement is also part of a broader collaboration between Hut 8 and Anthropic that could eventually scale to 2.3 gigawatts of capacity. Last month, Anthropic announced a $50 billion investment to build data centers alongside Fluidstack. Hut 8 said last month that it had a total power pipeline of 8.65 gigawatts, ranging from early-stage site diligence to 1.53 gigawatts of late-stage projects under active development. (Reporting by Akash Sriram in Bengaluru; Editing by Sahal Muhammed)

Hut 8 shares climb 12.2% premarket after co announces AI infrastructure partnership with Anthropic and Fluidstack

Hut 8 Corp. is a data mining company. The Company is a vertically integrated operator of large-scale energy infrastructure and bitcoin miner. The Company acquires, designs, builds, manages, and operates data centers that power compute-intensive workloads, such as bitcoin mining, high performance computing, and artificial intelligence (AI). The Company operates through four business segments: Digital Assets Mining, Managed Services, High Performance Computing-Colocation and Cloud, and Other. Its infrastructure portfolio includes about eighteen sites: nine Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, Nebraska, and Texas, five high performance computing data centers in British Columbia and Ontario, and four power generation assets in Ontario. Its Managed Services business provides institutional partners such as digital asset mining site owners, governments, and data center developers an end-to-end partnership model for energy infrastructure development.