A Bitcoin miner reborn as an AI landlord — $16.8B of signed take-or-pay leases on land where not a single AI watt is energized yet.
Hut 8 Corp. (NASDAQ: HUT) is a Miami-based, vertically integrated operator of large-scale energy infrastructure and compute. Born from the December 2023 merger of Canadian miner Hut 8 Mining and U.S. Bitcoin Corp, the company describes its business across three segments: Power (energy generation and grid-connected capacity), Digital Infrastructure (data-center development and managed services), and Compute (Bitcoin self-mining and ASIC colocation). As of year-end 2025 it managed roughly 1,020 MW across 15 sites in the U.S. and Canada; after divesting its 310 MW Ontario gas portfolio to TransAlta, it cites ~710 MW under management.
The strategic pivot is the story. Hut 8 is repositioning its grid-secured land-and-power pipeline away from Bitcoin economics and toward hyperscale AI tenants, signing long-duration triple-net, take-or-pay leases where Hut acts as the landlord/developer rather than the GPU operator. The two flagship campuses are River Bend in southeast Louisiana (Entergy power) and Beacon Point in Nueces County, Texas (AEP / ERCOT). Both are being built to NVIDIA's DSX gigawatt-scale reference architecture using Tier 1 partners — Vertiv, Jacobs, and the utilities themselves.
Behind the lease book sits an 8,375 MW development pipeline (per Q1 2026): 830 MW under construction, 550 MW under development, 1,680 MW under exclusivity, and 5,315 MW under diligence. Crucially, none of the AI/HPC capacity is energized today — the first River Bend data hall is not expected online until Q2 2027 — so the entire AI thesis is contracted and planned, not operating.
The power angle is that Hut controls scarce, grid-secured megawatts at a moment when interconnection queues, not chips, are the binding constraint on AI build-out. Hut has converted that scarcity into cash-flow certainty: 597 MW of IT capacity is signed under 15-year triple-net, take-or-pay leases with no termination-for-convenience, for $16.8B of base-term contracted revenue (up to ~$25.1B if renewals are exercised). The River Bend lease (245 MW, $7.0B) is with Fluidstack, backstopped by Google; Beacon Point (352 MW, $9.8B) is with an undisclosed high-investment-grade tenant. For a former miner, that is a transformation from spot-priced, halving-exposed revenue to bond-like, inflation-escalated rent.
The bull case: Hut is becoming a NeoCloud landlord with the credit profile of a triple-net REIT and the growth runway of a hyperscaler supplier. Sell-side enthusiasm is loud — targets clustered $124-$156 with outliers to $226 — predicated on Hut executing the 1 GW+ at each campus, monetizing the 1,680 MW exclusivity book, and re-rating off contracted EBITDA once data halls energize in 2027.
The bear case is timing and balance sheet. Today the company is still a Bitcoin miner: Q1 2026 revenue was just $71.0M, adjusted EBITDA was $(250.5)M, and it posted a $(253.1)M net loss (largely unrealized crypto marks). Zero AI watts are energized; first revenue at River Bend is Q2 2027, Beacon Point energization Q1 2027 — multi-year execution risk on power delivery, capex, and construction stands between the signed $16.8B and actual rent. The valuation already capitalizes contracts that have not poured a slab, and the headline 710 MW 'under management' mixes managed-services and a King Mountain JV, overstating cleanly-owned energized capacity.
Hut leases capacity OUT to AI tenants (Fluidstack et al.) under triple-net take-or-pay terms — it is the landlord/developer, not the GPU operator — placing it on the power/land side. It is pulled up from pure-lessor by an operating Bitcoin self-mining and ASIC-colocation Compute segment that still drives nearly all current revenue.
Operational power is energized and earning today. Secured is grid-secured or under construction — not yet drawing load. Announced is pipeline — committed sites and stated intent. The gap between them is where the risk, and the re-rating, live.
This report is produced by Every Megawatt for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Figures are illustrative and auto-generated from public filings; they may be incomplete or inaccurate and should be independently verified. Every Megawatt makes no warranty as to accuracy and accepts no liability for any use of this material.