Quick Takeaways
- Hut 8 stock surged over 25% after announcing a major AI infrastructure partnership.
- The bitcoin miner signed a 15-year, $7 billion data center lease backed by Google.
- The deal highlights growing convergence between crypto mining and AI computing.
Shares of Hut 8 surged more than 25% in pre-market trading on Wednesday. Investors reacted to a major pivot toward artificial intelligence.
The Nasdaq-listed bitcoin miner announced a large-scale partnership with Anthropic and Fluidstack. The deal expands Hut 8’s data center development pipeline.
The agreement positions Hut 8 as a key builder of hyperscale AI infrastructure. It also signals a deeper shift underway across the mining sector.
As demand for AI computers accelerates, miners are repurposing power and real estate. Hut 8 has emerged as one of the most aggressive movers in the market.
Hut 8 Expands Beyond Bitcoin Mining Into AI Infrastructure
Hut8 said it will develop AI data centers for Anthropic through a multi-tranche partnership. Select 84 more words to run Humanizer. FluidStack will operate the computer clusters. The deal covers at least 245 megawatts of AI capacity. It could scale to as much as 2,295 megawatts over time.
The first phase will launch at Hut 8’s River Bend campus in Louisiana. The site will support 330 megawatts of utility power. Later phases include expansion rights for up to 1,000 additional megawatts. Another 1,050 megawatts could come from Hut 8’s broader pipeline.
Bitcoin mining hardware cannot power AI workloads. However, miners control land, energy, and cooling infrastructure. These assets make mining firms attractive partners for GPU hosting. Rising AI demand has accelerated this diversification trend.
Hut 8 CEO Asher Genoot said the challenge is power at scale. He described the partnership as an integrated platform.
$7 Billion Data Center Lease Anchors Long-Term Revenue
Alongside the partnership, Hut 8 disclosed a massive lease agreement. The firm signed a 15-year, $7 billion deal with Fluidstack. The lease covers the initial 245 megawatts at River Bend. It uses a triple-net structure.
Under this model, the tenant pays taxes, insurance, and maintenance. Hut 8 avoids operating cost exposure. The agreement includes three five-year renewal options. Total contract value could reach $17.7 billion.
FluidStack also secured a right of first offer. This covers up to 1,000 megawatts of future expansion. Google is providing a financial backstop for lease obligations. This reduces counterparty risk over the base term.
Hut 8 expects $6.9 billion in cumulative net operating income. The figure spans the initial 15-year period. The first facility should be completed by mid-2027. Additional buildings will follow later that year.
Financing, Jobs, and Local Economic Impact
Hut 8 plans to finance the project with up to 85% debt. JPMorgan will act as the lead loan underwriter. Goldman Sachs is also involved as a loan underwriter. Final terms remain subject to closing conditions.
The River Bend campus is being built with state and local coordination. Entergy Louisiana is supplying utility capacity. The site already secured 330 megawatts of power. It could scale by another 1,000 megawatts.
Construction will peak at roughly 1,000 workers. Once operational, the project will support over 265 ongoing jobs. Employment is expected to rise as expansion phases advance. The campus may become a regional economic anchor.
VanEck’s Matthew Sigel praised the deal’s economics. He questioned claims that AI power demand is a bubble.
Why Investors Are Rewarding Hut 8’s Strategy
Markets reacted swiftly to the announcement. Hut 8 shares climbed above $46 in pre-market trading. The stock closed Tuesday near $36.85. It has gained roughly 75% year-to-date.
Investors appear to favor diversified revenue models. AI colocation offers longer contracts and predictable cash flows. For miners, this reduces exposure to bitcoin price cycles. It also offsets post-halving margin pressure.
Hut 8’s deal stands out for its scale and duration. Few AI colocation agreements disclosed match its size. The partnership reflects a broader convergence. Crypto infrastructure and AI computers are increasingly intertwined.
As AI workloads grow, energy access becomes strategic. Hut 8 is betting its power assets will define its next phase.