Hut 8 Corp. has entered into a 15‑year lease with Fluidstack for 245 MW of IT capacity at its River Bend campus in Louisiana. The base‑term value of the agreement is $7 billion, with the potential to reach $17.7 billion if all renewal options are exercised. The first data hall is slated for completion in the second quarter of 2027, with subsequent phases scheduled for later that year.
The lease is projected to generate cumulative net operating income of $6.9 billion, or roughly $454 million annually, over the base term. This represents a high‑margin revenue stream that complements Hut 8’s existing power‑first, compute‑centric model and provides a predictable, long‑term cash flow that is markedly different from the volatility of Bitcoin mining profits.
The transaction underscores Hut 8’s strategic pivot from a pure cryptocurrency miner to a vertically integrated energy‑infrastructure platform. By securing a large, long‑term AI data‑center contract, the company is building a competitive moat against both traditional data‑center operators and other former miners that are entering the AI hosting space. The deal also positions Hut 8 to capture a rapidly expanding market for AI compute, which is expected to grow at a compound annual rate of more than 30% over the next decade.
The lease is backed by a financial backstop from Google and is supported by project‑level financing commitments from JPMorgan and Goldman Sachs, underscoring the deal’s financial robustness. The agreement includes a right of first offer for up to an additional 1,000 MW of capacity, allowing Hut 8 to scale the campus as demand for AI infrastructure grows. The partnership with Fluidstack and the involvement of Anthropic further amplify the strategic significance of the River Bend project.
Investors have responded positively to the announcement, citing the scale of the lease, the backing of a major technology company, and the company’s successful transition to a high‑margin AI infrastructure business. Analysts have highlighted the deal’s potential to transform Hut 8’s revenue profile and to strengthen its competitive position in the AI data‑center market.
"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 CEO Asher Genoot. Genoot added that the partnership with Google and the financial backing from JPMorgan and Goldman Sachs provide a strong foundation for delivering next‑generation AI infrastructure at scale.
"This Agreement is the result of disciplined, patient execution as we focused on securing the right transaction, not just the first," Genoot said. He emphasized that the project will set a new standard for how AI infrastructure is designed and built, reinforcing Hut 8’s commitment to operational excellence and long‑term growth.
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