In recent months, Hut 8 Corp. shifted further away from pure Bitcoin mining by signing a 15-year, US$7.00 billion IT capacity lease with Fluidstack at its River Bend campus, backed financially by Google, while selling a 310 MW natural gas power plant portfolio to refocus capital on data center and AI infrastructure.
This move, alongside an 8,500 MW development pipeline and carve-out of legacy mining into American Bitcoin, highlights Hut 8’s effort to build a more infrastructure‑oriented, AI-aligned business model with a growing base of contracted, recurring revenues.
We’ll now examine how this long-term, Google-backed Fluidstack lease reshapes Hut 8’s investment narrative around power, AI infrastructure, and contracted cash flows.
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To own Hut 8 today, you need to believe the pivot from Bitcoin mining toward long-duration, AI-focused infrastructure can eventually support more stable, contracted cash flows despite current losses and balance sheet strain. The 15-year, US$7.00 billion Fluidstack lease, backed by Google, strengthens the near term catalyst of securing high-quality tenants at River Bend, but also magnifies the key risk around execution on Hut 8’s very large, capital intensive development pipeline.
Among recent announcements, the Fluidstack and Anthropic partnership stands out as most relevant. It frames the Fluidstack lease not as a one-off deal, but as part of a broader push to build 245 MW to 2,295 MW of AI data center capacity tied to blue-chip clients. For investors focused on catalysts, this pairing tightens the link between Hut 8’s AI infrastructure story and its ability to convert a sizeable 8,500 MW pipeline into contracted, recurring revenues.
Yet beneath the Google backed headlines, investors should be aware that the capital demands and potential dilution tied to this expansion could…
Read the full narrative on Hut 8 (it’s free!)
Hut 8’s narrative projects $767.3 million revenue and $140.6 million earnings by 2028. This requires 76.9% yearly revenue growth and a $13.4 million earnings decrease from $154.0 million today.
Uncover how Hut 8’s forecasts yield a $56.12 fair value, a 16% upside to its current price.
Some analysts were already expecting Hut 8 to reach about US$1.1 billion in revenue and US$197.9 million in earnings by 2028, which is a far more optimistic view than consensus, and this new Fluidstack deal could either reinforce or challenge that story depending on how you weigh the upside from long term AI contracts against the added execution and dilution risks.
