Hut 8 Corp (Nasdaq/TSX: HUT) is having one of those “wait, that’s the same company?” moments that the market loves: the former pure-play Bitcoin miner is now being priced like a power-and-data-center developer after announcing a 15-year, $7.0 billion AI data center lease tied to Anthropic, Fluidstack, and a Google financial backstop. [1]
As of 10:02 UTC on Dec. 18, 2025, HUT traded around $40.16.
Below is what’s driving HUT stock right now, what analysts are forecasting, and what investors should keep an eye on next.
What just happened: Hut 8 signs a $7.0B River Bend lease with Fluidstack—Google backstops the payments
On Dec. 17, 2025, Hut 8 announced it had signed a 15-year lease with AI cloud provider Fluidstack for 245 megawatts (MW) of IT capacity at Hut 8’s River Bend data center campus in Louisiana. The company pegged the base-term contract value at $7.0 billion, explicitly including a 3.0% annual base rent escalator, and framed the structure as a triple-net (NNN) lease—meaning the tenant typically covers operating costs like taxes, insurance, and maintenance, while the landlord collects rent. [2]
The headline “de-risking” detail: Google (Alphabet) is providing a financial backstop covering lease payments and pass-through obligations for the base term. Hut 8 also said it expects an Operations Services Agreement for ongoing data-center operations, backed by an additional Google backstop of payment obligations. [3]
Hut 8’s own transaction math is massive (and the market noticed):
- Expected cumulative net operating income (NOI): $6.9B over the 15-year base term
- Expected average annual NOI: $454M
- Three 5-year renewal options that could lift the potential contract value to ~$17.7B [4]
On timing, Hut 8 guided that the initial data hall is targeted for completion and commissioning in Q2 2027, with additional halls coming online over the rest of 2027. [5]
The bigger strategic story: This is an Anthropic + Fluidstack partnership that can scale into gigawatts
The lease is the “revenue contract” headline, but it sits inside a broader three-way partnership:
Hut 8 says it has partnered with Anthropic (AI model developer) and Fluidstack to deliver at least 245 MW and up to 2,295 MW of AI data center infrastructure, structured in multiple tranches:
- Tranche 1: Launch at River Bend with 245 MW of IT capacity, supported by 330 MW of utility capacity
- Tranche 2: A Right of First Offer (ROFO) for up to 1,000 MW of additional IT capacity at River Bend (if power expands)
- Tranche 3: Hut 8 and Anthropic may jointly diligence and develop up to 1,050 MW across Hut 8’s pipeline beyond River Bend [6]
Reuters described this as part of a collaboration that could eventually scale to about 2.3 gigawatts of capacity. [7]
Why the market cared: AI infrastructure is the new “picks and shovels,” and power is the scarce ingredient
Reuters framed Hut 8’s move as part of a broader trend: former crypto miners pivoting to AI hosting because high-voltage power, cooling, and specialized real estate have become scarce as AI developers race to deploy compute-heavy hardware. [8]
Industry coverage also emphasized that River Bend is designed as a campus-scale development: Data Center Dynamics reported the site totals 627 acres with potential expansion to 2,988 acres, and said Google is backstopping the deal while JPMorgan and Goldman are providing loan financing. [9]
This “power-first” positioning is exactly how Hut 8 now describes itself: an “energy infrastructure platform” integrating power, digital infrastructure, and compute. [10]
Financing: JPMorgan and Goldman are expected to fund up to 85% loan-to-cost
Hut 8 said the River Bend buildout is paired with an “institutional-grade execution model,” and disclosed expected project-level financing:
- Up to 85% loan-to-cost (LTC)
- J.P. Morgan as lead left loan underwriter
- Goldman Sachs also expected to serve as a loan underwriter
- Subject to final definitive agreements and customary closing conditions [11]
For equity investors, this matters because heavy leverage can boost returns if the project delivers on time and on budget—but it also raises the stakes on execution.
Louisiana’s angle: “Up to $10B” Phase I investment, jobs, incentives, and a Q2 2027 operations target
Louisiana Economic Development (LED) put unusually big numbers on the local impact:
- River Bend represents an up to $10 billion investment in Phase I (including Hut 8’s infrastructure investment)
- ~1,000 construction workers at peak Phase I construction
- At least 75 direct new jobs once operational (with more potential in later phases)
- LED estimates 193 indirect jobs, totaling 268 potential new job opportunities in the region [12]
The LED release also echoed the power configuration: Entergy Louisiana is slated to provide an initial 330 MW of utility capacity supporting 245 MW of IT load, and stated that construction is already underway with operations expected to commence by Q2 2027. [13]
HUT stock reaction: why shares jumped (and what that says about the narrative shift)
On the day of the announcement, Reuters reported Hut 8 shares rose sharply in premarket trading and noted the move added to a strong year-to-date run (Reuters cited roughly an ~80% jump in 2025 at that time). [14]
The key psychological shift for HUT stock is this: AI leasing cash flows are viewed as more durable than Bitcoin mining margins, so a single “bankable” hyperscale-style contract can reprice the whole company from “cyclical miner” to “infrastructure platform.”
That repricing effect is exactly why the market tends to react violently to signed capacity deals—especially when the counterparty stack includes names like Google, plus major project-finance banks.
Hut 8’s broader platform and recent corporate moves investors are connecting to this deal
This River Bend announcement didn’t happen in a vacuum. A few recent disclosures help explain why investors see this as an intentional pivot rather than a lucky break:
1) Hut 8’s pipeline claims are already in the multi-gigawatt range
Reuters said Hut 8 reported a total power pipeline of 8.65 gigawatts, spanning early-stage diligence through late-stage projects under active development. [15]
2) Q3 2025 results showed improving scale (and continued Bitcoin exposure)
In its Q3 2025 release (for the quarter ended Sept. 30, 2025), Hut 8 reported:
- Revenue: $83.5M (vs. $43.7M prior year period)
- Net income: $50.6M (including digital asset gains)
- Adjusted EBITDA: $109.0M [16]
It also disclosed that as of Sept. 30, 2025, the firm’s Strategic Reserve included 13,696 Bitcoin, split between Hut 8 and its American Bitcoin subsidiary. [17]
3) Sale of a 310 MW Ontario power portfolio looks like “capital recycling” toward data centers
In November, Hut 8 agreed to sell a 310 MW portfolio of four natural gas-fired plants in Ontario (owned via Far North, an entity formed with Macquarie) to TransAlta. [18]
TransAlta disclosed the purchase price: $95 million (subject to adjustments) and said the transaction is expected to close by early Q1 2026, subject to customary conditions and approvals. [19]
Hut 8 described the sale as redeploying capital toward “large-scale digital infrastructure development opportunities.” [20]
4) The American Bitcoin carve-out keeps the crypto optionality alive
Earlier in 2025, Reuters reported Hut 8 partnered with Eric Trump to launch American Bitcoin, narrowing Hut 8’s focus toward “lower-volatility energy and digital infrastructure,” while keeping exposure to mining and Bitcoin reserves through the new entity. [21]
In plain terms: Hut 8 is trying to be a hybrid—AI infrastructure on top, crypto optionality in the background.
Hut 8 stock forecast: what analysts are projecting right now
“Forecast” in equity-land usually means sell-side analyst price targets and earnings expectations, not prophecy.
Current analyst price targets (consensus snapshots vary by data source)
- StockAnalysis lists a consensus “Strong Buy” with an average price target around $46.83, with targets ranging from $20 to $78. [22]
- MarketBeat shows an average target around $48.80 and also reflects a largely bullish ratings mix. [23]
Differences like $46.83 vs. $48.80 are normal: they depend on which analysts are included, how recently targets were updated, and whether stale targets were purged.
Notable 2025 target increases that shaped the narrative
A cluster of upgrades earlier in Q4 2025 helped set the stage for a big move once a “real” hyperscale tenant was announced:
- Clear Street raised its target to $60 (from $33) and kept a Buy rating, citing expectations for contract signings and execution. [24]
- MarketBeat coverage noted Cantor Fitzgerald raised its target to $64, and Benchmark lifted to $78 (among other updates). [25]
- Investing.com’s analyst-ratings coverage also referenced multiple firms lifting targets (including mentions of Citizens and Piper Sandler raising targets). [26]
Earnings expectations
MarketBeat’s earnings page reflects consensus expectations for improving earnings over time (still volatile, and highly sensitive to both Bitcoin and execution timing). [27]
The “AI lease math”: why $454M average annual NOI is both exciting and dangerous to over-interpret
Hut 8’s disclosed $454M average annual NOI number is the kind of figure that makes valuation models light up like a Christmas tree. [28]
But three grounding points matter:
- That NOI is over 15 years, not next quarter. The near-term question is how fast cash flows begin as data halls come online across 2027. [29]
- Execution risk is real in hyperscale builds: grid interconnection, transformer lead times, permitting, supply chain, and construction complexity can all slip timelines. (Hut 8 itself flags construction and delivery risks in forward-looking disclosures.) [30]
- Financing is conditional. “Expected” 85% LTC is meaningful, but it’s still subject to definitive documentation and closing conditions. [31]
So the story isn’t “$454M is guaranteed.” The story is “Hut 8 just signed a contract stack that could make that kind of NOI plausible—if they deliver.”
Key risks for HUT stock investors to watch from here
A sober checklist—because reality always gets a vote:
- Construction and commissioning risk: The River Bend timeline points to Q2 2027 for the first hall, which leaves a long runway for delays or cost overruns. [32]
- Counterparty and concentration risk: One campus, one major tenant structure; any renegotiation or slowdown would matter (even with a backstop). [33]
- Power delivery and grid constraints: AI campuses are fundamentally electrical infrastructure projects with servers attached; the 330 MW initial utility capacity is central to Phase 1. [34]
- Bitcoin volatility still matters: Hut 8 retains exposure through its strategic reserve and its crypto-related structure, meaning macro crypto moves can still yank the stock around. [35]
- Valuation whiplash: Big AI-infrastructure narratives can inflate expectations faster than projects can physically be built.
What to watch next for Hut 8 (HUT) stock into 2026–2027
If you’re tracking HUT like a story (because it is), these are the next “plot beats” that can move the stock:
- Financing close and final project documentation for River Bend (watch for definitive terms beyond “expected 85% LTC”). [36]
- Interconnection and utility milestones with Entergy Louisiana as the project advances. [37]
- Updates to the River Bend expansion pathway (the ROFO for up to 1,000 MW) and any additional tranches beyond the initial 245 MW. [38]
- Progress disclosures toward commissioning in Q2 2027, because schedules are the currency of infrastructure credibility. [39]
- Any updates on Hut 8’s broader power pipeline, which Reuters described as spanning multiple gigawatts. [40]
Hut 8 stock is trading the idea that “AI data centers are the new scarce commodity—and Hut 8 owns the shovels, the land, and the power queue.” The Dec. 17 announcements gave that idea a concrete, bankable-looking contract stack. Now the market will demand the hard part: delivery. [41]
References
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