Hut 8 Shares Rise 30% on $9.8B AI Lease Built for NVIDIA Specs

TLDR

• Hut 8 shares rose more than 30% in pre-market trading after announcing a $9.8 billion AI data center lease.
• The lease supports a data center campus designed to align with NVIDIA compute architecture for AI workloads.
• Hut 8 said the full value of the deal could exceed $25 billion if all renewal options are exercised.
• The company reported a net loss of $253 million in the first quarter of 2026.
• Quarterly revenue increased to $71 million, driven mainly by compute-related operations.

Hut 8 recorded a sharp pre-market share increase after securing a $9.8 billion AI infrastructure lease. The agreement centers on a data center campus aligned with NVIDIA compute architecture. The company also released first-quarter earnings alongside the announcement.

Hut 8 Secures AI Data Center Lease Linked to NVIDIA Architecture

Hut 8 confirmed a long-term lease tied to its Beacon Point campus in Nueces County, Texas. The tenant remains unnamed, yet the company outlined its intended use clearly. The infrastructure will support AI training and inference workloads at hyperscale.

The company stated that the lease represents the first commercialization phase for the Beacon Point project. Hut 8 also indicated that full renewal options could raise the deal’s value beyond $25 billion. The firm emphasized contracted cash flows tied to investment-grade commitments.

Hut 8 explained the site’s transition from its earlier focus on an affiliated entity. The company said, “The site was repositioned to AI infrastructure as power demand accelerated.” It added that customer requirements had expanded, prompting a shift in strategy.

The firm confirmed that it moved away from its original commercialization path with American Bitcoin Corp. It now aims to deliver AI-focused infrastructure with stable revenue streams. The company described this step as the first phase of asset-level value creation.

Financial Results Show Rising Revenue but Higher Losses

Hut 8 reported a net loss of $253 million for the first quarter of 2026. The figure marked an 89% increase from the $134 million loss reported a year earlier. However, the company posted higher revenue driven by compute-related operations.

Quarterly revenue reached $71 million, supported mainly by $66 million from computing activities. Hut 8 has detailed revenue streams across multiple business units. It stated that ASIC’s compute revenue came mainly through American Bitcoin.

The company also highlighted contributions from its Highrise AI subsidiary. It said AI cloud revenue originated from this unit’s operations. Traditional cloud services continued under the Hut 8 Canada brand.

Hut 8 reported that revenue totaled $22 million during the same quarter last year. Compute-related income accounted for $16 million during that period. The company’s latest results show a shift toward compute-driven revenue streams.

Business Transition and Asset Position Update

Hut 8 continues to evolve beyond its original bitcoin mining model. The company now focuses on energy infrastructure and high-performance computing services. Analysts have described this shift as a transformation into an energy platform.

Chief Executive Officer Asher Genoot addressed the company’s strategy in a statement. He said, “Power is the foundational layer for the next generation of energy-intensive technologies.” He added that scale in power access builds long-term competitive advantage.

Hut 8 disclosed its asset holdings at the end of the first quarter. The company reported $1.3 billion in combined cash and Bitcoin reserves. It specified that $795.6 million belongs directly to Hut 8.

The remaining $489.0 million relates to American Bitcoin holdings. Hut 8 holds a majority stake in this Nasdaq-listed digital asset treasury firm. The company continues to report joint exposure through this affiliated entity.

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