> ## Content Index > Fetch the complete content index at: https://www.sotkn.com/llms.txt > Use this file to discover other available public pages before exploring further. # What Does Hut 8 Do? From Bitcoin Miner to AI Data Center Landlord - URL: https://www.sotkn.com/stack/ai-data-centers/what-does-hut-8-do/ - Published: 2026-10-30T13:30:06.000Z - Updated: 2026-10-30T13:30:06.000Z - Description: Hut 8, a former Bitcoin miner, now builds AI data center campuses in Louisiana and Texas and leases them for 15 years: 949 MW signed, $26.6 billion of base-term contracts, $7.5 billion of project bonds and no hall handed over until 2027. - Author: Sean - Tags: #layer-ai-data-centers Hut 8 Corp. (Nasdaq and TSX: HUT) is a Miami-based company that secures large grid connections first, then builds AI data center campuses on them and leases them for 15 years. It has signed two campuses: River Bend in Louisiana, leased to Fluidstack with Google backstopping the rent, and Beacon Point in Texas, leased in two phases to one technology company it describes only as rated AA- or higher. Together that is 949 MW of critical IT capacity and, on Hut 8's figures, about $26.6 billion of base-term contract value. No hall has been handed over yet: the first is due in the second quarter of 2027. `AI DATA CENTERS` · `Data as at 28 Sep 2026` · `Next update: after Hut 8's Q3 2026 results (4 Nov 2026)` **Affects:** AI Data Centers · Neoclouds · Hyperscalers · US Hut 8 is the fifth former Bitcoin miner on the [AI Data Centers layer](https://www.sotkn.com/stack/ai-data-centers/), after [IREN](https://www.sotkn.com/stack/ai-data-centers/what-does-iren-do/), [TeraWulf](https://www.sotkn.com/stack/ai-data-centers/what-does-terawulf-do/), [Core Scientific](https://www.sotkn.com/stack/ai-data-centers/what-does-core-scientific-do/) and [Cipher](https://www.sotkn.com/stack/ai-data-centers/what-does-cipher-mining-do/). Like Cipher it stops at the building: the tenant brings the computers. What sets it apart is how it is funded: both campuses raised investment-grade project bonds, without recourse to Hut 8, before a single hall was finished. Read [What Is an AI Data Center?](https://www.sotkn.com/explained/what-is-an-ai-data-center/) and [Data Center Leases Explained](https://www.sotkn.com/explained/data-center-lease-explained/) first if the terms are new. **In short:** Hut 8 finds sites where it can lock in utility power, signs one tenant per campus on a 15-year triple-net lease, then funds construction with bonds repaid from that rent. River Bend (245 MW of critical IT, Fluidstack, $7.0 billion) and Beacon Point (704 MW across two phases, one high-investment-grade tenant, $19.6 billion) add up to 949 MW and $26.6 billion. Until the halls open in 2027 and 2028, its revenue is mostly Bitcoin mining through its majority-owned American Bitcoin: $74.9 million in the June quarter. The stuck step is the hall clock: about $7.5 billion of project bonds start paying interest in November 2026, and the first rent arrives with the first hall in the second quarter of 2027. *Education only, not advice to buy or sell any security. Figures are from Hut 8's Form 10-Q for the quarter to 30 June 2026 and its second-quarter results release (both 4 August 2026), its Beacon Point Phase 2 lease release of 20 July 2026, its Beacon Point notes pricing release and financial model of 4 June 2026, its first-quarter results release of 6 May 2026, its River Bend presentation of 27 April 2026, its River Bend lease release of 17 December 2025, its revolving credit release of 28 September 2026 and its 2025 annual report, dated as shown. All $ figures are US dollars. Utility capacity is the grid power contracted at a site; critical IT MW is the power the tenant's computers can draw, which is what the leases price.* ## Numbers that matter Contracted capacity 949 MW Critical IT under 15-year leases: 704 MW at Beacon Point, Texas + 245 MW at River Bend, Louisiana; 1,330 MW of utility capacity behind it · Jul 2026 **Contracted** Base-term contract value $26.6bn Beacon Point $19.6bn (two phases) + River Bend $7.0bn; Hut 8 expects over $1.75bn of average annual NOI **Signed** Halls handed over 0 First River Bend hall due Q2 2027; Beacon Point Phase 1 Q3 2027; Phase 2 Q2 2028 **Bind** Q2 2026 revenue $74.9m 97% from Compute, mainly Bitcoin mining through American Bitcoin; net loss $177.1m · quarter to 30 Jun 2026 **Pre-rent** Project bonds $7.5bn $3.25bn at 6.192% (River Bend) + $4.25bn at 6.129% (Beacon Point Phase 1), due 2042, non-recourse to Hut 8 **Funded** Tenant credit Google + AA- Google backstops Fluidstack's River Bend rent for 15 years; the Beacon Point tenant is rated AA- or higher **Backstopped** Status chips are Second Order's read. Contract values, NOI and delivery dates are Hut 8's own figures. The 97% Compute share is our arithmetic (72.5 ÷ 74.9). ## What does Hut 8 actually do? Lock in the power. Sign one tenant. Sell bonds against the lease. Build the halls. Collect rent for 15 years. **Power first. A long lease second. Project bonds third. Rent last.** 1. **It secures utility power before it has a customer.** Hut 8 calls this power-first development. At River Bend, in West Feliciana Parish near St. Francisville, Louisiana, Entergy Louisiana has committed an initial 330 MW of utility capacity, with room for up to 1,000 MW more. At Beacon Point, a site of about 521 acres in Nueces County, Texas, an interconnection agreement with AEP Texas covers 1,000 MW. Behind those two sit about 8,660 MW of pipeline at 30 June 2026, most of it still in diligence. 2. **It signs one tenant per campus on a 15-year lease.** River Bend is leased to Fluidstack, an AI cloud company, as part of a partnership with Anthropic announced in December 2025\. Beacon Point is leased to a technology company Hut 8 has not named, in two phases of 352 MW each, signed in the spring and in July 2026\. All three leases are triple net, so the tenant pays operating costs, taxes and insurance. River Bend and Beacon Point Phase 2 carry 3% annual rent increases, and Phase 2 was signed on substantially the same terms as Phase 1. 3. **It funds each campus with its own bonds.** Each campus sits in a subsidiary that issued senior secured notes repaid from that campus's rent and without recourse to Hut 8 itself: $3.25 billion for River Bend in April 2026 and $4.25 billion for Beacon Point Phase 1 in June 2026\. At River Bend, Jacobs is the engineering, procurement and construction manager, working with Vertiv. | Campus | Tenant and term | Where it stands | | --------------------------------------- | ------------------------------------------------------------ | -------------------------------------------------------------------------------------------- | | River Bend, Louisiana (245 MW IT) | Fluidstack for 15 years; Google backstops the lease payments | Vertical construction under way; first hall Q2 2027, rest over 2027 | | Beacon Point Phase 1, Texas (352 MW IT) | Unnamed tenant rated AA- or higher, 15 years | Substation and halls under construction; energisation Q1 2027, first hall Q3 2027 | | Beacon Point Phase 2, Texas (352 MW IT) | Same tenant, 15 years, signed July 2026 | Site preparation; first hall Q2 2028; financing not yet arranged | | Bitcoin sites (US and Canada) | Mining through majority-owned American Bitcoin | Today's revenue; Hut 8 earns hosting and management fees that are eliminated in its accounts | Hut 8 in its current form dates from November 2023, when Canada's Hut 8 Mining combined with US Bitcoin Corp under a new US parent. For most of its life it mined Bitcoin and ran power plants. It sold its 310 MW of Ontario gas plants in February 2026, and its mining now runs mostly through American Bitcoin, a separately listed company in which outside shareholders held 46.37% at 30 June 2026, leaving Hut 8 with about 53.6% (our arithmetic: 100 − 46.37). The AI leasing business is about ten months old. The River Bend lease was signed in December 2025 for about $7.0 billion over 15 years, with Google backstopping Fluidstack's lease payments and related pass-through costs for the full base term. Fluidstack also holds a right of first offer on up to 1,000 MW more at River Bend if the site gets more power, and Hut 8's annual report says it and Anthropic may jointly develop up to 1,050 MW of further optional capacity elsewhere in its pipeline. Our [Fluidstack page](https://www.sotkn.com/stack/neoclouds/what-does-fluidstack-do/) explains that Google-backed lease model. Beacon Point followed. Phase 1, 352 MW for about $9.8 billion over 15 years, was signed in the spring of 2026 with a tenant Hut 8 describes only as a high-investment-grade technology company. In July the same tenant took Phase 2 on substantially the same terms, another 352 MW and $9.8 billion, using the campus's full 1,000 MW of utility capacity. Hut 8 says it designed the campus around the tenant's requirements, including redesigning Phase 1's first hall to NVIDIA's DSX reference design, which fits 57% more IT capacity on the same land and power. "The real test of our power-first approach is what our partners are willing to commit against it," chief executive Asher Genoot said when Phase 2 was signed. Hut 8 had 248 full-time employees at the end of 2025. --- ## How does Hut 8 make money? Today, mostly Bitcoin. From 2027, mostly rent. In order: - **Bitcoin mining (today's revenue)**: revenue was $74.9 million in the June 2026 quarter, of which $72.5 million was Compute, mainly Bitcoin mining through American Bitcoin, plus small amounts of AI and traditional cloud. Power and colocation added $2.5 million. Its 50% King Mountain joint venture in Texas booked another $27.0 million of colocation revenue, which Hut 8 records as equity earnings rather than revenue. - **Rent from leased campuses (from 2027)**: Hut 8 puts base-term contract value at about $26.6 billion and expected average annual net operating income at more than $1.75 billion once all three leases are running: about $454 million a year at River Bend and $1.31 billion at Beacon Point. These are the company's own projections; no lease has produced revenue yet. - **Renewal options**: each lease has three five-year renewals. Hut 8 says exercising all of them would lift River Bend's potential value to about $17.7 billion and Beacon Point's to about $50.2 billion. Those are options for the tenants, not contracts. - **Profit so far**: the June quarter's net loss was $177.1 million, including $138.6 million of mostly unrealised losses on its Bitcoin holdings. Adjusted EBITDA, which excludes those mark-to-market moves, was $10.4 million. **Our arithmetic.** On Hut 8's own contract values, River Bend's $7.0 billion over 15 years averages about $467 million a year, or about $1.90 million per MW of critical IT per year (7,000 ÷ 15 ÷ 245). Each Beacon Point phase's $9.8 billion over 15 years is about $653 million a year, or $1.86 million per MW (9,800 ÷ 15 ÷ 352). These are averages across rents that rise 3% a year, not rent rates. One unnamed tenant accounts for about 74% of the $26.6 billion (our arithmetic: 19.6 ÷ 26.6), and Google stands behind the rest. **Who funds the build.** Bondholders, mostly. At 30 June 2026 Hut 8 had $7,738.4 million of debt and similar liabilities at face value: the two campus bond issues ($7.5 billion), a $200 million Bitcoin-backed loan from FalconX at 7.00% and a $35.1 million note at 15.25%. It held $6,787.1 million of restricted cash, mostly bond money held in the project accounts, and $233.6 million of unrestricted cash. Hut 8 said the River Bend bonds covered about 95% of that project's cost. On 28 September 2026 it added a $1.07 billion four-year revolving credit facility at the parent, priced initially at SOFR plus 1.75%, for development spending and the deposits utilities and equipment makers require. Beacon Point Phase 2, another $9.8 billion lease, has no long-term financing yet; Hut 8 said in August it was evaluating structures. **Who gets paid.** Contractors and equipment makers first: construction in progress stood at $808.4 million at 30 June 2026, up from $77.4 million at the end of 2025\. Bondholders at about 6.1–6.2% for 16 years. Entergy and AEP Texas for the power connections. **Who pays.** Fluidstack, with Google behind it, at River Bend; the unnamed AA- tenant at Beacon Point, monthly, for 15 years. Money sticks once a hall is handed over and rent starts; until then Hut 8 carries the build. --- ## What limits it? The hall clock first. Phase 2 funding second. Two tenants third. 1. **Interest starts before rent.** Coupons on the two bond issues come to about $462 million a year (our arithmetic: 3,250 × 6.192% + 4,250 × 6.129%), with the first payments due on 15 and 30 November 2026\. The first hall, at River Bend, is due in the second quarter of 2027\. Hut 8's own bond models show rent of $171 million at River Bend and $63 million at Beacon Point Phase 1 in 2027, rising to $373 million and $489 million in 2028\. Every quarter of delay pushes that ramp back while coupons keep running. 2. **Delays can cost it money.** Hut 8's annual report warns that construction delays may lead to penalties or liquidated damages payable to customers, and that cost overruns may not be recoverable from customers or covered by its financing. It has not published the delay terms or construction budgets of its leases. 3. **Phase 2 is signed but not funded.** Beacon Point Phase 2 adds $9.8 billion of contract value but has no project financing in place. Until it does, the new revolver and Hut 8's own cash carry early spending. 4. **Two tenants, and one is unnamed.** All $26.6 billion comes from Fluidstack at River Bend and one technology company at Beacon Point. Google's backstop at River Bend covers the lease payments and related pass-through obligations for the full 15-year base term, but it only matters if Fluidstack fails to pay. The Beacon Point tenant's credit is described only by its rating. 5. **Bitcoin still drives the reported numbers.** Until rent starts, Hut 8's results swing with the Bitcoin price through mining revenue and the value of the coins it holds, as the $138.6 million of digital-asset losses in the June quarter showed. Where the filings are silent we say so. Hut 8 has not named the Beacon Point tenant, published rent per MW or the construction budget for either campus, disclosed delay penalties or termination rights in its leases, or said how it will finance Beacon Point Phase 2, so we do not estimate those. The River Bend operations services agreement that Hut 8 expected to sign with Fluidstack, also backed by Google, is not described as signed in the filings we read. --- ## Who else does this? Roles, not a league table. | Company | What it does | What makes it different | | ------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------- | ----------------------------------------------------------------------------- | | **Hut 8** | Builds campuses on power it secured and leases them for 15 years | Investment-grade project bonds on both campuses; no hall delivered until 2027 | | **[Cipher Digital](https://www.sotkn.com/stack/ai-data-centers/what-does-cipher-mining-do/)** | Builds halls in West Texas and leases them for 15–20 years | Two leases signed directly with AWS; one hall already paying rent | | **[TeraWulf](https://www.sotkn.com/stack/ai-data-centers/what-does-terawulf-do/)** | Another former miner leasing powered halls | Also leases to Fluidstack with Google support | | **[Core Scientific](https://www.sotkn.com/stack/ai-data-centers/what-does-core-scientific-do/)** | Former miner leasing halls to AI tenants | CoreWeave already pays most of its rent | | **[IREN](https://www.sotkn.com/stack/ai-data-centers/what-does-iren-do/)** | Owns power, halls and GPUs; rents compute | Carries the GPU risk Hut 8 leaves to its tenants | | **[Fluidstack](https://www.sotkn.com/stack/neoclouds/what-does-fluidstack-do/)** | AI cloud and Hut 8's River Bend tenant | Leases halls from miners with Google standing behind the rent | What separates Hut 8 is how it is funded. Both campuses raised investment-grade bonds, without recourse to the parent, before construction finished: Beacon Point's were rated Baa2 by Moody's. And 949 MW across just two campuses and two tenants is a concentrated book. The trade-off is time. Core Scientific and Cipher already collect some rent; Hut 8 collects none until the second quarter of 2027. --- ## What would change this view? The read on the model weakens if: - River Bend's first hall slips past the second quarter of 2027, or Beacon Point Phase 1 past the third quarter. - Construction costs run above what the bonds and Hut 8's equity cover, or delay penalties start to apply. - Beacon Point Phase 2 fails to find long-term financing on terms similar to Phase 1. - Fluidstack or the Beacon Point tenant renegotiates, or Google's backstop is called on. - Hut 8 converts more of its 8,660 MW pipeline, or the 1,000 MW River Bend expansion, into signed leases. It stays intact while River Bend's halls open from the second quarter of 2027, Beacon Point energises in the first quarter of 2027 and delivers its first hall in the third quarter, Phase 2 gets financed and costs stay inside the budgets the bonds were sized for. --- ## Practical takeaways - Hut 8 is now a builder and landlord of AI data center campuses, with Bitcoin mining moved mostly into its majority-owned American Bitcoin. - 949 MW of critical IT leased for 15 years at River Bend (Fluidstack, Google backstop) and Beacon Point (an unnamed AA- tenant), worth about $26.6 billion on Hut 8's figures. - No hall has been handed over: the first is due in Q2 2027, the last in Q2 2028. - Its leases average about $1.86–1.90 million per MW of critical IT a year (our arithmetic), all triple net. - The stuck step is the hall clock: about $462 million a year of bond interest (our arithmetic) starts in November 2026, months before the first rent. --- ## FAQ **What does Hut 8 do?** Hut 8 secures large grid connections, builds AI data center campuses on them and leases them to tenants for 15 years. Its two signed campuses are River Bend in Louisiana, leased to Fluidstack with a Google backstop, and Beacon Point in Texas, leased to a technology company rated AA- or higher. It also mines Bitcoin through its majority-owned subsidiary American Bitcoin. **Is Hut 8 still a Bitcoin miner?** Partly. Most of its June 2026 quarter revenue of $74.9 million came from Bitcoin mining, run mainly through American Bitcoin, in which Hut 8 held about 53.6% at 30 June 2026 (our arithmetic). Once its leased halls open from 2027, rent is expected to become its main source of income. **Who are Hut 8's tenants?** Fluidstack leases all 245 MW of critical IT at River Bend for 15 years, with Google backstopping the lease payments for the base term. A technology company Hut 8 has not named, rated AA- or higher, leases all 704 MW at Beacon Point in two 15-year phases. **What is Hut 8's River Bend data center?** A campus in West Feliciana Parish near St. Francisville, Louisiana, powered by Entergy Louisiana with 330 MW of utility capacity. It is leased to Fluidstack for about $7.0 billion over 15 years, funded by $3.25 billion of 6.192% bonds, and its first data hall is due in the second quarter of 2027. **What is Hut 8's Beacon Point data center?** A 1,000 MW utility capacity campus in Nueces County, Texas, connected through AEP Texas. Two 15-year leases of 352 MW each are worth about $19.6 billion in total. Energisation is planned for the first quarter of 2027, the first hall for the third quarter of 2027 and Phase 2 from the second quarter of 2028. **Is Hut 8 a good investment?** We do not make buy or sell calls, and nothing here is a recommendation. We can tell you what it owns, who pays it and which numbers would change the picture. The decision is yours. --- ## Keep reading on the map - **The layers:** [AI Data Centers](https://www.sotkn.com/stack/ai-data-centers/) · [Neoclouds](https://www.sotkn.com/stack/neoclouds/) · [Hyperscalers](https://www.sotkn.com/stack/hyperscalers/) - **The terms:** [Data Center Leases Explained](https://www.sotkn.com/explained/data-center-lease-explained/) · [Data Center Financing Explained](https://www.sotkn.com/explained/data-center-financing-explained/) · [How Long Does It Take to Build an AI Data Center?](https://www.sotkn.com/explained/how-long-does-it-take-to-build-an-ai-data-center/) - **The tenants and backers:** [What Does Fluidstack Do?](https://www.sotkn.com/stack/neoclouds/what-does-fluidstack-do/) · [What Does Google Do?](https://www.sotkn.com/stack/hyperscalers/what-does-google-do/) - **Other miners and landlords:** [What Does Cipher Mining Do?](https://www.sotkn.com/stack/ai-data-centers/what-does-cipher-mining-do/) · [What Does Core Scientific Do?](https://www.sotkn.com/stack/ai-data-centers/what-does-core-scientific-do/) · [What Does TeraWulf Do?](https://www.sotkn.com/stack/ai-data-centers/what-does-terawulf-do/) · [What Does IREN Do?](https://www.sotkn.com/stack/ai-data-centers/what-does-iren-do/) · [What Does Applied Digital Do?](https://www.sotkn.com/stack/ai-data-centers/what-does-applied-digital-do/) - **Where it happens:** [US](https://www.sotkn.com/markets/us/) · [Texas large-load rule](https://www.sotkn.com/markets/us/us-texas-large-load-rule-october-2026/) · [Where Are AI Data Centers Located?](https://www.sotkn.com/explained/where-are-ai-data-centers-located/) For the wider picture of signed leases waiting on buildings, read [If $1.1 Trillion of Leases Waits on Handover, Where Does Cash Stick?](https://www.sotkn.com/analysis/if-1-1-trillion-of-leases-waits-on-handover-where-cash-sticks/). This page stays the free Stack read of the Hut 8 model. ## Sean Writes Second Order by TKN — a plain-English map of AI infrastructure. Who gets paid, where money sticks, which step is stuck. Not investment advice. [Author page →](https://www.sotkn.com/author/sean/) · [Editorial standards →](https://www.sotkn.com/editorial-standards/) ## How we check this Figures come from Hut 8's Form 10-Q for the quarter ended 30 June 2026 and its second-quarter results release (both 4 August 2026), its Beacon Point Phase 2 lease release of 20 July 2026, its Beacon Point notes pricing release and financial model (4 June 2026), its first-quarter results release of 6 May 2026, its River Bend presentation of 27 April 2026, its River Bend lease release of 17 December 2025, its revolving credit release of 28 September 2026 and its 2025 annual report of 25 February 2026, each dated below. Where we work something out ourselves, the arithmetic is shown in full. Hut 8 has not named the Beacon Point tenant, published rent per MW, construction budgets or delay terms, or said how Phase 2 will be financed, so we do not estimate those. Social media posts and press reports are not used. **Last reviewed:** 30 Oct 2026 · **Next review:** after Hut 8's Q3 2026 results (4 Nov 2026) or River Bend's first hall handover Spot an error? Tell us and we will correct it and note the change here. [Our editorial standards →](https://www.sotkn.com/editorial-standards/) ## References 1. Hut 8 Corp., [Quarterly Report on Form 10-Q for the quarter ended June 30, 2026](https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm?ref=sotkn.com) (company, SEC filing), 4 Aug 2026 — debt table ($7,738.4m principal incl. River Bend and Beacon Point notes, coupons and payment dates), $233.6m cash and $6,787.1m restricted cash, $808.4m construction in progress, segment revenue, 46.37% third-party ownership of American Bitcoin, Beacon Point Phase 2 lease terms 2. Hut 8 Corp., [Hut 8 Reports Second Quarter 2026 Results (Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1%5Fex99-1.htm?ref=sotkn.com) (company, SEC exhibit 99.1), 4 Aug 2026 — 949 MW contracted, $26.6bn base-term value, over $1.75bn average annual NOI, Q2 revenue $74.9m, net loss $177.1m, adjusted EBITDA $10.4m, delivery targets Q2 2027 and Q3 2027, \~8,660 MW pipeline, Phase 2 financing still being evaluated 3. Hut 8 Corp., [Hut 8 Fully Commercializes 1 GW Beacon Point AI Data Center Campus with Second 352 MW IT Lease (Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1964789/000110465926084862/tm2620835d1%5Fex99-1.htm?ref=sotkn.com) (company, SEC exhibit 99.1), 20 Jul 2026 — Phase 2: 352 MW, 15 years, $9.8bn, triple net, same tenant; campus $19.6bn and $1.31bn average annual NOI; AEP Texas 1,000 MW interconnection; energisation Q1 2027; Phase 2 delivery Q2 2028; NVIDIA DSX redesign 4. Hut 8 Corp., [Hut 8 Announces Pricing of $4.25 Billion of Investment-Grade Senior Secured Notes for Beacon Point (Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1964789/000110465926070744/tm2616926d1%5Fex99-1.htm?ref=sotkn.com) (company, SEC exhibit 99.1), 4 Jun 2026 — Beacon Point Phase 1: six data halls, 352 MW of critical IT on about 521 acres in Nueces County; tenant rated AA- or higher; 6.129% notes due 2042, non-recourse to Hut 8 5. Hut 8 Corp., [Beacon Point illustrative financial information (Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1964789/000110465926070393/tm2616869d1%5Fex99-1.htm?ref=sotkn.com) (company, SEC exhibit 99.1), 4 Jun 2026 — Hut 8's indicative cash waterfall for Beacon Point Phase 1: $9,788m total revenue, $63m in 2027 and $489m in 2028, amortisation from Q2 2030 6. Hut 8 Corp., [River Bend investor presentation (Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1964789/000110465926049090/tm2612485d1%5Fex99-1.htm?ref=sotkn.com) (company, SEC exhibit 99.1), 27 Apr 2026 — Hut 8's indicative cash waterfall for River Bend: $6,982m total revenue, $171m in 2027 and $373m in 2028, amortisation from Q2 2028 7. Hut 8 Corp., [Hut 8 Signs 15-Year, 245 MW AI Data Center Lease at River Bend Campus (Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1964789/000110465925122052/hut-20251217xex99d1.htm?ref=sotkn.com) (company, SEC exhibit 99.1), 17 Dec 2025 — River Bend: Fluidstack, 245 MW, 15 years, $7.0bn, 3% escalator, triple net; Google backstop of lease payments; $454m average annual NOI; ROFO for 1,000 MW more; Entergy 330 MW; Jacobs and Vertiv; first hall Q2 2027 8. Hut 8 Corp., [Hut 8 Reports First Quarter 2026 Results (Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1964789/000110465926055894/hut-20260506xex99d1.htm?ref=sotkn.com) (company, SEC exhibit 99.1), 6 May 2026 — Beacon Point Phase 1 lease: 15 years, 352 MW, $9.8bn, high-investment-grade tenant; River Bend notes at about 95% loan-to-cost; sale of the 310 MW Ontario gas plants 9. Hut 8 Corp., [Hut 8 Expands Corporate Liquidity with $1.07 Billion Senior Secured Revolving Credit Facility (Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1%5Fex99-1.htm?ref=sotkn.com) (company, SEC exhibit 99.1), 28 Sep 2026 — $1.07bn four-year revolver at SOFR + 175 bp initially, 12 lenders, letter-of-credit sublimit for interconnection deposits and utility obligations 10. Hut 8 Corp., [Annual Report on Form 10-K for the year ended December 31, 2025](https://www.sec.gov/Archives/edgar/data/1964789/000110465926019392/hut-20251231x10k.htm?ref=sotkn.com) (company, SEC filing), 25 Feb 2026 — Anthropic and Fluidstack partnership incl. up to 1,050 MW of further optional capacity, 2023 business combination with US Bitcoin, construction-delay penalties and liquidated damages risk, 248 full-time employees