Hut 8's AI data center business accelerates in Q2, with 949MW of computing power leases corresponding to $26.6 billion in contract value

Odaily News Bitcoin mining company Hut 8 (NASDAQ/TSX: HUT) announced its second-quarter 2026 financial results. The company stated that its "power-first" strategy centered on energy infrastructure, digital infrastructure, and AI computing has made significant progress. Its AI data center business has now secured 949MW of contracted IT capacity, corresponding to approximately $26.6 billion in underlying contract value. The Beacon Point campus in the United States completed the signing of a second 352MW AI data center lease agreement, with the same high-investment-grade client as the first phase tenant. This 15-year lease is expected to generate approximately $9.8 billion in underlying contract value and approximately $655 million in annual NOI, bringing the campus's cumulative underlying contract value to approximately $19.6 billion, with annual NOI of approximately $1.3 billion.

In terms of Bitcoin asset management, Hut 8 completed the refinancing of a $200 million Bitcoin-collateralized credit facility, reducing the cost of debt from 9% to 7%, and releasing approximately 3,300 BTC in collateral. The company stated that following the conversion of the $150 million Coatue convertible notes, there is no general recourse debt remaining at the parent company level.

Financially, Hut 8 generated revenue of $74.9 million in Q2, up approximately 81% year-over-year. Of this, ASIC computing, AI cloud, and legacy cloud businesses contributed $72.5 million; digital infrastructure operations contributed $1.3 million; and power generation and management services revenue was $1.2 million. The company posted a net loss of $177.1 million in Q2, compared to a net profit of $137.5 million in the same period last year, primarily due to unrealized losses on digital assets, with digital asset-related losses of approximately $138.6 million this quarter. Adjusted EBITDA was $10.4 million, up year-over-year.

In terms of infrastructure development, Hut 8's energy development pipeline has now reached approximately 8.66GW, with 1,330MW already in the construction phase, including 330MW at the River Bend campus and 1,000MW at the Beacon Point campus. The River Bend project is scheduled to deliver its first data hall in Q2 2027; Beacon Point Phase 1 is expected to achieve first energization in Q1 2027 and deliver its first data hall in Q3 2027.

Additionally, Hut 8 completed $7.5 billion in investment-grade project financing in Q2, including $3.25 billion in senior secured bonds for the River Bend project and $4.25 billion in financing for Beacon Point Phase 1. The company stated that the financing is non-dilutive and does not require recourse guarantees from the parent company.

Hut 8 said it will continue to expand its AI data center infrastructure footprint, aiming to build a large-scale energy and computing infrastructure platform for the AI era. (PRNewswire)