Hut 8 Projects $27 Billion in Base-Term Revenue From AI Lease Portfolio

Hut 8 Corp., the Nasdaq-listed Bitcoin miner pivoting into artificial intelligence infrastructure, projects approximately $27 billion in base-term revenue from leases covering 949 megawatts (MW) of IT capacity, the company said. The agreements span 15 to 17 years and anchor two U.S. campuses as the firm repositions itself from crypto mining toward AI and high-performance computing (HPC) workloads.

The figure is a projection, not booked revenue. It covers the base terms of the leases only, and base terms in data-center contracts frequently exclude extensions, renewal options and tariff escalations. Spread evenly across the full 949 MW and a 15-year midpoint, $27 billion implies roughly $1.8 billion per year, or about $1.9 million per megawatt annually, before operating costs, power procurement and financing charges.

Where is the contracted capacity?

The leased capacity sits at two campuses: River Bend in Louisiana and Beacon Point in Texas. Beacon Point reached full commercialization in the third quarter, with customers signed for all of its capacity. Hut 8 targets delivery of River Bend's first data hall in the second quarter of 2027 and Beacon Point Phase 1 in the third quarter of 2027, according to the company.

The company separately values River Bend's lease agreement at $7 billion over its 15-year base term. That figure translates to roughly $467 million per year for the Louisiana campus alone, again before costs. Neither projection has been disclosed with counterparty names or contracted rates per megawatt, which limits independent verification of the headline numbers.

In plain terms: Beacon Point is built and fully leased, while River Bend remains largely a construction commitment.

What sits behind the announcement?

Hut 8's broader development pipeline stands at 7,859 MW, including 1,330 MW under construction. That pipeline is roughly eight times the currently contracted 949 MW, meaning the overwhelming majority of the company's announced capacity has no disclosed tenant attached. A pipeline figure is a statement of intent, not of contracted demand.

The construction figure of 1,330 MW is the more concrete near-term number. It represents capital already committed to buildings that must be energized, staffed and leased before generating returns. Construction risk in data-center development includes power interconnection delays, equipment lead times and tenant credit quality, none of which the announcement addresses.

The takeaway: the contracted portfolio is real but modest relative to what Hut 8 says it intends to build.

What does this mean for the miner's business model?

The shift from Bitcoin mining to AI and HPC leasing changes Hut 8's revenue profile in kind, not just in scale. Mining revenue floats with Bitcoin prices and network difficulty on a daily basis. Lease revenue arrives under multi-year contracts with fixed counterparties, which stabilizes cash flow but concentrates credit risk in a small number of tenants over 15 to 17 years.

The delivery timeline compounds that concentration risk. River Bend's first data hall is not scheduled to come online until the second quarter of 2027, and Beacon Point Phase 1 follows in the third quarter of 2027. Roughly two years of construction, procurement and commissioning stand between the announcement and first revenue at those sites, during which capital costs accrue regardless.

The company did not disclose lease counterparties, pricing per megawatt, or financing arrangements for the remaining buildout. Those omissions matter: the credibility of a $27 billion projection rests on tenant quality and escalation clauses that investors cannot yet inspect.

What should investors watch next?

The binding test arrives in stages. Beacon Point's commercialization, already achieved this quarter, provides the first operating evidence. The second checkpoint is River Bend's first data hall delivery in the second quarter of 2027, followed by Beacon Point Phase 1 in the third quarter of that year.

Between now and then, Hut 8 must convert a portion of its 7,859 MW pipeline into signed tenants, and finance 1,330 MW of active construction without diluting shareholders or over-levering the balance sheet. The market will learn whether the projections hold when the company reports execution against those 2027 deadlines.