Hut 8 Corp. Lands $9.8 Billion AI Data Center Contract, Stock Surges 30%
NEW YORK, May 6 —
Hut 8 Corp. signed a $9.8 billion AI data center lease at Beacon Point, sending shares up more than 30% in a single session.
- HUT surged 30% or more; Piper Sandler raised its price target following the deal announcement
- The stock trades at -34.1x forward P/E on $235mn TTM revenue. The market is not buying the current business. It is buying a completely different one.
- The contract commencement date is the hinge point. Watch Q2 2026 earnings for the first AI infrastructure revenue contribution.
What Actually Happened
Hut 8 signed a long-term lease for its Beacon Point campus, built to NVIDIA specifications. The data center market pays a significant premium for NVIDIA-spec facilities because they serve the highest-value AI workloads. A $9.8 billion lease spread over any reasonable term rewrites HUT's revenue profile entirely. The miner-to-infrastructure pivot has been the loudest thesis in the sector for two years, and Hut 8 just printed the largest concrete proof point anyone has produced. Riot Platforms climbed 13% in sympathy. That number matters. Riot has not announced an equivalent deal. The market is re-rating the whole category on the logic that if one miner can land a $9.8 billion AI contract, others might too.
The Catch
$235mn in TTM revenue against a $9.8 billion contract sounds like a solved problem. It is not. Lease revenue gets recognized over the contract term, not upfront. If commencement is 12 to 18 months out, Hut 8 books nothing until then. The -34.1x forward P/E confirms the company is expected to lose money in the near term, deal or no deal. You are not buying the financials. You are buying the promise that the financials change. That promise has a commencement date attached to it, and that date has not been confirmed.
Bottom Line
This is a legitimate inflection point, not just a narrative moment. A signed $9.8 billion lease at a NVIDIA-spec campus is real money, eventually. Growth investors have a story with real numbers behind it now. Value investors will wait for the first revenue line on an earnings report before they move. The one number to watch is simple: the Beacon Point contract commencement date. Everything else the bulls and bears argue about is secondary until that date is nailed down.
For a full breakdown of Hut 8's financial position, generate a Basis Report at /stock/hut.
Basis Report does not hold positions in securities discussed. This is not investment advice.
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