Hut 8 details strategy shift to AI data center leases in Q3 call

Hut 8 built its name mining Bitcoin. Its latest earnings call suggests it would rather be known as a landlord.

On November 4, 2026, Hut 8 Corp. (NASDAQ: HUT) used its third-quarter 2026 call to lay out a strategy that turns its power assets into long-term AI data center leases. Management described a “power-first” energy infrastructure model built around gigawatt-scale campuses. Mining is no longer the main event.

The headline number is hard to ignore. The company says it has contracted 949 megawatts of IT capacity, and those contracts are expected to produce approximately $27 billion in base-term revenue over leases running 15 to 17 years.

Two campuses, one very large bet

The contracted capacity sits across two sites: River Bend in Louisiana and Beacon Point in Texas. Beacon Point reached full commercialization during the third quarter. In plain terms, every bit of capacity there now has a signed customer attached to it.

The leases are aimed at AI and high-performance computing (HPC) tenants.

The timeline still requires patience. Hut 8 is targeting its first data-hall deliveries at River Bend in Q2 2027, with Beacon Point Phase 1 following in Q3 2027.

The broader development pipeline now stands at 7,859 MW. Of that, 1,330 MW is currently under construction. The company also emphasized cost-efficient designs for the projects.

How Hut 8 is paying for it

Building AI campuses is not cheap, and Hut 8 is leaning on structured financing to do it. The company has secured $7.5 billion in bonds tied to projects including River Bend and the first phase of Beacon Point.

That debt is set up as non-recourse project-level financing. Put simply, lenders are generally looking to the individual project for repayment rather than the entire company.

Hut 8 also closed a new $1.07 billion senior secured revolving credit facility.

Then there is the Bitcoin. Hut 8 executed around $250 million in share repurchases, funded in part by selling about 3,100 Bitcoin. It also expanded its buyback authority to $1 billion.

The quarterly numbers

The transition shows up clearly in the income statement. Revenue for Q3 2026 came in at $71.1 million, down from $83.5 million in Q3 2025.

Adjusted EBITDA rose to $33 million from $30.5 million a year earlier.

What this means

The risks are real, though. The approximately $27 billion figure is expected revenue over contracts lasting well over a decade, and first deliveries are still targeted for 2027. Construction delays, cost overruns or tenant problems could all push that timeline around. The $7.5 billion in bonds also adds significant leverage, even if it is ring-fenced at the project level.

There is a gap to watch as well. The 1,330 MW under construction already exceeds the 949 MW contracted, and the 7,859 MW pipeline is far larger still.

Key markers to track include the Q2 2027 River Bend delivery, the Q3 2027 Beacon Point Phase 1 handoff, new lease announcements and how much of the remaining Bitcoin treasury the company chooses to keep.