Hut 8 Secures $26.6 Billion in AI Data Center Contracts

The company, which operates on a power-first model, finalized the commercialization of its first gigawatt-scale campus at Beacon Point following a second 352 MW lease agreement. This expansion comes alongside a successful capital strategy that saw the firm close $7.5 billion in non-dilutive, investment-grade project financing during the second quarter. These funds are earmarked for the ongoing development of the River Bend and Beacon Point sites, both of which are currently under construction.

While the company reported a net loss of $177.1 million for the quarter—largely driven by $138.6 million in unrealized losses on digital assets—its core operations saw growth. Compute revenue reached $72.5 million, and adjusted EBITDA stood at $10.4 million. CEO Asher Genoot emphasized that the focus has now shifted toward operational delivery, with initial data hall energization for the new campuses targeted for early 2027. The company currently maintains 1,330 MW of energy capacity under active construction, with a broader development pipeline totaling 8,660 MW.