Vertiv to Provide Critical Infrastructure for Record-Setting $7 Billion Hut 8 Data Center Lease
In a major leap for the digital infrastructure industry, Vertiv (NYSE: VRT) has been chosen as the critical infrastructure partner in Hut 8's $7.0 billion, 15-year lease agreement for the River Bend AI data center campus in Louisiana. The deal stands out for its scale, ambitious power footprint, and high-caliber consortium of partners—including Google as the financial backstop, J.P. Morgan and Goldman Sachs for financing, Entergy for utilities, and Jacobs as EPCM manager.
Landmark Partnership Unites Tech, Finance, and Utilities on an Unprecedented Scale
The River Bend project is anchored by a 245 MW triple-net lease—one of the largest commitments in the history of AI data center development. Should all renewal options be exercised, total contract value could surge to $17.7 billion, while Fluidstack retains right-of-first-offer on up to 1,000 MW of additional campus capacity. Google’s commitment to cover payment obligations during the 15-year base term offers added security, underscoring the credibility and financial resilience of the project.
For Vertiv, this assignment confirms its position as a leading provider of critical infrastructure for high-density, AI-driven environments, cementing relationships with institutional-grade partners and future-proofing its business model against evolving tech demands.
Key Deal Terms and Impact—What Investors and Stakeholders Should Know
| Detail | Key Metric |
|---|---|
| Base Lease Term | 15 years |
| Total Base Contract Value | $7.0 billion |
| Potential Value with Renewals | Up to $17.7 billion |
| Annual Rent Escalator | 3.00% |
| Google Financial Backstop | 15-year base lease payments covered |
| Initial Utility Capacity Secured | 330 MW (expandable by up to 1,000 MW) |
| Average Expected Annual NOI Contribution | $454 million |
| Loan-to-Cost Ratio | Up to 85% (led by J.P. Morgan, Goldman Sachs) |
| First Data Hall Online | Q2 2027 |
This scale and certainty set the River Bend project apart as both an economic driver for Louisiana and a potential industry blueprint for institutional data center financing and execution.
Project Pipeline: Massive Development Capacity Sets Stage for Future Expansion
River Bend isn't a standalone win for Vertiv or Hut 8. The project forms just part of Hut 8’s development pipeline—totaling 9,520 MW across various stages and 19 sites throughout North America. Here’s a snapshot of where things stand as of December 17, 2025:
| Stage | Description | Utility Capacity (MW) |
|---|---|---|
| Energy Capacity Under Diligence | Site assessment for power/viability | 5,685 |
| Energy Capacity Under Exclusivity | Exclusive path to ownership secured | 1,255 |
| Energy Capacity Under Development | Active investment and buildout | 1,230 |
| Energy Capacity Under Construction | Construction underway | 330 |
| Energy Capacity Under Management | Commercialized, operational | 1,020 |
| Total | 9,520 |
The 330 MW now classified as ‘Under Construction’ highlights tangible progress, while over 8,000 MW of potential expansion points to future mega-developments where Vertiv and its partners could remain vital players.
Strategic Takeaways—Institutional Confidence and Market Implications for Vertiv
This agreement doesn’t just provide Vertiv with an immediate boost through a marquee project; it validates its expertise with the most demanding clients and may strengthen its pipeline with additional large-scale contracts. Institutional involvement from Google, J.P. Morgan, Goldman Sachs, Entergy, and Jacobs further underpins project certainty and sector momentum.
As more enterprises and hyperscalers pursue AI-powered workloads, demand for resilient, high-density digital infrastructure will only intensify. Vertiv, as a chosen provider in one of the world’s largest campus developments, is well positioned for further expansion and repeatable, long-term revenue streams.
What’s Next—Timeline and Key Dates
- Initial data hall set to come online: Q2 2027
- Additional halls to be commissioned throughout the remainder of 2027
- Conference call scheduled for December 17, 2025, at 12:00 p.m. ET (join webcast)
While risks—including financing conditions, power delivery, and regulatory approvals—remain, the scope, partners, and financial commitments in play set a strong foundation for both Hut 8 and Vertiv. For infrastructure investors and technology stakeholders, River Bend is a project to watch closely in the coming years.
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