Hut 8 Secures $7 Billion AI Infrastructure Deal and Amplifies Growth Pipeline to 8,500 MW

Major AI Lease With Fluidstack and Google Backstop Marks a Strategic Shift

Hut 8 isn’t just building more data centers—it’s reshaping its entire business around the rapidly accelerating demand for AI and digital infrastructure. The highlight from its fourth quarter and full year 2025 report? A 15-year, $7 billion IT lease with Fluidstack, financially backstopped by Google, for 245 MW at its River Bend campus. This contract demonstrates both the scale and security of Hut 8’s new business model, locking in stable long-term revenue from blue-chip players as AI demand soars.

Development Pipeline Reaches 8,500 MW—Positioning for Multi-Gigawatt Growth

Hut 8 ended 2025 with a development pipeline of 8,500 MW, spanning everything from due diligence to active construction. This ambitious scale bolsters their multi-year plan to become a dominant US infrastructure provider for AI, HPC, and energy-intensive compute workloads:

That pipeline also includes a Right of First Offer for up to an additional 1,000 MW at the River Bend site, hinting that growth is far from capped.

Balance Sheet Remains Solid Amid Asset Sales and Loan Upsizing

Hut 8 streamlined its capital strategy in 2025 by selling a 310 MW portfolio of natural gas power plants and launching the public listing of American Bitcoin Corp. At year-end, the company reported approximately $1.4 billion in cash and Bitcoin reserves, split between Hut 8 ($899.3M) and American Bitcoin ($472.6M). Total credit capacity has doubled to $400 million, and the company now boasts up to 85% loan-to-cost project financing—backed by J.P. Morgan and Goldman Sachs.

Revenue Jumps, but Losses Driven by Digital Asset Headwinds

Full-year revenue hit $235.12 million, up from $162.39 million in 2024, powered largely by $202.33 million from compute (ASIC, AI cloud, and traditional cloud) and robust performance in power and colocation:

However, the company reported a full-year net loss of $248.00 million—a figure mostly attributable to $220 million in unrealized losses on digital assets. Adjusted EBITDA also swung negative to $(135.35) million from $555.68 million last year, underscoring the volatility still inherent in digital asset exposure.

Operational Milestones: Next-Gen Cooling and Strategic Partnerships

Innovation wasn’t just talk—Hut 8 energized its 205 MW Vega data center, now featuring proprietary, direct-to-chip liquid cooling for high-density ASIC compute. New partnerships with major AI players Anthropic and Fluidstack further entrench Hut 8 at the intersection of technology and energy, offering both scale and technical edge.

Takeaway: Megawatt Scale and Capital Discipline Define 2025, but Execution Is Key

Hut 8 enters 2026 backed by a fortified balance sheet, a dramatically expanded project pipeline, and marquee contracts in AI infrastructure. While digital asset volatility continues to impact reported results, the company’s shift to long-term, contracted revenue streams reflects a more stable and scalable model. With River Bend set to deliver its first phase in 2027—and Google, Fluidstack, and institutional investors in the mix—the next year is all about disciplined project execution and keeping pace with surging compute demand.

Key Data Snapshot: Hut 8 2025 Operating Metrics

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