Hut 8 Accelerates AI Data Center Business in Q2, 949MW Power Lease Corresponds to $26.6 Billion Contract Value

Hut 8 Mining Corp has announced its financial results for the second quarter of 2026. The company stated that it has made significant progress with its "power-first" strategy focused on energy infrastructure, digital infrastructure, and AI computing power. Currently, its AI data center business has secured 949MW of signed IT capacity, corresponding to an approximate base contract value of $26.6 billion. The Beacon Point facility in the United States has completed the signing of its second 352MW AI data center lease agreement, with the first-phase tenant being the same high-investment-grade client. This 15-year lease is expected to generate an approximate base contract value of $9.8 billion and about $655 million in annual NOI, bringing the total base contract value of the facility to approximately $19.6 billion, with an annual NOI of about $1.3 billion.

In terms of Bitcoin asset management, the company has completed a $200 million refinancing of its Bitcoin collateralized credit line, reducing its debt cost from 9% to 7% and releasing approximately 3,300 BTC in collateral. The company stated that after completing the conversion of $150 million in convertible bonds, there is no general recourse debt at the parent company level.

Financially, the company achieved revenues of $74.9 million in Q2, representing a year-on-year increase of about 81%. Of this, ASIC computing power, AI cloud, and traditional cloud businesses contributed $72.5 million; the digital infrastructure business contributed $1.3 million; and revenue from power generation and management services was $1.2 million. The company reported a net loss of $177.1 million in Q2, compared to a net profit of $137.5 million in the same period last year, primarily impacted by unrealized losses on digital assets, with losses related to digital assets this quarter amounting to approximately $138.6 million. Adjusted EBITDA was $10.4 million, showing year-on-year growth.

Regarding infrastructure development, the current energy development pipeline has reached approximately 8.66GW, with 1,330MW already in the construction phase, including 330MW at the River Bend facility and 1,000MW at the Beacon Point facility. The River Bend project is scheduled to deliver its first data hall in Q2 2027; the first phase of Beacon Point is expected to achieve initial power-on in Q1 2027 and deliver its first data hall in Q3 2027.

Additionally, the company completed $7.5 billion in investment-grade project financing in Q2, including $3.25 billion in senior secured bonds for the River Bend project and $4.25 billion in financing for the first phase of Beacon Point. The company stated that this financing is non-dilutive and does not require recourse guarantees from the parent company.

Looking ahead, the company plans to continue expanding its AI data center infrastructure, aiming to build a large-scale energy and computing infrastructure platform for the AI era.

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