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Cloud ComputingPublic

Hut 8

Ticker
HUT
Beat
datacenters
Size
Public Company
Revenue
$74.9M
as of Jun 2026
Cash
$234M
as of Jun 2026
Burn
$177M/qtr
as of Jun 2026
Runway
~1 qtr at this rate
as of Jun 2026
Researched · Fresh
5 days ago

The cleanest landlord in the miner-to-AI cohort got cleaner — Beacon Point is fully let (704 MW, $19.6B base-term), the book is $26.6B / >$1.75B a year of NOI on 16-year amortising investment-grade debt, and the anchor tenant is reported to be Nvidia with Anthropic buying the output — but zero of it pays until Q2–Q3 2027, Phase 2 is not yet financed, and the reported P&L is still a bitcoin mark plus a 54%-owned Trump-linked miner.

Orbit · who it trades with and competes with
1 on the rings · 0 trade · 1 rival
1 mentions across our dossiers
Focus · Datacenters
Hut 8
HUT · public
No published house view
Competes with
Next prints in its web
Links · 1 company · 0 trade · 1 rival
“- New competitor names the 10-K now lists: Digital Realty, Equinix, plus IREN, Cipher, TeraWulf, Hut 8, Riot, CleanSpark, HIVE, Core Scientific, Bitdeer, Galaxy Digital, Fermi Inc., Keel Infrastructure, MARA.”Applied Digital · RIVAL · from Applied Digital’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

HUT · weekly close
52.65 USD−11.4%
Friday 6 Nov 2026 · last 52 Fridays 34.34–124.83
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 20,000 sh · 1 filing, Form 4 · 24 Sept 2026
  2. Short interest: 18,154,959 sh · 2.46 days to cover, FINRA · settled 15 Oct 2026
  3. Next print: in 89 days, Scheduled · 8 Feb 2027, scheduled
52.65USD-11.4%datacenters -12.3%HUT · 110 weekly closes to 2026-11-06

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 24 Sept 2026
1 filing · 20,000 shares
Shares sold shortFINRA · settled 15 Oct 2026
18,154,959 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
2.46
see the whole series
The record

What happened

What happened
DateWhat happened
8 Oct 2026Verdict changed: The cleanest landlord in the miner-to-AI cohort got cleaner — Beacon Point is fully let (704 MW, $19.6B base-term), the book is $26.6B / >$1.75B a year of NOI on 16-year amortising i…Before: The cleanest landlord in the miner-to-AI cohort got cleaner — Beacon Point is fully let (704 MW, $19.6B base-term), the book is $26.6B / >$1.75B a year of NOI on 16-year amortising investment-grade debt, and the anchor tenant is reported to be Nvidia with Anthropic buying the output — but zero of it pays until Q2–Q3 2027, Phase 2 is not yet financed, and the reported P&L is still a bitcoin mark plus a 54%-owned Trump-linked miner. After: Hut 8 added a $1.07B four-year revolver at the parent, secured on substantially all of the parent's and guarantors' assets, with no borrowing base. The project companies that hold River Bend and Beacon Point are walled off from it. It is priced off Hut 8's own share price (SOFR + 150 to 200bp on debt-to-market-cap) and its main job, by the company's own words, is letters of credit for power deposits and bridge money until projects get long-term financing. The pipeline "conflict" from the last dossier closes exactly: 9,370 MW minus 710 MW under management is 8,660 MW. The co-founder and Chief Strategy Officer, Michael Ho, raised $58.3M against 1.5M of his shares through a JPMorgan prepaid forward. Asset view unchanged; equity view carries one more insider-liquidity flag.editorial note · the dossier
Compute market

Deals on the Ledger

The compute board →
Published compute deals with Hut 8 as a party
AnnouncedWithTypeValueSource
28 Sept 2026
  • JPMorgan Chase Lender
Loan against chips$1.07Bup to $1,070.0M outstanding, including a $1,070.0M letter of credit sublimit; nothing drawn at closingHut 8 Form 8-K, 2026-09-28
17 Dec 2025Site lease$7B$7.0B over the base term (including a 3% annual escalator); up to $17.7B if all renewal options are exercised.Hut 8 8-K Ex. 99.1, 2025-12-17

Every Hut 8 deal on the Ledger — each one read against its source.

Compute capacity

What Hut 8 has said about its capacity

1 statement · 1 campus · newest 6 May 2026

The capacity register →

Happened

Stages the company says it reached, in the basis it used
Hut 8’s statements of capacity reached, newest first
StatedWhereWhat it saysIn its wordsSource
6 May 2026Beacon PointContracted352 MW IT load“signing a 15-year, 352 MW IT AI data center lease at Beacon Point with a high-investment-grade tenant”Regulatory filing, 6 May 2026

Megawatts are kept in the kind the source used and never added across kinds. A promised date is the latest day its words can bear, and only the company’s own later statements settle it.

How our view changed

3 dossiers

Every dossier we have written on Hut 8, newest first.

  1. current

    Hut 8 added a $1.07B four-year revolver at the parent, secured on substantially all of the parent's and guarantors' assets, with no borrowing base.

  2. Hut 8 added a $1.07B four-year revolver at the parent, secured on substantially all of the parent's and guarantors' assets, with no borrowing base.

  3. The cleanest landlord in the miner-to-AI cohort got cleaner

Research trail

The research around Hut 8

Covered in the Knowledge Base

Datacenters & Digital Infrastructure

Company details

IndustryCloud Computing
SizePublic Company

Others in datacenters

5 names

Where Hut 8 sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.