Compute · the Ledger · Site lease
Fluidstack signs a 15-year, $7.0B lease for 245 MW at Hut 8's River Bend campus, Louisiana, with a Google backstop
Signed · announced 17 Dec 2025 · the week to 19 Dec 2025
- Size
- $7B
- Power
- 245 MW
- Term
- 15 years
$7.0B over the base term (including a 3% annual escalator); up to $17.7B if all renewal options are exercised.
The parties
- Hut 8company pageLandlord
- Fluidstackcompany pageTenant
- Googlecompany pageGuarantor
The source
Hut 8 8-K Ex. 99.1, 2025-12-17Regulatory filing
Triple-net lease; Google provides a financial backstop for the 15-year base term; Fluidstack holds a right of first offer on up to 1,000 MW more. Financed by $3.25B of 6.192% senior secured notes due 2042 (Hut 8 8-K 2026-05-01).
The same parties, other deals
- Hut 8 enters a senior secured revolving credit facility of up to $1.07B with JPMorgan Chase as agent$1.07B · 28 Sept 2026
- An unnamed AI lab commits to a 10-year Barber Lake lease following Fluidstack's term, ~$5.2B; Fluidstack lease re-phased$5.2B · 25 Sept 2026
- Google contracts SpaceX compute capacity, about 110,000 NVIDIA GPUs, $920M a month from October 2026 through June 2029undisclosed · 5 Jun 2026
- Anthropic to access ~3.5 GW of next-generation TPU capacity through Broadcom from 2027; Broadcom signs long-term TPU supply with Googleundisclosed · 6 Apr 2026
- Anthropic announces a $50B investment in US data centers built with Fluidstack in Texas and New York$50B · 12 Nov 2025
- TeraWulf and Fluidstack form a JV for a 168 MW Abernathy, Texas campus under a 25-year, ~$9.5B lease; Google backstops $1.3B$9.5B · 28 Oct 2025