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Hut 8 stated that a second 352-megawatt IT lease at its Beacon Point AI campus fully commercialized the facility, bringing the expected aggregate base-term contract value across its AI data-center portfolio to approximately $26.6 billion. The company disclosed these figures in its third-quarter results released on November 4, marking a shift in focus from Bitcoin mining output to long-term power and construction commitments.
AI Data-Center Expansion and Delivery Targets
The company reported that 1,330 megawatts of utility capacity are currently under construction across its major AI projects. Hut 8 also noted that 1,300 megawatts of additional energy capacity entered the exclusivity category, bringing the total energy capacity in that stage to 3,180 megawatts. The company clarified that exclusivity represents a development milestone rather than a guaranteed utility connection or an operating facility.
Delivery timelines for the portfolio are set for the coming years. The initial River Bend data-hall delivery target is established for the second quarter of 2027. Beacon Point Phase 1 is targeted for delivery in the third quarter of 2027, followed by Beacon Point Phase 2 in the second quarter of 2028. These long-term leases describe multi-year commitments rather than realized revenue, with execution dependent on power availability, construction progress, and customer readiness.
Bitcoin Sales Fund Share Repurchases
Hut 8 used proceeds from Bitcoin sales to fund share buybacks during the quarter. The company purchased $74.7 million of shares, funded by the sale of approximately 954 Bitcoin. Following the quarter, Hut 8 repurchased an additional $175.3 million of shares, financed through the sale of roughly 2,148 additional Bitcoin. The total Bitcoin sold for these repurchases amounted to approximately 3,102 coins.
Subsequent to the quarter, the company’s repurchase authorization increased to $1 billion. Hut 8 also closed a $1.07 billion senior secured revolving credit facility. The company distinguished this committed borrowing capacity from cash revenue or funds actually drawn, noting that the facility provides financial flexibility for its ongoing development projects.
Frequently Asked Questions
How much Bitcoin did Hut 8 sell to fund share buybacks?
Hut 8 sold approximately 954 Bitcoin to fund $74.7 million in quarterly share buybacks and roughly 2,148 additional Bitcoin to fund $175.3 million in subsequent repurchases.
What is the expected contract value of Hut 8’s AI data-center portfolio?
The expected aggregate base-term contract value across Hut 8’s AI data-center portfolio is approximately $26.6 billion, following the full commercialization of the Beacon Point campus.
