Hut 8 signed a $9.8 billion, 15-year lease with an unnamed technology hyperscaler this week, adding 704 megawatts of capacity to its Beacon Point AI data center campus in Texas. The deal implies about $653 million in annual revenue — a staggering leap for a company that CEO Asher Genoot says had zero contracted AI revenue just a year ago. But the headline numbers don't tell the whole story: Hut 8's Bitcoin mining spinout, American Bitcoin Corp., has lost more than three-quarters of its value in 2026, wiping out over $600 million from Eric Trump's stake alone.
The hyperscaler deal that changes the math
Genoot said Hut 8 now holds roughly $27 billion in contracted AI revenue and about $1.75 billion in annualized EBITDA. That's a complete transformation from a year ago, when the company was still largely a Bitcoin miner. Hut 8 shares have climbed about 128% year-to-date, trading near $108, after swinging between $44 and $133 in 2026. The lease is the kind of anchor tenant agreement that validates the company's pivot to AI infrastructure — but it also raises questions about execution and timing.
ABTC's brutal 2026
In March 2025, Hut 8 moved its Bitcoin mining business into American Bitcoin Corp., a separately traded subsidiary that Hut 8 majority owns and that Eric Trump and Donald Trump Jr. partly back. ABTC doubled down on mining, expanding its fleet capacity and its Bitcoin reserve through 2026. That bet hasn't paid off. ABTC shares have fallen more than 76% this year, erasing over $600 million from Eric Trump's stake. The spinout was supposed to let investors choose between AI and Bitcoin exposure; so far, only one side is working.
The power bill fight
Hut 8 has also been under scrutiny for its contribution to electricity prices. A New York Times report blamed data centers for $6.3 billion in added electricity bills across the PJM Interconnection, the nation's largest power grid. Genoot rejected that framing, arguing that most data center developers — including Hut 8 — cover their own transmission upgrades and energy costs instead of passing them to ratepayers. The debate matters because Hut 8's Texas campus will draw a lot of power, and local regulators are watching.
Losses and a long wait for AI revenue
Despite the big lease, Hut 8's financials show strain. A Seeking Alpha review of first-quarter 2026 results found a $253 million net loss and negative margins in its digital infrastructure segment. The analyst firm doesn't expect material AI revenue until the second quarter of 2027. That means Hut 8 will have to carry the cost of building out Beacon Point for at least another year before the hyperscaler lease starts generating meaningful cash flow. The market is betting on the future — but the present still looks expensive.
