Why this name is on the tape
Hut 8 Corp. trades as HUT on Nasdaq and the TSX. People still type HUT8. The Miami company calls itself an energy infrastructure platform: power, digital infrastructure, and compute. CEO Asher Genoot has been explicit that Hut 8 did not convert existing Bitcoin sites into AI halls. It kept ASIC compute running and originated net-new AI campuses. That is a different story from a miner emptying a warehouse and hanging a GPU sign.
The tape often treats HUT as a Bitcoin miner with an AI headline. Q2 2026 revenue still came mostly from compute (ASICs, a small AI cloud, traditional cloud). The large numbers in the release — hundreds of megawatts, tens of billions of contracted value — are leases and project finance for campuses that have not yet delivered a data hall. This article keeps those clocks apart.
What is actually earning today
For the quarter ended 30 June 2026 Hut 8 reported $74.9 million of revenue: $1.2 million power, $1.3 million digital infrastructure / colocation, and $72.5 million compute. An extra $27.0 million of colocation from the unconsolidated King Mountain joint venture sits in equity earnings, not in the top line. ASIC compute is still the cash engine.
Vega is the named live high-density site: a 205 MW Tier I hall with Hut 8’s rack-based direct-to-chip liquid cooling, built for ASIC densities up to about 180 kW per rack. The company also listed American Bitcoin Corp., a majority-owned Bitcoin accumulation subsidiary with its own public listing, and sold a 310 MW portfolio of four gas plants in February 2026. Genoot has said on the order of 700 MW still supports the Bitcoin network. That is the operating company. The AI leases are the development company.
River Bend and Beacon Point: leased, financed, not in service
River Bend is a 245 MW IT lease with Fluidstack, about $7.0 billion of base-term contract value. Hut 8 pointed to $3.25 billion of senior secured notes as the first investment-grade construction financing for a single-sponsor data-center project. Vertical construction and the campus substation were underway in Q2. Initial data-hall delivery is targeted for the second quarter of 2027. Fluidstack also holds a right of first offer on 1,000 MW of potential extra power at the site.
Beacon Point, in Nueces County, Texas, is the gigawatt campus. Hut 8 has an interconnection with AEP Texas for 1,000 MW of utility capacity. After quarter-end it signed a second 15-year, 352 MW IT lease with the same high-investment-grade tenant as Phase 1. That takes contracted IT at the campus to 704 MW, about $19.6 billion of base-term value and about $1.3 billion of expected average annual NOI on a triple-net, take-or-pay basis, with renewal options the company has put at $50.2 billion of campus-level contract value. Phase 2 is designed to NVIDIA’s DSX reference architecture. Construction of Phase 1 and the substation is underway. Initial energization is targeted for the first quarter of 2027; initial data-hall delivery for the third quarter of 2027. $4.25 billion of senior secured notes, rated Baa2, finance Phase 1. None of that is Q2 colocation revenue.
The $26.6 billion book, and the quarter’s P&L
Across River Bend (245 MW) and Beacon Point (704 MW), Hut 8 said it had 949 MW of contracted IT capacity, about $26.6 billion of expected aggregate base-term value leased or backstopped by investment-grade counterparties, more than $1.75 billion of expected average annual NOI, and $7.5 billion of fully amortizing investment-grade project financing with no recourse to Hut 8 Corp. Facilities representing 1,330 MW of utility capacity were in active construction. The development pipeline behind that was about 8,660 MW of energy capacity in various diligence and exclusivity buckets. Contracted megawatts and a pipeline are not the same as energized IT load.
Q2 still showed a Bitcoin-sensitive P&L. Net loss was $177.1 million, including $138.6 million of primarily unrealized losses on digital assets, versus net income a year earlier when those marks ran the other way. Adjusted EBITDA, after the company started excluding digital-asset marks, was $10.4 million. Liquidity was about $8.1 billion of cash, restricted cash, and Bitcoin ($7.6 billion Hut 8, $497.2 million American Bitcoin). The parent said it had no general recourse debt after converting a Coatue note. Strong liquidity and a large contracted book do not move River Bend or Beacon Point’s delivery dates.
What this does not tell you
A second Beacon Point lease and $7.5 billion of project notes are evidence that investment-grade counterparties will underwrite Hut 8’s power-first campuses. They are not proof that Q2 2027 and Q3 2027 halls will energize on time, that the unnamed Beacon Point tenant will take every contracted megawatt, or that ASIC compute stays this large while those sites are built. Unrealized Bitcoin marks can dominate a quarter’s net income without changing a single lease.
On MarketNeon, HUT is a ticker like any other: price, volume, crowd mentions, and headlines can run hot while the AI load is still a 2027 construction calendar. This article is context for those prints. It does not rank the name, and it does not tell anyone to buy or sell.