When you search hut stock, you mean Hut 8 Corp. (Nasdaq: HUT), and it is no longer a pure bitcoin miner bet.
In its 10-K for 2025, Hut 8 calls itself an energy infrastructure platform with three layers: Power, Digital Infrastructure and Compute. Today the revenue still comes from mining, while the signed leases have not yet paid any rent.
Where Hut 8’s revenue comes from today
Per the 10-Q for the quarter ended June 30, 2026, Hut 8 booked $74.9 million of revenue. Compute brought in $72.5 million of it, Digital Infrastructure $1.3 million and Power $1.2 million.
The 10-Q says the ASIC Compute segment reflects revenue generated “primarily by American Bitcoin,” a majority-owned subsidiary listed on Nasdaq as ABTC. The fleet mined about 935 bitcoin in the quarter, at an average of about $71,905 per coin.
By our arithmetic from those two figures, mining accounts for roughly $67 million of the $72.5 million Compute revenue.
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The balance sheet is tied to bitcoin too. At June 30, 2026, Hut 8 reported about 17,316 bitcoin: about 9,314 held by Hut 8 and about 8,002 by American Bitcoin, valued at roughly $59,847 per coin.
A $138.6 million loss on digital assets drove a quarterly net loss of $150.2 million attributable to Hut 8.
The landlord side: three contracted AI campuses
The data center story sits in leases that have not produced rent yet. River Bend in Louisiana carries a 15-year triple-net lease with Fluidstack for 245 MW of IT capacity. That deal came out of a December 2025 partnership with Anthropic, and Google backstops the lease payments for the base term.
Beacon Point in Nueces County, Texas, is leased in full to a tenant the 10-Q calls only “high-investment-grade.” It is the same profile you see in our AI data center stocks breakdown: long leases signed well before the first rent check.
| Campus | Critical IT capacity | Tenant, as disclosed | Base contract value | First delivery |
|---|---|---|---|---|
| River Bend, Louisiana | 245 MW | Fluidstack, Google backstop | About $7.0 billion over 15 years | Q2 2027 |
| Beacon Point Phase 1, Texas | 352 MW | Unnamed high-investment-grade company | Not stated separately | Not stated separately |
| Beacon Point Phase 2, Texas | 352 MW | Same tenant as Phase 1 | About $9.8 billion over 15 years | Q2 2028 |
| Beacon Point, both phases | 704 MW | Same tenant | About $19.6 billion combined | Q2 2028 for Phase 2 |
Source: Hut 8 Corp. Form 10-K for 2025 (filed February 25, 2026) and Form 10-Q for the quarter ended June 30, 2026 (filed August 4, 2026), SEC EDGAR.
How the build-out is financed
Each campus is funded through its own subsidiary. Hut 8 DC LLC issued $3.25 billion of 6.192% notes for River Bend in April 2026. Beacon Point DC LLC issued $4.25 billion of 6.129% notes in June 2026, which the 10-Q says are non-recourse to Hut 8.
Principal on its loans, notes and other financial liabilities rose to about $7.74 billion at June 30, 2026, from $411 million at year-end. In September 2026 Hut 8 added a revolving credit facility of up to $1.07 billion with JPMorgan, per an 8-K.
Risks the filings put in writing
Reading HUT as a clean AI play misses where the money is today. Until River Bend delivers in 2027, almost all revenue still moves with the bitcoin price, and the quarter’s $138.6 million digital-asset loss is the 10-Q’s own example.
Rent starts only when data halls are handed over, while interest on $7.5 billion of project notes is due from November 2026. Any construction delay widens that gap.
TeraWulf is further along the same path: its HPC leasing already out-earned mining in the June 2026 quarter, as our WULF stock explainer shows.
Your HUT share also covers only part of the mining economics. The 10-Q puts third-party ownership of American Bitcoin at 46.37%. If you want the wider peer group, see our list of best data center stocks. This is general information, not investment advice.
Frequently asked questions
Is Hut 8 still a bitcoin miner?
Yes, through its majority-owned subsidiary American Bitcoin. Per the 10-Q, the fleet mined about 935 bitcoin in the second quarter of 2026 at about $71,905 each, roughly $67 million of the $72.5 million Compute revenue.
Who is the tenant at Hut 8’s River Bend data center?
Fluidstack, under a 15-year triple-net lease for 245 MW of IT capacity. Google backstops the lease payments for the base term, and the deal is part of a partnership with Anthropic.
When does Hut 8 expect AI data center rent to start?
The first River Bend data hall is scheduled for Q2 2027, per the 10-K. Beacon Point Phase 2 initial delivery is expected in Q2 2028, per the Q2 2026 10-Q. Interest on the project notes starts in November 2026, before any rent arrives.
Daniel Reyes is a markets writer for S4Tips covering the AI infrastructure and semiconductor supply chain. He focuses on the companies that build and power the AI compute stack. His articles are for information only and are not financial advice.