Hut 8 Corp. (HUT)

Price$93.55Cached quoteAs of 2026-09-05 15:41 UTC

AI: Fair-priced

Price checkThe valuation already assumes substantial success from projects that have not yet produced steady cash.

At about $10.7 billion of equity value, Hut 8 trades near 34 times the last four quarters' roughly $318 million revenue and about 7.4 times June shareholder equity. Recent earnings and free cash flow, meaning cash left after running and investing in the business, are negative. The bull case rests on more than $1.75 billion of expected annual property operating income from contracted artificial intelligence projects. Equity value is about 6.1 times that figure, but it comes before project financing and corporate costs, making the valuation demanding yet not clearly excessive.

Big pictureRevenue is growing, but profits and cash remain unusually dependent on Bitcoin prices and heavy construction spending.

Revenue increased from $162.4 million in 2024 to $235.1 million in 2025, and the June 2026 quarter reached $74.9 million versus $41.3 million a year earlier. Cash durability is much weaker: operating cash flow was negative $68.5 million in 2024 and negative $139.2 million in 2025. Hut 8 then lost about $370 million attributable to shareholders in the first half of 2026. Digital-asset losses alone were $434.3 million as Bitcoin fell sharply, showing why reported profits can swing far more than the underlying infrastructure business.

Business strengthLong customer contracts strengthen the future business, while project financing limits some risk to the parent company.

Hut 8 has contracted 949 megawatts of artificial intelligence data center capacity with about $26.6 billion of base-term contract value and more than $1.75 billion of expected average annual property operating income. The customers or backstops have investment-grade credit ratings, reducing payment risk. Hut 8 also secured $7.5 billion of project-level financing that generally cannot claim the parent company's other assets. However, June's $7.0 billion cash total was mostly restricted project money; unrestricted cash was only $233.6 million, so the headline balance sheet overstates freely available liquidity.

What could change the storyOn-time construction with limited new share issuance would improve value, while delays or dilution would weaken it.

Shares outstanding increased from 110.1 million at December 2025 to about 123.2 million by June 2026, roughly 12% in six months. A convertible note conversion created 9.7 million shares, while Hut 8 had also sold 6.1 million shares through its current market-sale program by June. First-half stock compensation reached $102.1 million. The strongest bull signal would be financing Beacon Point Phase 2 without major parent-level dilution and delivering contracted campuses on schedule. More share sales, construction overruns, or delayed rent would reduce the future cash flow available to each existing share.

AI: News

Second Beacon Point leaseA second long-term lease completed the Texas campus and greatly expanded Hut 8's contracted artificial intelligence business.

On July 20, Hut 8 signed a second 15-year lease for 352 megawatts at Beacon Point with $9.8 billion of base-term contract value. The agreement raised company-wide contracted artificial intelligence capacity to 949 megawatts and aggregate base-term contract value to about $26.6 billion. Reuters reported the shares rose about 14% in early trading. That reaction is consistent with investors assigning more value to contracted future rent and lower customer-demand risk, although price timing alone cannot prove the lease caused the entire move.

Second-quarter resultsRevenue nearly doubled from a year earlier, but another large loss highlighted the gap before contracted projects generate cash.

On August 4, Hut 8 reported second-quarter revenue of $74.9 million, up from $41.3 million a year earlier, while net loss attributable to Hut 8 was $150.2 million. The company also emphasized its 949 megawatts of contracted capacity and 8.7-gigawatt development pipeline. The Block reported shares fell as much as 8% in early trading after revenue came in modestly below expectations. The result matters because current operations still do not support the valuation without substantial future data center income.

Beacon Point financingLarge project-level financing reduced the need for parent-company cash or new shares to fund the first Beacon Point phase.

On June 9, a Hut 8 subsidiary closed $4.25 billion of 6.129% senior secured notes due 2042 for Beacon Point Phase 1. Moody's rated the notes Baa2, and the financing is fully amortizing and non-recourse to Hut 8 Corp., meaning lenders generally rely on the project rather than the parent's other assets for repayment. The deal lifted cumulative investment-grade project financing to $7.5 billion. This materially reduces funding risk for the contracted buildout, although Phase 2 still requires separate financing.

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Revenue

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2024

2025

Net income

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2024

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Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023 · Dec 31	2023 · Jun 30	2022
Revenue	$235.1M	$162.4M	$60.6M	$82.2M	$73.7M
Gross profit	$127.3M	$75.7M	—	$39.0M	$47.9M
Gross margin	54.16%	46.64%	—	47.53%	65.03%
Operating expenses	$449.3M	$120.7M	$16.0M	$107.7M	$67.8M
Operating income	−$322.0M	$460.5M	$9.4M	−$68.7M	−$19.8M
Operating margin	−136.95%	283.61%	15.50%	−83.60%	−26.88%
EBITDA	−$220.1M	$508.3M	$26.9M	−$49.9M	−$8.2M
EBITDA margin	−93.61%	313.03%	44.44%	−60.75%	−11.15%
Net income	−$226.1M	$331.9M	$21.9M	−$65.6M	−$31.8M
Net profit margin	−96.19%	204.38%	36.05%	−79.86%	−43.13%
Basic EPSper basic share	-$2.14	$3.71	$0.46	-$1.58	-$0.94
Diluted EPSper diluted share	-$2.14	$3.40	$0.44	-$1.58	-$0.94

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

7.89%of listed shares

COATUE MANAGEMENT LLC9.72M shares · Jun 30, 2026

View holders

Top 20 reported holders of HUT
Holder	% owned
COATUE MANAGEMENT LLC	7.89%9.72M shares
BlackRock, Inc.	7.69%9.47M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.06%6.23M shares
LONE PINE CAPITAL LLC	4.69%5.77M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.70%4.55M shares
MORGAN STANLEY	2.70%3.32M shares
GEODE CAPITAL MANAGEMENT, LLC	2.24%2.76M shares
STATE STREET CORP	2.10%2.59M shares
T. Rowe Price Investment Management, Inc.	1.60%1.97M shares
D. E. Shaw & Co., Inc.	1.55%1.91M shares
AMERIPRISE FINANCIAL INC	1.47%1.81M shares
PRICE T ROWE ASSOCIATES INC /MD/	1.44%1.77M shares
Hood River Capital Management LLC	1.34%1.65M shares
JPMORGAN CHASE & CO	1.27%1.56M shares
Value Aligned Research Advisors, LLC	1.17%1.44M shares
ALLIANCEBERNSTEIN L.P.	1.12%1.38M shares
Third Point LLC	1.07%1.32M shares
GOLDMAN SACHS GROUP INC	1.03%1.26M shares
Avala Global LP	1.02%1.25M shares
JANE STREET GROUP, LLC	0.98%1.2M shares

Percentages use 123.19M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)20$13.76M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 17, 2026Form 4	Semah VictorChief Legal Officer	SellCommon Stock	10.0K	$125.00	$1.25M	31.4K
Jun 12, 2026Form 4	Flinn JosephDirector	SellCommon Stock	8	$119.44	$955.52	10.5K
Jun 12, 2026Form 4	Flinn JosephDirector	SellCommon Stock	2.3K	$118.76	$278.8K	10.5K
Jun 12, 2026Form 4	Flinn JosephDirector	SellCommon Stock	4.4K	$117.69	$523.6K	12.9K
Jun 12, 2026Form 4	Flinn JosephDirector	SellCommon Stock	914	$116.80	$106.8K	17.3K

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat8 days ago
Hut 8 closes $1.07 billion revolving credit facility
Hut 8 ($HUT) has closed a four-year, $1.07 billion senior secured revolving credit facility from a 12-lender syndicate. Borrowings initially carry interest at SOFR plus 175 basis points, with a 150–200-basis-point margin range linked to its ...
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Hut 8 Corp. (HUT)

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Hut 8 closes $1.07 billion revolving credit facility