Hut 8 (HUT) is trading higher as investors react to its newly priced $3.25 billion private offering of senior secured notes for the River Bend data center project, a large, investment-grade project-financing package that supports the company’s expansion in AI/HPC infrastructure. The transaction is expected to close on April 30, 2026, keeping the River Bend buildout on track and helping reduce uncertainty around funding for the project. �citeturn2search3turn1view1

The notes are structured at the project level through a Hut 8 subsidiary, described as non-recourse to Hut 8 Corp., which can help isolate parent-company risk while still enabling major capacity growth. Proceeds are earmarked to finance development and construction of a turnkey data center with 245MW of critical IT capacity and a related substation at the River Bend campus, plus related reserves, fees, and reimbursement of prior equity contributions. �citeturn1view1

The bond deal follows recent market attention on the River Bend campus and its association with a Google-tied data center buildout, keeping Hut 8 in the broader AI-infrastructure momentum trade. Next catalysts for the shares include confirmation of the financing close, construction milestones and capex timing, and any incremental customer/lease disclosures tied to the River Bend capacity ramp. �citeturn2search8