Hut 8 Lands $7 B AI Lease and Sells 310 MW Power Portfolio
Hut 8 secured a 15-year, 245 MW AI data center lease at River Bend worth $7 billion and sold a 310 MW Ontario power portfolio. It closed a $400 million revolver at 8.5% WACC and carries an 8.5 GW development pipeline.
1. AI Infrastructure Deal
Hut 8 signed a 15-year IT lease with Fluidstack for 245 MW of AI capacity at its River Bend campus, generating $7 billion in base-term contract value. The agreement is financially backstopped by Google and includes a Right of First Offer for up to an additional 1,000 MW at future expansion phases.
2. Power Portfolio Sale
In February 2026 the company closed the sale of its 310 MW natural gas-fired power portfolio in Ontario to TransAlta, following the stabilization of the assets and multi-year capacity contracts. Proceeds from the transaction will be redeployed into the execution of Hut 8’s multi-gigawatt data center development pipeline.
3. Financing Strength
Hut 8 expanded its liquidity by securing a new $200 million revolving credit facility with Two Prime and upsizing its Coinbase facility by $200 million, bringing total credit capacity to $400 million at an 8.5% weighted average cost of capital. The River Bend project is expected to benefit from up to 85% loan-to-cost project financing arranged by J.P. Morgan and Goldman Sachs.
4. Development Pipeline & Technology
The company holds an 8,500 MW development pipeline as of December 31, 2025, including plans for four new U.S. sites totaling more than 1,500 MW. It also energized Vega, a 205 MW Tier I data center featuring proprietary direct-to-chip liquid cooling supporting densities of up to 180 kW per rack.