VanEck Flags Hut 8 Valuation at $2.1M/MW Versus $27M Benchmark
HUT•Digital Realty Trust paid $3.5 billion for three Northern Virginia AI data centers, implying a $27 million per megawatt valuation at a 6.5% cap rate and 15-year leases with 3.6% annual escalators. VanEck analysis shows Hut 8’s 443 MW of energized capacity is valued at just $2.1 million per megawatt.
1. AI Data Center Benchmark Deal
Digital Realty Trust purchased three fully leased AI data centers in Northern Virginia for $3.5 billion, equating to an enterprise valuation of $27 million per megawatt based on a 6.5% cap rate and 15-year leases with 3.6% annual rent escalators.
2. Valuation Gap for Bitcoin Miners
Analysts applying this transaction’s metrics find that Bitcoin miners repurposing hashing infrastructure for AI are valued at only $3 million to $12 million per megawatt, translating to net operating income of roughly $1.5 million per megawatt for leased capacity.
3. Hut 8’s Undervaluation
Based on Hut 8’s disclosed 443 megawatts of energized, unleased capacity and net debt adjustments, its AI-ready assets are effectively valued at $2.1 million per megawatt, implying an 8% to 14% valuation relative to the AI infrastructure benchmark.
