Hut 8 Corp. (HUT) has executed a definitive 15-year lease agreement with AI infrastructure provider Fluidstack, valued at $7 billion. In a move that significantly de-risks the project for the Bitcoin miner-turned-infrastructure operator, Google is providing a financial backstop for all lease payments and related obligations.
The deal centers on Hut 8’s 245-megawatt River Bend campus in Louisiana. Under the terms, Fluidstack will lease the facility for high-performance computing (HPC) workloads, with Google guaranteeing the payments, effectively actively underwriting the credit risk. The market reacted immediately, sending HUT shares up roughly 25% in premarket trading.
The Deal Structure
This is a triple-net (NNN) lease, meaning the tenant covers operational costs, with a 3% annual rent escalator. The contract holds a base value of $7 billion but could expand to $17.7 billion if all renewal options are exercised.
“River Bend reflects the strength of Hut 8’s power-first, innovation-driven development model, validated by the world-class counterparties we are executing alongside,” said Asher Genoot, CEO of Hut 8, in the official announcement.
Institutional Weight
The agreement signals a decisive pivot from pure-play crypto mining to institutional-grade AI infrastructure. Beyond Google’s credit support, Hut 8 has lined up heavy hitters for financing. J.P. Morgan and Goldman Sachs are expected to underwrite up to 85% of the project’s loan-to-cost (LTC) requirements.
Construction is underway, with the first data hall slated for commissioning in Q2 2027. The deal also grants Fluidstack a Right of First Offer (ROFO) for an additional 1,000 MW at the site, contingent on power availability.
