Hut 8 Corp. (HUT) shares climbed 15.90% to $63.75 at Wednesday’s market close, even as the stock fell 12.08% to $56.05 in pre-market trading. The move followed the company’s third-quarter results, which highlighted expanding AI infrastructure operations, rising development capacity, and substantial long-term lease commitments.
AI Data Center Expansion and $1.3 Billion Annual NOI Target
Hut 8 strengthened its AI infrastructure business after signing a second 352 MW lease at its Beacon Point campus. The agreement covers Phase 2 and represents approximately $9.8 billion in expected base-term contract value. With both phases, the campus now carries approximately $19.6 billion in expected base-term contract value.
The two Beacon Point phases carry approximately $1.3 billion in expected average annual net operating income (NOI). The company structured the agreements on a triple-net, take-or-pay basis, supporting contracted revenue commitments. Across its entire AI data center portfolio, Hut 8 expects approximately $26.6 billion in aggregate base-term contract value.
Construction is advancing at the River Bend and Beacon Point campuses. Hut 8 targets initial River Bend data hall delivery in the second quarter of 2027. Beacon Point Phase 1 targets delivery in the third quarter of 2027, while Phase 2 targets the second quarter of 2028.
7,859 MW Development Pipeline
Hut 8 reported 7,859 MW across its development pipeline as of September 30, 2026. This includes 3,300 MW under diligence, 3,180 MW under exclusivity, and 49 MW under development. Additionally, 1,330 MW had entered the construction stage across its AI data center portfolio.
The company increased capacity under exclusivity by 1,300 MW during the quarter. It also entered agreements to acquire two energized data center sites in West Texas. Those sites offer up to 230 MW of utility capacity at full energization, subject to approvals and infrastructure development.
Hut 8 expects the Texas acquisitions to cost up to $180 million. The transaction involves affiliates of Poolin Technology through a Chapter 11 sale process. Meanwhile, the company advanced River Bend construction, completing structural steel and foundations across all four data halls.
Third-Quarter Financial Results
Hut 8 generated $71.1 million in third-quarter revenue, compared with $83.5 million a year earlier. Compute operations contributed $68.4 million, while Power and Digital Infrastructure generated $1.3 million and $1.4 million, respectively. Net income increased to $189.5 million from $50.6 million in the prior-year quarter.
The quarterly net income included $413.8 million in primarily unrealized digital asset gains. Adjusted EBITDA reached $33 million, compared with $30.5 million during the same period last year. Adjusted EBITDA including digital asset mark-to-market gains reached $350.3 million.
Capital Strategy and Share Repurchases
The company secured a four-year, $1.07 billion senior secured revolving credit facility. The facility provides additional financing flexibility without requiring immediate share issuance or outstanding borrowings. Hut 8 repurchased $74.7 million in shares during the quarter using Bitcoin sale proceeds.
After quarter-end, the company repurchased another $175.3 million in shares and increased its authorization to $1 billion. These transactions brought cumulative repurchases under the program to approximately $250 million. Hut 8 also reported approximately $6.6 billion in cash, restricted cash, and restricted short-term investments at September 30, 2026.
