Bitcoin mining company Hut 8 is expanding beyond its core crypto business with a major entry into the U.S. artificial intelligence infrastructure space. The company has secured a long-term partnership with Fluidstack, supported by a financial backstop from Google, highlighting a clear shift toward more stable and predictable revenue from AI data centers as demand for high-powered computing continues to grow.
As part of the deal, Hut 8 has signed a 15-year lease valued at $7 billion to deliver 245 megawatts of AI-focused IT capacity at its River Bend data center campus in Louisiana. The project represents the first AI-driven development at the site and positions Hut 8 as an emerging player in the fast-growing large-scale AI infrastructure market.
One of the most important aspects of the agreement is Google’s financial backing, which covers lease payments and related obligations over the full base term. This added layer of security reduces financial risk and enhances confidence among institutional investors backing the project.
Expansion and Long-Term Potential
The partnership also offers significant opportunities for growth. Fluidstack has secured the first right of offer for up to 1,000 additional megawatts of capacity at the River Bend campus, depending on space availability. If fully utilized, the total value of the agreement could eventually reach around $17.7 billion.
Hut 8 projects that this initiative will generate $6.9 billion in total net operating income over the base lease period, averaging about $454 million annually. Additionally, the lease includes three five-year renewal options, which could further boost long-term revenue and strengthen the company’s foothold in the AI infrastructure market.
Construction Timeline and Institutional Support
Construction at Hut 8’s River Bend campus is already in progress. The first data hall is expected to be completed by Q2 2027, with additional halls planned to come online later the same year.
The project follows an institutional-grade development approach, involving top-tier partners in financing, engineering, power delivery, and construction. Key collaborators include Entergy, JPMorgan, Goldman Sachs, Vertiv, and Jacobs, highlighting the scale and professionalism behind this initiative.
Hut 8 CEO Asher Genoot emphasized that power availability is the main challenge in expanding advanced AI infrastructure. The River Bend campus, designed with a power-first approach, gives Hut 8 a significant advantage in meeting growing AI demand.
Related: U.S. Jobs Data Beats Expectations as Bitcoin Price Rises
Expanding Beyond Bitcoin Mining
Hut 8 is moving beyond just Bitcoin mining and focusing more on AI. In 2024, the company launched Highrise AI, a service that uses over 1,000 Nvidia H100 GPUs to run AI programs in the cloud. The new River Bend project makes Hut 8 even stronger in the fast-growing AI market.
After the announcement, HUT stock rose 22% in premarket trading. This adds to a total gain of about 80% this year, showing that investors are excited about Hut 8’s move into AI, supported by one of the world’s biggest tech companies.
