Will Hut 8’s AI Pivot Reverse Its Stock Slump for Good?

Bitcoin mining company Hut 8 announced on Wednesday an AI data center lease valued at $7 billion with cloud infrastructure provider Fluidstack. The move reinforced a growing trend among crypto miners to pivot toward AI infrastructure.

Following the announcement, Hut 8 shares surged, snapping a prolonged period of volatile stock performance and reflecting renewed investor interest.

The agreement covers 245 megawatts of AI computing capacity at Hut 8’s River Bend campus in Louisiana under a 15-year base lease.

It includes three optional five-year extensions, which could lift the total contract value to approximately $17.7 billion over its full term. The deal also gives infrastructure provider Fluidstack priority rights to lease up to an additional 1,000 megawatts as the campus expands.

At first glance, this $HUT deal looks like one of the strongest AI/HPC colocation deals disclosed so far: