Hut 8 Signs $7 Billion Lease with Fluidstack for AI Data Center Expansion
Hut 8 has entered into a 15-year lease agreement valued at $7 billion with Fluidstack for 245 megawatts at the River Bend campus in Louisiana. The lease includes three renewal options of five years each, potentially increasing the total contract value to approximately $17.7 billion.
In addition, Fluidstack has been granted a Right of First Offer for up to 1,000 megawatts as the campus expands in the future. Google is providing financial backing for the base lease term, which helps mitigate counterparty risk.
The project is expected to be financed at the project level, potentially covering up to 85% of total development costs. JPMorgan is acting as the lead left underwriter, with Goldman Sachs also involved in the financing.
Commissioning of the River Bend facility is scheduled to begin in the second quarter of 2027. Following the announcement, Hut 8 shares experienced a rise of about 20% in pre-market trading.
This deal is part of Hut 8's strategic shift toward AI infrastructure, similar to a recent Fluidstack partnership by Cipher Mining, which also involved Google backing. The expected cumulative net operating income from the lease over 15 years is estimated to be about $6.9 billion, or roughly $454 million annually.
