$71M of revenue.
9.3 gigawatts of
future capacity.
The income statement is the present. The energy pipeline is the bet.
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✦ The bottom line
Hut 8 pulled in $71 million last quarter — modest. But it's amassing 9.3 gigawatts of energy capacity, signed two hyperscale AI data-center campuses, and runs a majority-owned bitcoin miner on the side.
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✦ Teach me
Why gigawatts matter more than revenue
For an AI-cloud landlord, the scarce resource isn't tenants — it's power-connected land. A gigawatt of permitted, grid-connected capacity is what hyperscalers like Microsoft or Amazon can't just snap their fingers and create. So companies like Hut 8 price themselves on the pipeline they control, not the rent they collect today.
Wall Street calls this
Energy capacity
9.3 GW is the kind of pipeline that would make a utility take notice — and it's why Hut 8 is in this list.
Today's revenue · latest quarter
$71
M
$71M in the quarter — mostly from bitcoin mining (via the American Bitcoin subsidiary) and the early AI Cloud and Managed Services lines.
The revenue today is the wrapper around an asset much bigger than itself. Hut 8 isn't really selling kilowatt-hours yet — it's securing the land and power that AI companies will pay to use later. The clearest read on that is the energy capacity pipeline: every gigawatt it can permit and energize is a future tenant slot.
The pipeline · energy capacity
9.3
GW
9.3 GW of energy capacity across diligence, exclusivity, development and construction stages — among the largest pipelines of any independent data-center company.
Source · 8-K · Item 2.02 — energy capacity disclosure · Q1 2026 update · Filed May 6, 2026
Pipelines only matter if real customers sign up. Hut 8 has begun to convert capacity into contracted AI campuses — including a hyperscale AI lease at Beacon Point with what management calls a high-investment-grade tenant. The early signs of the transition from bitcoin miner to AI landlord are in those two campus names.
Tenants, named · AI campuses
2
campuses
Hut 8 disclosed two hyperscale AI data-center campuses — Beacon Point and River Bend (Louisiana) — underpinned by blue-chip, investment-grade tenants.
Source · 8-K · Item 2.02 — business update (AI campuses) · Q1 2026 update · Filed May 6, 2026
⚠
Watch
9.3 GW pipeline, 2 hyperscale AI campuses — but the revenue that converts the pipeline is still mostly ahead.