Hut 8 (HUT) shares surged over 15% to $42.55 on Wednesday after announcing a $7 billion, 15-year deal with Fluidstack, backed by Google, to power high-performance AI computing at its 245MW River Bend campus in Louisiana.
The stock has climbed 13% in the past month and 150% in six months.
“This deal is the result of disciplined execution, not just going for the first opportunity,” said CEO Asher Genoot. “Together with Louisiana, Entergy, JPMorgan, Goldman Sachs, Vertiv, and Jacobs, we’re building next-gen AI infrastructure at scale.”
The agreement includes 15-year renewal options, potentially pushing the contract value to $17.7 billion. Google provides the financial backstop, with JPMorgan and Goldman Sachs supporting financing and underwriting.
Hut 8’s move reflects a growing trend of Bitcoin miners pivoting into AI compute. Cipher Mining recently saw its shares jump on a $3B Google-backed deal, while TeraWulf and MARA are also expanding AI offerings. Bitfarms has gone all-in on AI compute, exiting BTC mining.
The River Bend project is expected to create 265 local jobs, with the first data hall ready by Q2 2027. Hut 8 currently operates five mining sites across the U.S. and Canada, balancing crypto operations with a major push into AI infrastructure.
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