HUTHut 8 Corp.

Industry Bitcoin miner AI pivot Updated 26 Sep 2026 Price 23 Oct 2026

If management hits its targets, one share in 12 months

$61.23 → $61.23

If management hits its targets

from IR material and Earnings Calls

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

$61 → $61

Show the math

company value if delivered, less net debt, divided by the shares. Value holds today's multiple of contracted rent — 9× the $1.75bn of average annual net operating income management expects from its three signed leases. That multiple already carries all three, because all three are signed and none has been delivered, so the value only moves when capacity beyond those 949 IT megawatts is energised, and management has dated none of it. The bars borrow the build at $9-11M a megawatt, as the two project financings did, and add no stock. Each figure management gave as a range is taken at its middle.

Where the money comes fromWho pays for the build: customers up front, new stock, or borrowing. More new stock means your slice gets smaller.	Today	In 12 monthsOct 2027	In 24 monthsOct 2028	In 36 monthsOct 2029
Management's planthe whole build borrowed at the project level, no new stock — "no incremental equity contribution required"	$61	$61123M sh	$67123M sh	$74123M sh

Show the math, step by step

How we got there: company value if the plan is delivered, minus debt, divided by all the shares, including the new ones they’d have to sell to pay for it.

Rent. Three 15-year triple-net leases over 949 megawatts of IT capacity: River Bend 245 MW ($454M a year), Beacon Point Phase 1 352 MW ($655M) and Phase 2 352 MW ($655M). $26.6bn of base-term value and "$1.75B+" of average annual NOI, $1.86M per IT megawatt (Q2 '26 deck). Not a dollar of it had been received at the date of that deck.
Delivery. Phase 1 is targeted for Q3 2027 and Phase 2 for Q2 2028; no deck read gives River Bend a delivery date. Rent runs from delivery under a triple-net lease, so capacity earns in the year it arrives.
What is left. Nothing beyond those three leases is dated, so the model's 2027 is today's value and the growth in 2028-29 is the development pipeline converting: between nothing and about 292 IT megawatts a year, the ~1,330 MW in the development stage at 30 June 2026 less Beacon Point Phase 2, at the 1.42 PUE the deck gives. The proxy describes an Anthropic and Fluidstack programme of "at least 245 MW and up to 2,295 MW" with no date on it; none of that upside is in these bars.
Funding. $7.5bn of fully amortising non-recourse notes at 6.129-6.192% already fund River Bend and Beacon Point Phase 1, with "no incremental equity contribution required". New capacity is charged at the $9-11M per IT megawatt the deck gives and borrowed on the same terms; interest is not deducted.
Held. The 12-month bar is held at today's $61: to October 2027 nothing management has put a number on grows the business faster than its share count, so the figure is held where the arithmetic last had it, and the arithmetic alone gives $61. From 2028 the pipeline converting lifts the figure to $67 at 24 months and $74 at 36.
Arithmetic. (company value − net debt) ÷ shares. Net debt today is $7.5B against 123.2M shares. Left out of it: $6.79bn of restricted cash, which is the undrawn note money committed to these buildings, and $1.04bn of bitcoin, part of which belongs to American Bitcoin's 46% minority — netting the bitcoin off would lift every figure here by about $8 a share. Today's multiple is held, which for a landlord whose rent has not started is the conservative end: delivered rent normally trades above contracted rent.

Promises vs. what happened

15 claims · 8 decks

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

Promise	Made in	What happened
9.3 EH/s at ~20 J/TH by Q1 '25	Q3 '24	9.3 EH/s on time	Held
Vega energised Q2 '25	Q4 '24	energised on time	Held
American Bitcoin lists early Sep '25	Q2 '25	listed on time	Held
River Bend built with little capital at risk	Q1 '25	2% spent before the lease	Held
Build it non-recourse and non-dilutive	Q1 '26	$7.5bn raised that way	Held
~24 EH/s of self-mining by Q2 '25	Q3 '24	26.8 EH/s, a quarter late, inside ABTC	Late
1,530 MW into development, four sites	Q3 '25	1,300 MW leased; two sites unnamed since	Late
Vega at ~$400K per MW	Q1 '25	never reported again	Dropped
$250M buyback, Dec '24	Q4 '24	not one share bought	Dropped
IESO capacity contracts from May '26	Q2 '25	plants sold three months before	Dropped
~25% yield on cost from hosting ABTC	Q2 '25	eliminated in consolidation; never shown	Dropped
A path to an investment-grade rating	Q4 '25	the notes are rated, the parent is not	Open
$1.1B of annual NOI, raised to $1.75B+	Q1 '26	none received yet	Open
Beacon Point Q3 '27 and Q2 '28	Q2 '26	open; $9-11M per MW	Open
$135M a year from BITMAIN colocation	Q3 '24	$1.2m; its own subsidiary bought the machines	Missed

What they’re pitching

the headline page, deck by deck

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

Q3
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26

ResultsOff page one Q3 '25

Power firstPage one since Q2 '26

PipelineOff page one Q4 '25

MiningFirst seen Q3 '24

ABTCFirst seen Q1 '25

CampusesOff page one Q2 '26

Lease valueFirst seen Q1 '26

CapitalFirst seen Q4 '24

BitcoinFirst seen Q4 '24

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.

Financial highlights up front

Q3 '24 · headline page

“Financial and operating highlights”

Deck Hut 8 Q3 2024 Earnings Call Presentation · p. 3 · 13 Nov 2024

Financial highlights up front

Q4 '24 · further in the deck

“Full year results”

Deck Hut 8 Q4 and Full Year 2024 Earnings Call Presentation · p. 12 · 3 Mar 2025

Financial highlights up front

Q1 '25 · further in the deck

“Present: Q1 2025 drivers and key metrics”

Deck Hut 8 Q1 2025 Earnings Call Presentation · p. 9 · 8 May 2025

Financial highlights up front

Q2 '25 · headline page

“Theme 1: Impact of first-quarter investments”

Deck Hut 8 Q2 2025 Earnings Call Presentation · p. 4 · 8 Aug 2025

Financial highlights up front

Q3 '25 · further in the deck

“Q3 2025 financial highlights”

Deck Hut 8 Q3 2025 Earnings Call Presentation · p. 5 · 4 Nov 2025

Financial highlights up front

Q4 '25 · further in the deck

“Full-year 2025 financial highlights”

Deck Hut 8 Q4 and Full Year 2025 Earnings Call Presentation · p. 8 · 25 Feb 2026

Financial highlights up front

Q1 '26 · further in the deck

“Q1 2026 financial highlights”

Deck Hut 8 Q1 2026 Earnings Call Presentation · p. 9 · 6 May 2026

Financial highlights up front

Q2 '26 · further in the deck

“Q2 2026 financial highlights”

Deck Hut 8 Q2 2026 Earnings Call Presentation · p. 13 · 4 Aug 2026

Power first

Q3 '24 · further in the deck

“Building a next-generation energy infrastructure platform”

Deck Hut 8 Q3 2024 Earnings Call Presentation · p. 6 · 13 Nov 2024

Power first

Q4 '24 · headline page

“We believe the value of energy will continue to rise as the technologies fueling both daily life and world-changing innovation place ever-greater demands on a constrained electrical grid”

Deck Hut 8 Q4 and Full Year 2024 Earnings Call Presentation · p. 3 · 3 Mar 2025

Power first

Q3 '25 · further in the deck

“Validation of our power-first strategy”

Deck Hut 8 Q3 2025 Earnings Call Presentation · p. 6 · 4 Nov 2025

Power first

Q2 '26 · headline page

“Power First: Hut 8 acquires, develops, and commercializes power toward its highest-value use at any point in time”

Deck Hut 8 Q2 2026 Earnings Call Presentation · p. 5 · 4 Aug 2026