Hut 8 Corp Dossier - Source-backed chat

Hut 8 Corp

HUTNASDAQ

SectorFinancials

IndustryCapital Markets

Beta (adjusted)4.32

Intrinsic Value

Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet.

Market Price $86.36Price as of 1 Oct 2026

Data confidenceNot applicable

Market Cap $10.6B

Enterprise Value $10.6B

Shares Outstanding 111.1M diluted

Next Earnings Date4 Nov 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

Hut 8 has assembled a large contracted AI infrastructure portfolio with 949 MW of contracted IT capacity, approximately $26.6 billion of expected aggregate base-term contract value, more than $1.75 billion of expected average annual NOI, and $7.5 billion of secured investment-grade project financing. The principal investment question has shifted from commercialization to construction, financing, commissioning, and tenant-delivery execution. A Hold rating is appropriate because the contracted economics are substantial but remain prospective.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets17 analysts · as of 18 Aug 2026

Low · most bearish analyst$120.00

Mean target$163.53

High · most bullish analyst$273.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

$120.0023%

Construction delays, cost escalation, financing constraints, counterparty issues, or adverse regulatory and community developments reduce or defer the expected economics of Beacon Point or River Bend. The downside would be amplified because much of the disclosed NOI and contract value depends on assets that still require construction, energization, and commissioning.

Base CaseCentral scenario

$163.5357%

Matches the consensus mean

The contracted portfolio remains intact and construction advances, but value realization occurs over a multi-year delivery cycle with normal execution friction.

Bull CaseUpside scenario

$273.0020%

Beacon Point and River Bend progress through construction and delivery without material impairment to contracted capacity or economics. The investment-grade tenant and backstop structure supports financing and converts the disclosed portfolio into durable infrastructure cash flows, while additional commercialization creates upside beyond the current 949 MW contracted base.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

The AI data-center portfolio has 949 MW of contracted IT capacity and approximately $26.6 billion of expected aggregate base-term contract value.
Expected average annual NOI exceeds $1.75 billion, providing a potentially significant contracted earnings base if the campuses are delivered as planned.
All contracted AI data-center capacity is leased to or backstopped by investment-grade counterparties, and Hut 8 reported $7.5 billion of investment-grade project financing secured.

Key Investment Risks

The disclosed contract value and expected NOI are prospective and depend on successful construction, energization, commissioning, and delivery.
Beacon Point's first two phases represent approximately $17 billion of expected capital investment, creating substantial project-management and cost-control exposure.
The contracted AI portfolio is concentrated in the Beacon Point and River Bend developments, increasing the impact of project-specific delays or disruptions.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.