Northwire Canada EditionFriday, October 16, 2026
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Financings Routine +

Hut 8 Announces Pricing of $3.25 Billion of Investment-Grade Senior Secured Notes for River Bend Data Center Project

Hut 8 Secures $3.25B Financing for River Bend AI Hub Amidst Strategic Pivot

By The Northwire Desk — AI Analysis Apr 27, 2026 · 22:28 HUT · 103.23 HUT 8 CORP. J
Executive Summary
  • Hut 8 DC LLC priced a $3.25 billion private offering of 6.192% senior secured notes due 2042 on April 27, 2026.
  • Proceeds are designated for the construction of a turnkey data center with 245 megawatts of critical IT capacity at the River Bend campus.
  • The debt is non-recourse to Hut 8 Corp., secured by first-priority liens on Issuer assets and equity interests in Hut 8 DC Member LLC.
  • Amortization begins May 15, 2028; interest payable semi-annually.
  • This follows the February 25, 2026 earnings announcement which outlined a $7.0 billion lease with Fluidstack/Google and anticipated project-level financing up to 85% loan-to-cost.
Material Impact
  • The financing confirms execution of the strategy announced in Q4 2025 results, validating the pivot from Bitcoin mining to AI data centers.
  • While the need for funding was expected (announced Feb 25), securing $3.25 billion at investment-grade rates (6.192%) de-risks the project significantly compared to equity financing or unsecured debt.
  • The non-recourse structure protects Hut 8 Corp.'s balance sheet from direct liability, isolating risk to the River Bend subsidiary assets.
  • Market reaction indicates pricing-in: stock rallied from ~$65 in March to >$100 by mid-April prior to the April 27 close ($103.23), suggesting expectations were already reflected in price action.
  • The deal closes April 30, 2026, enabling immediate construction progress toward Q2 2027 delivery targets mentioned in Feb earnings.
HUT · Price
Company Overview
  • Company: Hut 8 Corp., formerly a Bitcoin mining company pivoting to power-first digital infrastructure.
  • Flagship Project: River Bend Data Center (245 MW Tier I capacity).
  • Technology: Proprietary rack-based direct-to-chip liquid cooling supporting ASIC densities up to 180 kW per rack.
  • Pipeline: Total pipeline of 8,500 MW as of Dec 31, 2025 (Under Construction: 330 MW; Under Development: 1,230 MW).
  • Revenue Mix: Shift from Power/Compute to Digital Infrastructure lease revenue ($7.0B base-term with Fluidstack).
Read the original news release →

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