Hut 8 to develop four new sites with 1.5 GW capacity

Executive Summary

• Hut 8 Corp. announced plans to develop four new data center sites in the United States, adding more than 1.5 GW of capacity to its portfolio.
• The company is reclassifying 1,530 MW of capacity from "under exclusivity" to "capacity under development," signaling a transition to active investment and commercialization.
• Upon commercialization, Hut 8’s total managed capacity is expected to exceed 2.5 GW across 19 sites, positioning the company to meet growing demand for energy-intensive use cases.

Key Details

• New Site Development: Four new sites are being developed across the United States, with individual site capacities ranging from 50 MW to 1,000 MW.
• Capacity Reclassification: 1,530 MW of capacity has moved from "capacity under exclusivity" to a new category: "capacity under development."
• Total Platform Scale: Post-commercialization, the company’s platform will exceed 2.5 gigawatts of capacity under management across 19 sites.
• Development Framework: A new category "capacity under development" has been introduced for late-stage projects that have advanced beyond exclusivity, involving definitive land/power agreements, site design, and customer engagement.
• Liquidity Position: As of August 25, 2025, Hut 8 has assets and financing arrangements supporting up to $2.4 billion in liquidity.
• Strategic Reserve Assets: The company holds 10,278 Bitcoin with a market value of approximately $1.2 billion, which can be used for collateralized loans or yield generation.
• Credit Facilities:
  • A new revolving credit facility of up to $200 million.
  • An upsized, repriced $130 million credit facility with Coinbase.
  • Total non-dilutive growth capital of $330 million at a weighted average cost of capital of 8.4%.
• Equity Program: A new $1 billion At-The-Market (ATM) equity program was launched. The prior ATM program was terminated with 40% of its capacity unutilized; shares from the prior program were issued at an average price of $27.83 per share.
• Project Financing: Indicative interest has been received from banking partners for project-level financing structured around specific customer profiles.
• Current Operational Footprint: The company currently manages 1,020 MW of energy capacity across 15 sites in the US and Canada, including five Bitcoin mining/hosting sites, five high-performance computing data centers, and four power generation assets.

Notable Quotes

• "This expansion marks a defining step in Hut 8's evolution into one of the largest energy and digital infrastructure platforms in the world... By advancing more than 1.5 gigawatts of capacity from exclusivity into development, we position ourselves to more than double the scale of our platform and address accelerating demand across energy-intensive use cases." — Asher Genoot, CEO
• "The strength of our balance sheet has been a critical differentiator in demonstrating our ability to minimize execution risk and deliver at scale to prospective customers... Together, they reinforce a balance sheet that supports disciplined investment, capital efficiency and long-term value creation." — Asher Genoot, CEO