Hut 8 shifts to power-first model with $3.25B financing for River Bend data center project.

Hut 8 Corp. is transitioning to a power-first, infrastructure-driven business model centered on its River Bend data center project, which offers 245 MW initial capacity and a 15-year triple-net lease. The company secured $3.25 billion in non-recourse, investment-grade project financing, enabling it to return $184 million in capital and reduce refinancing and dilution risks. This shift aims to provide stable, contracted cash flows and position Hut 8 as a digital infrastructure platform. The success of River Bend and the ability to replicate this model are crucial to justifying the company's elevated valuation based on future infrastructure-like earnings.