Hut 8
HUT-🇺🇸 USA
- Price
- $52.90
- as of Nov 6, 2026
- Market cap
- $6.3B
- as of Nov 6, 2026
Estimated total debt principal$9.14Bfacilities drawn: $0 of $200.0M
Trailing 12-month dilution+11.1%Nov 3, 2025 → Nov 2, 2026
Cash & equivalents$6.79Bas of Aug 4, 2026
Estimated cost of debt6.17%incl. floating estimate
Basic shares outstanding - Evolution
Funding the build to end-2030
Capex from the Sites & Capacity estimates at $12M per MW, paid over the twelve months before each delivery, net of the project debt already raised.
Capex to fund$18.66bn2,291 MW to deliver · $7.5bn already funded
Equity raised$1.75bn5% dilution a year
Debt to raise$10.76bn153.2m shares at end-2030
Capex by site and year
| Site | Contracted | Funded | 2026 | 2027 | 2028 | 2029 | 2030 | To fund | MW added |
|---|---|---|---|---|---|---|---|---|---|
| Beacon Pointbuilding | 100% | $4.25bn | — | $1.73bn | $2.11bn | — | — | $3.85bn | 704 MW |
| River Bendbuilding | 41% | $3.25bn | — | — | — | $852m | $2.14bn | $2.99bn | 602 MW |
| Unsited 2030 pipeline | 0% | — | — | — | — | $5.91bn | $5.91bn | $11.82bn | 985 MW |
| Total | 27% | $7.5bn | — | $1.73bn | $2.11bn | $6.76bn | $8.05bn | $18.66bn | 2,291 MW |
Sources and uses
| Year | Capex | Operating cash | Cash used | Equity raised | Debt to raise | Shares out | Closing cash |
|---|---|---|---|---|---|---|---|
| 2026 | — | — | — | $317m · +6m | — | 126m | $875m |
| 2027 | $1.73bn | — | $875m | $333m · +6.3m | $526m | 132.3m | $0m |
| 2028 | $2.11bn | $1.12bn | — | $350m · +6.6m | $646m | 139m | $0m |
| 2029 | $6.76bn | $1.77bn | — | $368m · +6.9m | $4.62bn | 145.9m | $0m |
| 2030 | $8.05bn | $2.7bn | — | $386m · +7.3m | $4.97bn | 153.2m | $0m |
Equity at 5% of the share count a year at the latest close; the fair values at date on the Valuation tab grow the share count at the same rate.
Debt stack
Secured notes
Total: $7.50B| Instrument | Principal | Rate | Maturity | Stage | Source |
|---|---|---|---|---|---|
Senior Secured Notes due 2042 — Beacon Point (Beacon Point DC LLC)SPV · Beacon Point DC LLC | $4.25B | 6.129% | 2042 | Closed | Jun 9, 2026 |
Senior Secured Notes due 2042 — River Bend (Hut 8 DC LLC)SPV · Hut 8 DC LLC | $3.25B | 6.192% | 2042 | Closed | Apr 30, 2026 |
Convertible notes
Total: $150.0M| Instrument | Principal | Rate | Reference price | Conversion price | Capped call | Prepaid forward repurchase | Maturity | Stage | Source |
|---|---|---|---|---|---|---|---|---|---|
$150.0M | 8% | $16.395 | 2029 | Closed | Jun 28, 2024 |
Private placement
Total: $220.1M · net: $215.0M| Instrument | Principal | Rate | Maturity | Secured | Ratings | Stage | Source |
|---|---|---|---|---|---|---|---|
$220.1Mnet $215.0M | Closed | Jun 27, 2025 |
Revolver
Total: $1.27B| Instrument | Principal | Rate | Maturity | Secured | Ratings | Stage | Source |
|---|---|---|---|---|---|---|---|
$1.07B | SOFR + 175 bps | Secured | Closed | Sep 28, 2026 | |||
Two Prime revolving credit facilitySPV · Hut 8 MB One LLC | $200.0M | 7.99% | Secured * | Closed | Aug 25, 2025 |
Equity & warrants
No equity-related instruments yet.