Bitcoin Miner Hut 8's Stock Soars After Inking $7 Billion Google-Backed AI Deal
Hut8 (HUT) shares surged over 15% after announcing a $7 billion, 15-year agreement with Fluidstack, backed by Google, to supply power for high-performance computing via a 245MW data center at its River Bend campus in Louisiana. The contract includes options to extend up to 15 years, potentially increasing its value to $17.7 billion. The initiative involves partnerships with Louisiana state, Entergy, JPMorgan, Goldman Sachs, Vertiv, and Jacobs, aiming to deliver large-scale AI and high-performance computing infrastructure. This move reflects a wider industry trend of Bitcoin miners expanding into AI compute services, often with Google’s backing. Similar shifts have been seen with Cipher Mining, TeraWulf, and Bitfarms. Construction at River Bend is projected to create up to 265 local jobs, with the first data hall expected in Q2 2027. Hut8 runs five mining sites across the U.S. and Canada.
