Despite a net loss of $253 million in the first quarter of 2026, Hut 8 saw its stock soar by more than 33%. The reason: a mega-AI infrastructure lease worth a total of $9.8 billion over 15 years.
In brief
- Net loss Q1 2026: $253 million (depreciation of BTC reserves)
- Q1 2026 revenue: $71 million (–22% vs Q4 2025)
- IA contract signed: $9.8 billion over 15 years, 352 MW leased
- Share increase: +33% in a single session
- Context: massive sectoral pivot from mining to AI to maximize the profitability of energy consumed
A first quarter in the red, but the markets don't care
The bitcoin mining giant published mixed quarterly results on May 6, 2026. According to its official press release, the net loss of $253 million is mainly explained by the fall in the market value of its BTC reserves. These went from a peak above $126,000 to a floor around $60,000 in February 2026.
Revenues also showed a decline to $71 million from $88.4 million in the previous quarter. This represents a drop of around 22%. A figure lower than analysts' forecasts, who expected $78.5 million.
However, Wall Street did not shy away from HUT stock. Quite the contrary! The proof: the stock jumped more than 33% in just one session on May 6, 2026. This increases the company's market capitalization in an uncertain market context.
The AI contract that changes everything: 9.8 billion over 15 years
Simultaneously with the publication of its resultsHut 8 announces the marketing of the first phase of its Beacon Point campus. This is a agreement to lease 352 megawatts to a third-party AI company for a period of 15 years and a total value of $9.8 billion.
This CONTRACT positions Hut 8 well beyond a simple crypto miner. The company is indeed becoming a key player in high-performance artificial intelligence infrastructure. In Q1 2026 alone, the firm has already generated $66 million in combined revenue from its ASIC, AI cloud and traditional cloud businesses.
This strategic pivot reflects an underlying trend in the industry. According to crypto analyst Ran Neuner, both sectors are competing for the same critical resource: electricity. THE revenue for AI infrastructure would be between $200 and $500 per megawatt, compared to $57 to $129 for bitcoin mining.
Faced with this profitability gap, many miners are repositioning their assets towards high-performance computing. Hut 8 follows in the footsteps of Core Scientific, which announced a 1.5 GW expansion dedicated to AI.
In any case, the transformation of Hut 8 illustrates a structural shift: crypto mining infrastructures built around energy and intensive computing are becoming strategic assets for the AI revolution. Investors also seem to have made a clear decision: the long-term vision takes precedence over short-term losses. The open question is: how many more miners will follow this path and at what speed?
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