datacenters, power & cooling · Industry Index 8 (rank #155) ·
price: as of 2026-10-30 index: as of 2026-10-30 fundamentals: latest filing 2026-08-04 Reports quarterly (10-Q XBRL)
Hut 8 operates energy infrastructure and datacenters for bitcoin mining and AI/HPC, including its Highrise GPU-as-a-service brand.
Industry exposure 0.4 (Hut 8 is building AI datacenters (River Bend, Beacon Point) and GPU-as-a-service (Highrise), though bitcoin mining still anchors the business.)
Delayed, end-of-day, aggregate per contract — not a live tape or trade-level flow. Buy/sell side is INFERRED from where each contract's last print sat in the bid/ask spread, not observed order flow. The company-wide side is withheld unless quoted contracts cover at least a quarter of the day's premium, so it can be blank while individual contracts below show a side. Call/put premium is measured across the chain we capture — the 6 nearest expiries within 45 days, not the full option chain — while the table below lists at most 20 flagged contracts, so summing those rows will not reproduce the percentage.
Why flagged:earnings in 4 days
| Date | Contract | Score | Side (inferred)? | OI Δ? | Volume | Vol/OI | Flags |
|---|---|---|---|---|---|---|---|
| 2026-10-30 | $55 PUT | 78 | buy-side | +6 | 2,203 | 20.4× | |
| 2026-10-30 | $65 CALL | 72 | mid-market · no side | 0 | 3,332 | 46.9× | |
| 2026-10-30 | $63 CALL | 62 | mid-market · no side | 0 | 407 | 33.9× | |
| 2026-10-30 | $60 CALL | 47 | mid-market · no side | +2 | 1,162 | 41.5× | |
| 2026-10-30 | $63 CALL | 41 | sell-side | 0 | 662 | 18.4× | |
| 2026-10-30 | $60 PUT | 39 | mid-market · no side | -35 | 2,129 | 18.7× |
14 smaller flags (under $100000 premium) hidden.
latest session: 1.6× its 13-day baseline
33% calls / 67% puts (by premium)
Structural led a bearish call; the other agents split, so conviction reflects the disagreement.
Most voters leaned one way; structural dissented. Directional agreement 0.64.
A clear bearish score; conviction 0.40 reflects how strongly the agents agree. Conviction is confidence, not a probability of the move.
Per its FY2025 10-K, Hut 8 is a power-first infrastructure developer. It originates powered land and interconnections, uses ASIC compute builds, which the filing says combine relatively low capital intensity with rapid deployment, as a transitional load to monetize sites sooner, and aims to transition suitable power assets to higher-return uses; its River Bend campus was commercialized through a 15-year AI data center lease. The filing claims a defensible advantage but warns it might not provide the advantage anticipated, or might not endure. It says Hut 8 competes for powered land with digital infrastructure developers and large-scale Bitcoin miners, and its first AI campus is still under construction. Its majority-owned Bitcoin miner, American Bitcoin, can only be profitable when mining costs are below the price of the Bitcoin mined, and the filing says it believes American Bitcoin must keep acquiring miners to keep up with a growing global network hashrate.
Rating: narrow
The FY2025 10-K says 'we believe we have established a defensible competitive advantage through our power-first, innovation-driven strategy', resting on a power-native team, an application-agnostic framework for digital infrastructure design, end-to-end greenfield development capabilities, and the use of ASIC compute builds to rapidly and cost-effectively secure and monetize power. What separates this from no moat is scarce power: the filing says demand for energy capacity continues to outpace supply and that 'grid interconnection bottlenecks have further constrained access to power and digital infrastructure development', and Hut 8 reports 330 MW of utility capacity under construction at River Bend, commercialized in December 2025 through a 15-year triple-net lease supporting 245 MW of IT capacity, plus 1,230 MW of utility capacity under development. The same filing says 'The industries in which we operate are highly competitive and continuously evolving.', warns that these factors 'might not provide the competitive advantage we anticipate, or if they do, such competitive advantage might not endure', cites the River Bend lease (valued at $7.0 billion over the base term) as an example of expecting a significant portion of revenue from a limited number of customers, and says the company has not maintained consistent profitability. That supports narrow at most, not wide.
Type: cost scale
The 10-K says 'we believe success depends on the ability to secure scarce assets like power, data center equipment, and customers', and places part of its claimed edge in 'our ability to use ASIC compute infrastructure development to rapidly and cost-effectively secure and monetize power'. Its examples: Vega was energized less than a year after acquisition for an all-in cost of about $455,000 per megawatt, which the filing calls 'a fraction of traditional data center costs', and Salt Creek was completed for about $250,000 per MW; Vega also has immediate access to some of the lowest locational wholesale power prices in North America. These are low-redundancy ASIC compute builds, which the 10-K says carry relatively low capital intensity by design. The 'fraction of traditional data center costs' comparison is against a different facility tier, and the filing gives no peer cost comparison and no cost figure for its AI campuses.
Leadership: fast follower
The 10-K says 'For example, we signed our first large scale single tenant AI data center lease and commenced construction of the site at our River Bend campus.', offered under the statement that to remain competitive with peers it may need to modify aspects of its business model. River Bend was commercialized in December 2025 through a 15-year triple-net lease supporting 245 MW of IT capacity; Fluidstack is expected to serve as tenant and Google is expected to provide a financial backstop, and initial delivery is targeted for Q2 2027. On speed, the filing says 'Through early engagement with Entergy Louisiana, we assumed key interconnection and development functions typically managed by the utility, such as the development of transmission and distribution infrastructure, materially accelerating originally quoted power delivery timelines.', and that Vega was energized 'less than a year after acquiring it'. It also warns that Hut 8 competes against companies 'that may be more established or have greater financial and other resources and/or expertise'. That describes a newer entrant moving quickly, not an established leader.
Pricing power: weak
The 10-K says ASIC compute, run through American Bitcoin, can only be profitable if hardware and electricity costs are below the price of the Bitcoin mined, which makes it a price-taking business. It also says Traditional Cloud and AI Cloud compete with cloud services providers for customers, and that the company has not maintained consistent profitability. River Bend's contracted triple-net lease economics are not in service yet; initial delivery is targeted for Q2 2027.
Curated moat judgment grounded in the cited source. source: sec.gov
Layer: datacenters, power & cooling
Power-first developer building AI data center capacity, beginning with River Bend under a 15-year lease (Fluidstack is the expected tenant and Google is expected to provide a financial backstop; initial delivery is targeted for Q2 2027), and runs Bitcoin mining through majority-owned American Bitcoin.
Derived from this company's mapped supply-chain edges and its industry layer.
The moat prior voted -0.01 on the long (~6-month) horizon at weight 0.20 — the swarm call there is neutral (score -0.22, conviction 10).
Editorial prior — subjective, not backtested. It is bounded (±0.6), low-confidence, and never votes on short/medium. See exactly how it voted →
Products & services with an editorial market-share band and technical barrier band — qualitative judgments tied to a cited basis, never invented figures.
| Product | Market share | Technical barrier |
|---|---|---|
| AI data center campuses (River Bend, Beacon Point) · AI data center leasing AI data center campuses (River Bend and Beacon Point) in active construction, leased or backstopped by investment-grade counterparties; the second Beacon Point lease is a 15-year, triple-net, take-or-pay agreement. | Unknown The Q2 2026 release reports 949 MW of contracted IT capacity across River Bend and Beacon Point, leased or backstopped exclusively by investment-grade counterparties, with 1,330 MW of utility capacity under construction and initial data hall delivery targeted for Q2 2027 and Q3 2027. It gives no market-wide capacity or peer comparison, so no share band is claimed. | Moderate The release describes the second Beacon Point lease as a 15-year, triple-net, take-or-pay agreement with the same high-investment-grade tenant as Phase 1. It also reports $7.5 billion of investment-grade project financing closed without recourse to Hut 8 Corp. Signed capacity is locked in, but the release does not show that rivals are blocked from comparable powered sites. |
| ASIC compute (American Bitcoin) · Bitcoin mining Majority-owned, Nasdaq-listed (ABTC) Bitcoin accumulation platform that runs industrial-scale ASIC compute on Hut 8 infrastructure. | Unknown The 10-K says mining rewards depend on a miner's hashrate relative to global network hashrate, but it discloses no network-share figure, so no share band is claimed. | Low The 10-K calls ASIC compute 'a competitive market that requires operational efficiency and low-cost energy at scale'. It says it believes American Bitcoin will need to keep acquiring new miners to keep up with a growing global network hashrate, and expects wider Bitcoin adoption to draw more mining companies into the industry. |
| Highrise AI · GPU cloud (AI Cloud) Bare-metal AI cloud with full-stack orchestration for training and deploying production-scale AI models. | Niche The 10-K reports a fleet of 1,000 NVIDIA H100 and 96 NVIDIA H200 GPUs as of December 31, 2025. The service targets developers and enterprises in performance-critical and security-sensitive domains, a targeted segment rather than a broad cloud position. | Low The 10-K names cloud services providers as direct competitors for both customers and specialized hardware, and warns that competitors may be more established or have greater financial resources. |
| Hut 8 Canada (traditional cloud and colocation) · Traditional cloud and colocation Public and private cloud, managed backup, disaster recovery, high-capacity storage and colocation from five Canadian data centers. | Niche The 10-K lists five Canadian data centers, each about 0.3 to 1.1 MW on utility tariff. They serve more than 200 customers in technology, financial services, government and media. | Low The 10-K names cloud services providers as direct competitors for customers. Revenue comes from consumption-based arrangements under which customers commit to baseline usage, but the filing describes no structural barrier to entry. |
These charts plot Hut 8's reported income statement, cash flow, and balance sheet from its SEC filings through 2026-08-04. Every figure is as-filed XBRL — none of it is an estimate.
Over the reported window, revenue grew 219% to $235.1M (FY2022→FY2025); net income at a loss of $248.0M in FY2025.
Analyst consensus — third-party estimates from Yahoo Finance, as of 2026-10-26. Not SEC filings and not a TradingPilot forecast. source: finance.yahoo.com
| Period | EPS (est.) | Revenue (est.) | YoY |
|---|---|---|---|
| Q/E Sep 2026 | USD -1.21 (USD -1.57–USD -0.97) · 4 | USD 77977600.00 (USD 58700000.00–USD 96500000.00) · 19 | -7% |
| FY 2026 | USD -3.42 (USD -9.60–USD 0.88) · 3 | USD 299299480.00 (USD 225170000.00–USD 343300000.00) · 22 | +27% |
Each figure shows the consensus mean, its (low–high) range where available, and · the number of analysts behind that estimate.
Next report ~2026-11-04.
Our model leans Low-confidence · Neutral on the stock over the medium horizon — a market-direction call, not an earnings forecast. See the Signal tab.
Comparing against peers…
| Institution | Shares | Value | Δ shares QoQ | % of 13F | % shares out |
|---|---|---|---|---|---|
| Coatue Management (Philippe Laffont) Guru | 9,715,476 | $1.1B | 9,715,476 | 2.3% | 7.88% |
| BlackRock Passive / index | 9,470,255 | $1.1B | 844,995 | 0.0% | 7.68% |
| Lone Pine Capital (Stephen Mandel) Guru | 5,773,045 | $666.5M | -305,906 | 4.1% | 4.68% |
| State Street Passive / index | 2,592,537 | $299.3M | 49,538 | 0.0% | 2.10% |
| Third Point (Daniel Loeb) Guru | 1,315,000 | $151.8M | 445,437 | 3.2% | 1.07% |
| FMR (Fidelity) Passive / index | 354,647 | $40.9M | 334,244 | 0.0% | 0.29% |
| Renaissance Technologies Guru | 297,615 | $34.4M | -184,218 | 0.0% | 0.24% |
TradingPilot-computed columns (% of 13F, % shares out) are derived from as-filed 13F values; only name, shares and value are as-filed.
PR Newswire · 2026-07-20 · partnership
Hut 8 signed a second 352 MW IT lease at its Beacon Point AI data center campus with a high-investment-grade tenant, fully commercializing the 1 GW campus. The company put the Phase 2 base-term contract value at $9.8 billion and the full campus at $19.6 billion under a 15-year triple-net lease.
2026-10-28 Yahoo Finance: HUT · Hut 8 (HUT) Expected to Beat Earnings Estimates: Can the Stock Move Higher?
2026-10-23 Yahoo Finance: HUT · Learn Why The Bull Case For Hut 8 (HUT) Could Change Following Data Center Lease Deals
2026-10-08 Yahoo Finance: NBIS · Here Are Thursday’s Top Wall Street Analyst Research Calls: CAVA Group, Constellation Brands, Goldman Sachs Group, Hub Spot, Hut 8, Paladin Technologies, NXP Semiconductor, Spotify Technology, Tyler Technologies, and More
2026-10-08 PR Newswire Energy · Hut 8 Schedules Third Quarter 2026 Earnings Release and Conference Call
Impact = company-prominence tier (High/Medium auto-assigned by graph centrality/size; Low only on curated minor events), not a magnitude forecast.
| Date | Type | Event | Impact |
|---|---|---|---|
| 2026-11-04 | earnings | Hut 8 earnings — Company-confirmed date. confirmed | Medium |
| Date | Event | Impact | Outcome |
|---|---|---|---|
| 2026-08-04 | Hut 8 earnings confirmed | High | EPS beat · -8.3% |
| 2026-05-06 | Hut 8 earnings confirmed | Medium | EPS beat · -7.1% |
