datacenters, power & cooling · 產業指數 8 (排名 #153) ·
價格: 截至 2026-10-29 指數: 截至 2026-10-29 基本面: 最新申報文件 2026-08-04 按季揭露（10-Q XBRL）
Hut 8 operates energy infrastructure and datacenters for bitcoin mining and AI/HPC, including its Highrise GPU-as-a-service brand.
產業曝險 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.)
延遲的日終逐合約彙總資料——不是即時盤口，也不是逐筆資金流。買賣方向是根據每個合約最後一筆成交在買賣價差中的位置推斷出來的，並非觀測到的委託流。除非有報價的合約佔當日權利金的四分之一以上，否則公司層級的方向會被隱去，因此下方個別合約有方向時這裡也可能為空。買權/賣權權利金是在我們擷取的合約範圍內計算的——最近的 6 個到期日、45 天以內，並非完整選擇權鏈——而下表最多列出 20 個被標記的合約，所以把這些列加總不會還原出上面的百分比。
標記原因：earnings in 7 days
| 日期 | 合約 | 異常分數 | 買賣方向（推斷）? | 未平倉變動? | 成交量 | 成交量/未平倉 | 標記 |
|---|---|---|---|---|---|---|---|
| 2026-10-28 | $77 CALL | 65 | 價差中段 · 無法判定方向 | +2 | 1,138 | 37.9× | |
| 2026-10-28 | $70 CALL | 42 | 價差中段 · 無法判定方向 | +27 | 2,139 | 22.8× | |
| 2026-10-28 | $87 CALL | 42 | 賣方主動 | 0 | 1,551 | 19.6× |
17 smaller flags (under $100000 premium) hidden.
最近交易日：為 13 日基準的 0.7 倍
買權 61% / 賣權 39%（按權利金）
結構性 主導了這次看空判斷；其餘代理人意見分歧，信心度反映的正是這種分歧。
多數投票者傾向一致；結構性 投了反對票。方向一致度 0.64。
一個明確的看空分數；信心度 0.40 反映的是代理人之間的一致強度。信心度是信心，不是價格變動的機率。
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.
評級: 窄
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.
類型: 成本規模
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.
領先地位: 快速追隨者
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.
定價權: 弱
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.
依所引來源做出的人工整理護城河判斷。 來源：sec.gov
層級: 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.
由這家公司已對應的供應鏈關係及其所屬產業層級推導而來。
護城河先驗在長週期（約 6 個月）投出 -0.01 票，權重為 0.20——該週期上的群體判斷是 neutral（分數 -0.22，信念度 10）。
編輯先驗——主觀、未經回測。它有界（±0.6）、低信賴度，且從不對短週期與中週期投票。 檢視它究竟如何投票 →
產品與服務，附編輯判定的市佔區間與技術門檻區間——這些是與所引依據綁定的定性判斷，絕非杜撰的數字。
| 產品 | 市場佔有率 | 技術門檻 |
|---|---|---|
| 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. | 未知 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. | 中等 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. | 未知 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. | 低 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. | 利基市場 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. | 低 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. | 利基市場 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. | 低 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. |
這些圖表繪製的是 Hut 8 在其 SEC 申報文件中已申報的損益表、現金流量表與資產負債表（截至 2026-08-04）。每一個數字都是申報原值 XBRL——沒有任何一項是預估。
在已申報的區間內，營收成長 219%，達到 $235.1M（FY2022→FY2025）; FY2025 淨損 $248.0M。
分析師一致預期——來自 Yahoo Finance 的第三方預估，截至 2026-10-26。這不是 SEC 申報文件，也不是 TradingPilot 的預測。 來源：finance.yahoo.com
| 期間 | 每股盈餘（預估） | 營收（預估） | 年增率 |
|---|---|---|---|
| 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% |
每個數字顯示一致預期平均值、可得時的（最低–最高）區間，以及 · 後面給出該預估背後的分析師人數。
下次財報約在 2026-11-04。
我們的模型在中週期上對這檔股票偏向 Low-confidence · Neutral——這是對市場方向的判斷，不是對獲利的預測。檢視「訊號」分頁。
正在與同業比較…
| 機構 | 股數 | 金額 | 季增減股數 | 佔 13F 比例 | 佔流通股比例 |
|---|---|---|---|---|---|
| Coatue Management (Philippe Laffont) 大師 | 9,715,476 | $1.1B | 9,715,476 | 2.3% | 7.88% |
| BlackRock 被動 / 指數 | 9,470,255 | $1.1B | 844,995 | 0.0% | 7.68% |
| Lone Pine Capital (Stephen Mandel) 大師 | 5,773,045 | $666.5M | -305,906 | 4.1% | 4.68% |
| State Street 被動 / 指數 | 2,592,537 | $299.3M | 49,538 | 0.0% | 2.10% |
| Third Point (Daniel Loeb) 大師 | 1,315,000 | $151.8M | 445,437 | 3.2% | 1.07% |
| FMR (Fidelity) 被動 / 指數 | 354,647 | $40.9M | 334,244 | 0.0% | 0.29% |
| Renaissance Technologies 大師 | 297,615 | $34.4M | -184,218 | 0.0% | 0.24% |
TradingPilot 計算的欄位（佔 13F 比例、佔流通股比例）由申報原值推導而來；只有名稱、股數與金額是申報原值。
PR Newswire · 2026-07-20 · 合作
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
影響 = 公司顯著度層級（高/中由圖譜中心度與規模自動判定；低僅用於人工整理的次要事件），並非對波動幅度的預測。
| 日期 | 類型 | 事件 | 影響 |
|---|---|---|---|
| 2026-11-03 | 財報 | Hut 8 earnings (estimated) — Date not yet announced — estimated from EDGAR filing cadence (last periodic filing + 91/365 days); confirm via IR. 預估 | 中 |
| 日期 | 事件 | 影響 | 結果 |
|---|---|---|---|
| 2026-08-04 | Hut 8 earnings 已確認 | 高 | 每股盈餘優於預期 · -8.3% |
| 2026-05-06 | Hut 8 earnings 已確認 | 中 | 每股盈餘優於預期 · -7.1% |
