Hut 8 CEO says $7 billion data center deal with Google is 'first domino to fall'

Core Insights - Hut 8 is transitioning from a "crypto miner" to an AI infrastructure provider, highlighted by a $7 billion deal to build a data center complex in Louisiana for Anthropic [1] - The company's stock surged approximately 20% following the announcement, reflecting investor confidence in its strategic shift and potential partnerships [2] - Year-to-date, Hut 8's stock has increased by 90%, driven by its energy assets and a strategic partnership with American Bitcoin [3] Financial and Strategic Details - The Louisiana project includes a financial guarantee from Google, ensuring payments for a 15-year lease, with a capacity of 245 megawatts (MW) that can scale up to 2,300 MW, potentially increasing the lease value to $17.7 billion [4] - Hut 8's CEO emphasized the importance of Google's involvement for securing favorable project financing from major banks like JPMorgan and Goldman Sachs [5] - The company is mitigating execution risks by establishing a conservative delivery schedule and utilizing local labor, with the first data hall expected to be delivered by Q2 2027 [6][7]