HUT Stock On Track For Best Week In Over 2 Months: CEO Says 'Power’ Is AI’s Most Valuable Resource

Hut 8 stock is up more than 19% this week after it announced the commercialization of the second phase of its one-gigawatt Beacon Point data center campus.

• While the company did not name the tenant, it said in a statement that it had signed a 15-year, 352-MW IT lease with a major hyperscaler valued a $9.8 billion. 
• CEO Asher Genoot said in an interview with CNBC that power is the key resource that allows AI data centers to thrive.
• Rosenblatt reiterated its ‘Buy’ rating on the stock and $124 price target after the company announced the second lease, according to a report from Investing.com. 

Hut 8 Corp. (HUT) is on track to clock its best weekly gains since early May if the upward trajectory holds. 

The stock is up more than 19% this week after it announced the commercialization of the second phase of its one-gigawatt Beacon Point data center campus in Nueces County, Texas. 

While the company did not name the tenant, it said in a statement that it had signed a 15-year, 352-MW IT lease with a major hyperscaler, doubling the existing high-investment-grade tenant’s contracted capacity to 704 MW and valuing the lease a $9.8 billion. 

CEO Asher Genoot said in an interview with CNBC that power is the key resource that allows AI data centers to thrive. “Our thesis as a company is power fuels technology," he said. 

HUT’s Credibility Is Growing 

Genoot said that the company had built credibility in the ecosystem, due to which tenants and customers trust it to power their AI needs and the infrastructure that supports their technologies.

"When we first started chatting last year, we had zero contracted AI revenue. Now we have about $27 billion of AI contracted revenue, almost $1.75 billion a year in EBITDA," he said. 

Rosenblatt reiterated its ‘Buy’ rating on the stock and $124 price target after the company announced the second lease, according to a report from Investing.com. 

The analyst said the expansion by the same hyperscale customer validates its high-performance computing infrastructure strategy, adding that the deal strengthens confidence in Hut 8's partnership-driven development model and its ability to replicate similar projects across its pipeline. 

Rosenblatt also raised its 2028 forecast, now expecting $1.8 billion in revenue and $1.1 billion in EBITDA, up from prior estimates of $1.7 billion and $1.0 billion, respectively, to reflect the expanded lease.

HUT Stock: Retail Sentiment

On Stocktwits, retail sentiment around HUT stock slipped from ‘extremely bullish’ to ‘bullish’ territory over 24 hours amid ‘extremely high’ message volumes. 

One bullish user said, “$HUT the best stock ever!!!”

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Another said, “$HUT 120$ soon.”

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HUT stock has more than doubled in 2026 after it pivoted from Bitcoin mining to AI and high-performance computing (HPC) energy infrastructure. 

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