Hut 8 Corp (Nasdaq: HUT) closed a $1.07 billion four-year senior secured revolving credit facility on September 28, 2026. This committed bank liquidity expands funding capacity across the company's development lifecycle for energy-intensive technologies.

The financing strengthens parent-level liquidity and broadens access to capital as Hut 8 pursues an investment-grade corporate profile. It builds on a track record of disciplined execution, including $7.5 billion of fully amortizing, non-recourse investment-grade project financing for its River Bend and Beacon Point AI data center campuses.

Facility terms and structure

The facility provides immediate access to non-dilutive capital with a drawn margin ranging from SOFR plus 150 to 200 basis points, based on the consolidated total debt-to-market-capitalization ratio. The initial margin at closing is set at SOFR plus 175 bps. Borrowings can be drawn as needed and repaid without prepayment penalties, subject to customary conditions.

Strategic impact on capital efficiency

The facility includes a $1.07 billion letter-of-credit sublimit to support collateral requirements for site development, such as interconnection deposits and obligations to utilities and equipment vendors. This reduces the need to post cash collateral, thereby improving capital efficiency across the project lifecycle.

Sean Glennan, CFO of Hut 8, stated that the facility adds more than $1 billion of committed, non-dilutive bank liquidity at the parent level. This allows the company to fund projects through development while determining optimal timing and structure for long-term, non-recourse financing as assets de-risk. The approach aims to optimize cost of capital and limit dilution. Glennan emphasized that this structure gives the company control over when, where, and how it deploys capital, a flexibility that matters given the speed and capital intensity of AI infrastructure development.

What the numbers show

The facility's structure highlights a strategic shift toward flexible, non-dilutive funding. By securing a $1.07 billion revolver alongside existing $7.5 billion in project-level debt, Hut 8 creates a layered capital structure. The revolver covers interim working capital and collateral needs, allowing project-specific debt to be timed more precisely once construction risks are mitigated. This separation of parent-level liquidity from project-level financing supports the goal of an investment-grade corporate profile while preserving equity value.

Market reaction

Despite the positive financing news, Hut shares showed weakness following the announcement. At the time of reporting, HUT stock was trading 1.36% lower at $95.50. The decline occurred as broader market futures fell due to rising yields and geopolitical concerns affecting investor sentiment.

Arrangers and syndicate

J.P. Morgan acted as Lead Left Arranger, Bookrunner, and Administrative Agent. Citi, Goldman Sachs, and Morgan Stanley served as Joint Lead Arrangers and Joint Bookrunners. The facility was provided by a syndicate of 12 lenders.

Hut 8 Corp (NASDAQ: HUT) shares declined 3.5% to $75.89 following reports of a major artificial intelligence infrastructure partnership involving the company.

The stock movement occurred after Reuters reported that Anthropic signed a $35 billion cloud-computing deal with Lambda, a Nvidia-backed provider, for a Texas data center developed by Hut 8.

Deal Structure and Capacity

The agreement covers approximately 350 megawatts of capacity located in Nueces County, Texas. According to sources familiar with the matter, Nvidia holds the lease on the data center, while Hut 8 is developing the facility.

The project aims to bring online additional Nvidia capacity to support growing demand for Anthropic’s Claude AI models. This follows Anthropic’s recent announcement of a $45 billion expenditure to rent AI cloud computing power from Nscale’s West Virginia campus.

Historical Context

Hut 8 previously disclosed a 15-year lease with an investment-grade customer in July, carrying a base-term contract value of $19.6 billion. The Financial Times later identified Nvidia as the tenant for Hut 8’s 1-gigawatt Beacon Point campus.

What the Numbers Show

The market’s negative reaction to the $35 billion deal report contrasts with the scale of the transaction relative to Hut 8’s prior $19.6 billion lease. The divergence suggests investor caution regarding execution risk or valuation metrics associated with this specific AI infrastructure model, despite the significant capital commitment involved.