Hut 8 revenue set for sharp AI infrastructure inflection

Visible Alpha consensus points to a dramatic change in Hut 8 Corp.'s (NASDAQ: HUT) revenue mix over the next two years, as the company’s emerging AI data-center business begins to scale. Analysts expect Digital Infrastructure revenue to jump from just $5 million in 2026 to $239 million in 2027, before surging to $1.2 billion in 2028. By then, the segment is expected to account for more than 80% of group revenue, compared with a negligible contribution today.

The projected inflection reflects Hut 8’s growing portfolio of hyperscale AI infrastructure projects. The company has now fully commercialized its 1 GW Beacon Point campus in Texas, while its River Bend project in Louisiana has a further 245 MW of contracted IT capacity. Together, the two campuses have 949 MW of contracted IT capacity and $26.6 billion of base-term contract value, according to Hut 8.

The revenue contribution, however, is still some way off. Both campuses remain under construction, with initial data-hall delivery targeted for Q2 2027 at River Bend and Q3 2027 at Beacon Point.

In the meantime, Compute remains the principal source of revenue. Analysts expect Hut 8’s total revenue to rise 27% year-on-year to $299 million in 2026, with Compute revenue increasing 41% to $285 million.

That growth is expected to be partly offset by a 61% decline in Power revenue and a 50% decline in Digital Infrastructure revenue in 2026.

The decline in Power revenue is largely deliberate. Hut 8 has been moving away from electricity sales as a standalone business, including the divestment of its 310 MW natural-gas power portfolio. The sale removes electricity-sales revenue from the group but is consistent with a broader strategy of treating power as an input into its data-center infrastructure business rather than as an end market in itself.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.