Hut 8 — Blitz Index 48 (C)
949MW of contracted AI capacity — the contracts are signed, the buildings are being built.
Confidence: High · Category: ai-infra
Score breakdown
| Section | Score | Detail |
|---|---|---|
| A · Speed | 19 / 25 | Q2 2026 revenue +81% YoY (SEC); 949MW contracted; $7.5B project financing raised in one quarter |
| B · Moat | 32 / 60 | 949MW · $26.6B base-term take-or-pay 15-year; 100% investment-grade tenants; Google backstop |
| C · Creative destruction | 8 / 15 | Bitcoin mining → AI power-infrastructure second curve; contract-proven, delivery pending |
| D · BlitzFailing | −11 | D1 −8: $7.64B long-term debt = 26× TTM (contract-collateralized); CEO dual role at ABTC |
Radar axes (0–100): Moat 53 · Speed 76 · Creative 53.
Watch item
Gates: G1 ✓ (second curve, contracted demand) · G2 ✓ estimated (bar ≈ $3.2B, colocation TAM clears it). 17 points below the threshold — first score. Delivery starting Q2 2027 is the whole thesis.
Strengths
- 949MW · $26.6B base-term contracted (8-K)
- BBB- project financing $7.5B secured
- $1.75B+ avg annual NOI at full delivery
- 8,660MW development pipeline
Concerns
- $51.2M quarterly interest vs $10.4M adj. EBITDA
- Pre-delivery = 100% execution risk
- CEO related-party exposure (ABTC)
- Thin cash firewall for the build
More AI Infra companies
Other AI Infra names on the Blitz Index, highest score first: NVIDIA (87/A), Arista Networks (72/B), Astera Labs (61/B).
Next earnings
Nov 4, 2026 · Before open · Confirmed
Coverage
Hut 8 Corp. · Q3 2026 due Nov 4, 2026 (BMO) · Score 48 · Grade C
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BlitzLab scores businesses against a scholar’s standard — not investment advice. No price targets, no buy/sell recommendations. Figures are from SEC filings (XBRL) as labeled in the source scorecard.