Hut 8 Closes $4.25 Billion of Investment-Grade Senior Secured Notes for Beacon Point Data Center Project

MIAMI, June 9, 2026 /PRNewswire/ -- Hut 8 Corp. (Nasdaq: HUT) (TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies, today announced the closing of a $4.25 billion offering (the "Offering") of 6.129% senior secured notes due 2042 (the "Notes") issued by its wholly-owned subsidiary, Beacon Point DC LLC (the "Issuer"). The Notes are rated Baa2 by Moody's Ratings, one notch above the BBB− assigned by S&P Global Ratings and Fitch Ratings to Hut 8's River Bend financing in April 2026.

The Issuer intends to use the proceeds from the Offering to (i) finance (1) the development and construction of a turnkey data center, comprising six data halls with a combined total of 352 megawatts of critical IT capacity, to be built on an approximately 521-acre property in Nueces County, Texas and (2) the construction of the substation located on the property, which data center facility will be leased to a tenant that is a high-investment-grade company (i.e., rated AA− or higher) as of the date hereof pursuant to the data center lease agreement, (ii) fund debt service reserves, and (iii) pay fees and expenses in connection with the Offering.

Offering Highlights

1. Demonstrates the repeatability of an investment-grade financing model that preserves balance-sheet strength: The Offering marks the second execution of a financing model that is non-recourse to Hut 8, fully funded at the project level, and non-dilutive to existing shareholders, with no expected equity issuance by Hut 8 to fund the project. The fully amortizing structure eliminates refinancing risk at the project level, while its non-recourse profile allows Hut 8 to maintain zero recourse debt at the parent level, leaving its balance sheet unconstrained.
2. Reflects disciplined, first-principles execution marked by improved rating, pricing, and scale: The Offering improves upon the first execution of the model at River Bend across rating and spread. At T+165 basis points, the Notes priced 20 basis points inside the River Bend notes issuance spread. These terms establish the Offering as the largest, tightest-priced, and highest-rated investment-grade bond issued to date in a single-sponsor data center construction financing. Across successive executions, this progression supports Hut 8's pursuit of a corporate investment-grade profile.
3. Confirms broadening institutional endorsement of Hut 8's development financing model: Investor demand validates Hut 8's model of financing investment-grade, construction-stage development. The Offering was substantially oversubscribed and attracted both repeat investors and new investors who did not participate in the River Bend offering, broadening Hut 8's institutional credit investor base. Together, River Bend and Beacon Point represent $7.5 billion of investment-grade capital raised for construction-stage data center development, a credit standard rarely achieved prior to commercial operations.

Asher Genoot, CEO of Hut 8, said: "The investment-grade market has historically not been available to finance project-level data center construction. Together with our River Bend offering, this Offering establishes the ability of our data center projects to access investment-grade financing markets and demonstrates a repeatable model for funding construction-stage development. We believe this structure, which eliminates refinancing risk and protects shareholder value, can support a durable competitive advantage as we continue to scale."

Sean Glennan, CFO of Hut 8, said: "The hallmark of this financing model is repeatability. What enables us to deliver superior outcomes over time, however, is rigor of execution. Each term of the Offering was structured from first principles rather than inherited from the prior offering. Beacon Point improves on River Bend across key financing metrics, including rating and spread. We intend to bring that same discipline to future transactions."

J.P. Morgan acted as lead bookrunner for the Offering. Goldman Sachs & Co. LLC acted as a bookrunner for the Offering.

About Hut 8

Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies such as AI, high-performance computing, and ASIC compute. The Company develops, commercializes, and operates industrial-scale energy and data center infrastructure through a power-first, innovation-driven approach. For more information, visit hut8.com.

Cautionary Note Regarding Forward-Looking Information

This press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the anticipated use of proceeds from the Offering, the development and construction of the Beacon Point project, the expected benefits and repeatability of the Company's financing model, the Company's pursuit of a corporate investment-grade profile, the Company's development pipeline, and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "allow," "believe," "estimate," "expect," "predict," "can, "might," "potential," "is designed to," "likely," or similar expressions.

Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, risks relating to the construction of new data centers, including cost overruns, delays, supply chain issues, permitting or regulatory hurdles, unexpected technical challenges, and dependency on contractors; risks relating to the financing of new data centers, including the potential dilutive impact of equity issuances (if any), access to capital markets, timing and cost of financing, and market conditions such as increases in interest rates, declining equity valuations, volatility in credit markets, or tightening lending standards; risks impacting our ability to expand the power capacity at the River Bend campus, such as limitations of transmission and/or generation resources; failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at sec.gov and SEDAR+ profile at sedarplus.ca. Information in this press release is as of the dates and time periods indicated herein, and neither the Company nor the Issuer undertake to update any of the information contained in these materials, except as required by law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/hut-8-closes-4-25-billion-of-investment-grade-senior-secured-notes-for-beacon-point-data-center-project-302795866.html

SOURCE Hut 8 Corp.