Hut 8 Shares Slide Despite Growing AI Data Center Pipeline

Hut 8 shares fell sharply in early trading after the company reported second-quarter revenue that slightly missed analyst expectations. Despite this, the bitcoin miner-turned-AI infrastructure developer is poised for growth, with its AI data center pipeline expanding to approximately 8.7 gigawatts.

The company's revenue came in at $74.9 million, up from $41.3 million a year earlier but below Wall Street estimates of around $80 million. Hut posted a net loss of $177.1 million, largely due to $138.6 million in unrealized losses on digital assets.

Hut 8's CEO Asher Genoot reiterated the company's milestones, including the full commercialization of its Beacon Point AI campus and a portfolio of 949 MW in contracted capacity with around $26.6 billion in expected contract value.