Billionaire investor Daniel Loeb‘s Third Point expanded its AI infrastructure portfolio with the addition of Hut 8 Corp. (NASDAQ:HUT). The company recently pivoted from bitcoin mining to focus on high-performance computing and AI infrastructure.
Third Point acquired 869,563 shares in the company in the first quarter of FY26.
Recent Key Events
- Hut reported a first-quarter loss of $1.98 per share, missing the consensus estimate of a 17-cent loss. In addition, it reported revenue of $71.01 million, missing the consensus estimate of $81.27 million.
- The company said it secured $16.8 billion in contracted lease revenue across two hyperscale AI campuses backed by triple-net, take-or-pay agreements with investment-grade counterparties.
- Following the earnings release, Piper Sandler analyst Patrick Moley maintained an Overweight rating and raised the price forecast from $93 to $127. Also, BTIG analyst Gregory Lewis maintained a Buy rating and boosted the price forecast from $90 to $115.
- Hut 8 commercialized the first phase of its Beacon Point AI data center campus through a 15-year lease for 352 megawatts of IT capacity with a confidential, high-investment-grade tenant. The deal carries $9.8 billion in base-term contract value and could reach $25.1 billion if all three five-year renewal options are exercised, according to the company’s release.
- The company also said the project will be designed around Nvidia‘s DSX reference architecture and supported by counterparties including American Electric Power, Vertiv Holdings Co. and Jacobs.
- Following the news, Citizens analyst Greg P. Miller raised the price forecast from $100 to $140, Canaccord Genuity raised the price forecast from $70 to $130 and Rosenblatt boosted the price forecast from $89 to $124.
- Hut 8 awarded a sole‑source engineering, procurement and construction management (EPCM) contract to Jacobs Solutions Inc. to deliver a second U.S. AI data center campus.
- Apart from this, the company priced a $4.25 billion senior secured notes offering to finance the development of its 352-megawatt Texas data center, using the debt proceeds to support the large-scale infrastructure project.
HUT Earnings Preview and Analyst Ratings
Looking further out, the next major catalyst for the stock arrives with the August 6, 2026 (estimated) earnings report.
- EPS Estimate: Loss of 32 cents (Down from $1.18 YoY)
- Revenue Estimate: $80.96 million (Up from $41.30 million YoY)
Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price target of $120.00 (high: $156.00; low: $75.00) across 21 analysts. Recent analyst moves include:
- BTIG: Buy (Raises Target to $150.00) (June 25)
- Rosenblatt: Buy (Maintains Target to $124.00) (June 11)
- Jefferies: Initiated with Buy (Target $156.00) (May 14)
HUT ETF Exposure: Key Funds and Weightings
- Bitwise Crypto Industry Innovators ETF (NYSE:BITQ): 5.98% Weight
- State Street SPDR S&P Software & Services ETF (NYSE:XSW): 1.12% Weight
- Nicholas Crypto Income ETF (NYSE:BLOX): 5.64% Weight
Significance: Because HUT carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
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