Analysts See Hut 8’s Digital Infrastructure Revenue Jumping From $5 Million to $1.2 Billion by 2028

Hut 8 Corp. (NASDAQ, TSX: HUT), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale, was the subject of new S&P Global Market Intelligence research published September 2, 2026 showing Visible Alpha consensus estimates for a dramatic shift in the company’s revenue mix over the next two years. Analysts project Digital Infrastructure revenue climbing from just $5 million in 2026 to $239 million in 2027, then surging to $1.2 billion in 2028, when the segment is expected to represent more than 80% of group revenue, up from a negligible share today.

A Deliberate Trough Before the Inflection

The consensus numbers show something counterintuitive at first glance: analysts actually expect Digital Infrastructure revenue to decline roughly 50% in 2026 itself, even as the long-term inflection story builds. That dip reflects timing rather than weakness. Hut 8’s AI data center campuses are still under construction, with initial data hall delivery targeted for the second and third quarters of 2027 at River Bend and Beacon Point respectively, so meaningful Digital Infrastructure revenue does not begin until those facilities go live. Compute remains the company’s primary revenue driver in the interim, with analysts expecting total 2026 revenue to rise 27% year over year to $299 million, powered by a 41% increase in Compute revenue to $285 million. Power revenue is expected to fall 61% in 2026, a decline management has engineered deliberately by divesting a 310 MW natural gas power portfolio and repositioning power as an input into the data center business rather than a standalone electricity-sales product.

The Backlog Behind the Forecast Is Already Signed and Financed

What separates this projection from speculative modeling is that the underlying contracts already exist. Hut 8 has fully commercialized its 1 GW Beacon Point campus in Texas and holds a further 245 MW of contracted IT capacity at its River Bend campus in Louisiana, together totaling 949 MW of contracted capacity worth approximately $26.6 billion in base-term contract value, according to the company. Hut 8 closed $7.5 billion of fully amortizing, investment-grade project financing across two separate offerings in a single quarter, structured on a non-dilutive, non-recourse basis that keeps the debt off the parent company’s balance sheet. The company’s leases are triple-net and take-or-pay, backed exclusively by investment-grade counterparties, which is the structural reason analysts are willing to model a specific dollar figure for 2027 and 2028 rather than treating the pipeline as aspirational.

Analysts Are Bullish, But Execution Timing Remains the Swing Factor

Sell-side sentiment on Hut 8 has turned increasingly positive as the contracted capacity has scaled. Coverage has included Buy ratings with price targets as high as $140 to $150, reflecting what some analysts describe as a disconnect between Hut 8’s trading value and the cash flow implied by its signed, investment-grade-backed contract base. The main risk flagged across that coverage is execution timing: with 1,330 MW of utility capacity currently under active construction and initial data hall delivery not expected until Q2 and Q3 2027, any construction delay would push the projected revenue inflection further out. That risk sits within a broader industry backdrop; separate S&P Global Ratings research published in late August 2026 found that all six major hyperscalers are expected to run negative free operating cash flow through 2026 and 2027, with recovery not projected until 2029, underscoring that even well-financed AI infrastructure buildouts across the sector are running years ahead of the revenue they are ultimately built to generate.

Strategic Investment Summary

• Revenue Inflection Modeled: Visible Alpha consensus estimates published by S&P Global Market Intelligence project Hut 8’s (NASDAQ, TSX: HUT) Digital Infrastructure revenue rising from $5 million in 2026 to $239 million in 2027 and $1.2 billion in 2028, reaching more than 80% of group revenue by then.
• 2026 Is a Trough Year: Digital Infrastructure revenue is expected to decline roughly 50% in 2026 due to construction timing, while total company revenue still rises 27% to $299 million on the strength of a 41% increase in Compute revenue.
• Contracted Capacity: Hut 8 holds 949 MW of contracted AI data center capacity across its Beacon Point (Texas) and River Bend (Louisiana) campuses, worth approximately $26.6 billion in base-term contract value under triple-net, take-or-pay leases with investment-grade counterparties.
• Non-Recourse Financing: The company closed $7.5 billion in investment-grade project financing across two offerings in a single quarter, structured on a non-dilutive, non-recourse basis that shields the parent balance sheet from project-level debt.
• Delivery Timeline: Initial data hall delivery is targeted for the second quarter of 2027 at River Bend and the third quarter of 2027 at Beacon Point, with 1,330 MW of utility capacity currently under active construction.
• Sector Context: S&P Global Ratings separately projects all six major hyperscalers will run negative free operating cash flow through 2026 and 2027, framing Hut 8’s multi-year build-to-revenue timeline as consistent with the broader AI infrastructure investment cycle rather than company-specific risk.

Find out more about the latest corporate developments and financial reports at the Hut 8 investor portal.