Hut 8 Closes $3.25 Billion of Investment-Grade Senior Secured Notes in Landmark Financing for River Bend Data Center Project

First single-sponsor data center project to access the investment-grade construction bond market

Fully amortizing 16.5-year tenor eliminates refinancing risk and funds development without recourse to Hut 8 or dilution to shareholders

MIAMI, April 30, 2026 /PRNewswire/ -- Hut 8 Corp. (Nasdaq, 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 use cases, today announced the closing of a $3.25 billion offering (the "Offering") of 6.192% senior secured notes due 2042 (the "Notes") issued by its wholly-owned subsidiary, Hut 8 DC LLC (the "Issuer"). The Notes are rated BBB− with a Positive Outlook by S&P Global Ratings and BBB− with a Stable Outlook by Fitch Ratings.

The Issuer intends to use the net proceeds from the Offering to (i) finance the development and construction of a turnkey data center with 245 megawatts of critical IT capacity and the related substation at Hut 8's River Bend campus (collectively, the "Project"), (ii) make a distribution to Hut 8 of approximately $184 million representing a return of prior equity contributions used to fund capital expenditures relating to the Project, and (iii) fund debt service reserves.

This Offering establishes a first-of-its-kind financing model for data center development: investment-grade, institutionally validated, free of refinancing risk, and capital-efficient.

1. Institutional Validation of Hut 8's Development Program: Hut 8 has secured investment-grade ratings on a construction-stage data center bond, a credit standard rarely achieved before commercial operations. The Notes constitute the first investment-grade construction bond issued for a single-sponsor data center project. The Offering validates Hut 8's development program — site origination, counterparty selection, supply chain, engineering, construction delivery, and risk mitigation — and the contracted cash flows of the 15-year triple-net lease.
   
   
2. Long-Tenor, Fully Amortizing Structure Eliminates Refinancing Risk: Hut 8's investment-grade market access supported a 16.5-year tenor matched to the construction period and the 15-year contracted lease term. The Notes are fully amortizing over this tenor, with scheduled principal and interest funded by contracted lease cash flows. Because the Notes amortize in full by maturity, Hut 8 will not be required to return to the debt capital markets to refinance them.
   
   
3. Capital-Efficient Funding with Equity Recovery: The Offering converts the majority of Hut 8's deployed development equity into capital available for redeployment. The Project is fully funded by the Offering, with no incremental equity contribution expected from Hut 8. In connection with the closing, the Issuer will distribute approximately $184 million to Hut 8, returning equity that becomes available for additional growth initiatives. To the extent final construction costs are realized below current estimates, surplus proceeds will be available for distribution to Hut 8 following commercial operations.
   
   
4. Non-Recourse, Non-Dilutive Growth Model: The Offering delivers a financing structure with investment-grade access, no recourse to Hut 8, and no dilution to shareholders. The order book — which was significantly oversubscribed and priced inside initial price talk — drew participation from leading institutional investors. The depth of institutional support establishes Hut 8 as a credible issuer of investment-grade data center credit, demonstrating a disciplined financing model that the Company can apply to future projects.

Asher Genoot, CEO of Hut 8, said: "Closing this first-of-its-kind financing is the result of decisions made long before we engaged the capital markets: how we originate power, the counterparties we contract with, and the structural protections we require across every component of a project. In a market where gigawatts of new data center capacity are being announced, that standard remains the exception. We built River Bend to it, and it is the model we intend to apply across our pipeline."

Sean Glennan, CFO of Hut 8, said: "Starting from first principles, we defined the financing terms the asset warranted — de-risked, high-grade, and institutional — and rigorously stress-tested those terms across construction lending, high-yield, and investment-grade markets, and then executed the structure that best served the asset. The outstanding result reflects that first-principles discipline, combining investment-grade pricing, project-level non-recourse leverage, and covenant flexibility on a tenor that extends through the full contracted cash flow period, eliminating refinancing risk."

J.P. Morgan acted as lead bookrunner for the Offering. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC acted as joint bookrunners.

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 the Company and the Issuer expect or anticipate will or may occur in the future, including statements relating to the Project and the use of proceeds from the Offering, the sufficiency of the proceeds of the notes to fund the construction of the Project, the elimination of refinancing risk, the Issuer's ability to realize construction cost savings with respect to the Project, the Company's ability to receive distribution of surplus proceeds from the Issuer, 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 the Company 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 the Project), 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 Project), 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; 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 www.sec.gov and SEDAR+ profile at www.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.

SOURCE Hut 8 Corp.