We break down Hut 8’s Google‑backed HPC lease with Anthropic and FluidStack, why the Riverbend campus is set up to scale, and how contract terms like ROFO, escalators, and NOI per megawatt change how miners are valued. Market volatility meets long‑dated cash flows as power becomes the moat.

• Bitcoin price action and miner correlation
• Shift from pure mining to AI HPC co‑location
• Hut 8’s three‑tranche roadmap and ROFO
• Riverbend phase one economics and NOI
• Google backstop, bank underwriting, and cheaper debt
• Power market advantages in MISO, land scale, 345 kV lines
• Vendor stack: Entergy, Vertiv, Jacobs, delivery timeline
• Pipeline across ERCOT, MISO, PJM and growth buckets
• Analyst comparisons and improving deal quality
• Why AI demand supports long leases and renewals

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