Canaccord Just Nearly Doubled Hut 8 Price Target to $130 on AI Data Center Pivot

"Canaccord asserted that Hut 8's strategic progress continues to accelerate. In just a couple of quarters, the company has signed two marquee AI co-location deals with "some of the best terms we have seen across the sector." That language matters because it signals Hut 8 is winning enterprise-grade AI tenants rather than speculative compute customers."

"Hut 8 operates as a power infrastructure platform with brands including American Bitcoin, Highrise AI, River Bend, Beacon Point, and King Mountain. CEO Asher Genoot has rebuilt the company around a power-first strategy. The Hut 8 contracted revenue base now stands at $16.8 billion, supported by triple-net, take-or-pay leases across 597 MW of IT capacity at two hyperscale AI campuses."

"The Beacon Point deal alone is a 15-year, 352 MW lease worth $9.8 billion, with the broader development pipeline totaling 8,375 MW. HUT stock closed at $108.94 on May 6 after a 53% one-week surge tied to the Beacon Point announcement."

Canaccord raised its price target on Hut 8 to $130 from $70, nearly doubling its valuation and maintaining a Buy rating. This aggressive upgrade reflects Hut 8's strategic transformation from Bitcoin mining to AI data center infrastructure. The company has secured two marquee AI co-location deals with enterprise-grade terms, including the Beacon Point lease—a 15-year, 352 MW contract worth $9.8 billion. Hut 8 operates as a power infrastructure platform with 597 MW of IT capacity across two hyperscale AI campuses and a contracted revenue base of $16.8 billion. Other analysts including Needham and Arete Research have similarly raised their price targets to $128 and $136 respectively, signaling broad conviction in the company's transformation and execution capabilities.

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