Hut 8 price target hiked to $165 at Benchmark as AI pivot reshapes valuation
CoinDesk 2026-07-14 12:53:05
Context: Hut 8, a bitcoin mining company, has seen its price target hiked to $165 at Benchmark, a Wall Street broker, as the company's pivot into AI infrastructure development reshapes its valuation. The new target represents about 65% upside from Hut 8's current price near $100. Analyst Mark Palmer cited the value created by Hut 8's Beacon Point AI data center project as a key driver of the increased valuation.
Key Facts
- Benchmark raised its price target on Hut 8 to $165 from $85, while reiterating its buy rating on the stock, citing the value created by the Beacon Point AI data center project.
- Hut 8 has secured $16.8 billion in contracted lease value across two AI campuses, with potential to grow to $42.8 billion if renewal options are exercised.
- The company's Beacon Point AI data center campus has a first phase that carries $9.8 billion in base-term contract value and about $655 million in average annual net operating income.
- Hut 8 recently completed $4.25 billion of investment-grade project financing for Beacon Point, after raising $3.25 billion for its River Bend project.
- Hut 8's development pipeline totals more than 9 gigawatts across projects under exclusivity, development, construction and management, providing a long runway for future growth.