Hut 8: Google-Backed AI Lease and Power Pipeline Underpin Sum-of-the-Parts Upside to $70 Target

Maxim Group analyst Matthew Galinko has maintained their bullish stance on HUT stock, giving a Buy rating today.Matthew Galinko has given his Buy rating due to a combination of factors that underscore both Hut 8’s current positioning and long‑term growth potential. He highlights the recently announced 15‑year AI infrastructure lease at the River Bend campus, which carries an estimated total contract value of about $7 billion and is backed by a financial guarantee from Google, as a major value driver. This agreement is expected to generate substantial and recurring net operating income once the site comes online beginning in 2027, and the involvement of established partners like Jacobs and Vertiv supports execution credibility and cost visibility. He also notes that Hut 8 maintains a sizable bitcoin treasury and adequate liquidity relative to its debt load, providing the financial flexibility to fund ongoing operations and development. At the same time, Galinko sees additional upside from Hut 8’s roughly 7 gigawatt development pipeline, which can be deployed toward either bitcoin mining or future AI data center capacity, creating optionality as market conditions evolve. His updated forecasts incorporate a more conservative bitcoin price assumption of $90,000, but even under this lower scenario, he believes the company’s mix of digital asset exposure and power‑centric infrastructure projects supports attractive earnings potential. Based on a sum‑of‑the‑parts assessment that applies a revenue multiple to 2026 operations, adds the market value of Hut 8’s bitcoin holdings, and includes estimated value from the River Bend lease and power pipeline while netting out debt, he arrives at a $70 price target. Given the current valuation at a discount to his intrinsic value estimate, he reiterates a Buy recommendation on the shares.In another report released today, Canaccord Genuity also maintained a Buy rating on the stock with a $62.00 price target.