Hut 8 closes $1.07 billion revolver above its $7.5 billion project debt

Hut 8 Corp. has closed a $1.07 billion four-year senior-secured revolving credit facility, a parent-level bank line for a business whose assets are power, digital infrastructure and compute. The company develops, commercializes and operates industrial-scale energy and data center infrastructure, funding that construction with nonrecourse project debt, and the revolver sits above $7.5 billion of fully amortizing, nonrecourse investment-grade financing at its River Bend and Beacon Point AI data center campuses.

Chief financial officer Sean Glennan described the facility as more than $1 billion of committed, non-dilutive liquidity sitting at the parent, giving Hut 8 the ability to fund projects through development while it determines the optimal timing and structure of long-term nonrecourse financing as those projects de-risk. He tied that discretion to the speed and capital intensity of AI infrastructure development, and Hut 8 said the revolver strengthens its liquidity and broadens its access to capital as it pursues an investment-grade corporate profile.

On the campuses, the investment-grade label is already attached; at the parent, the company describes itself as still building toward that profile, with the revolver as the instrument for getting there. A lender pricing either facility is really pricing that split — two rungs of one capital stack carrying different labels at the same moment rather than the headline number.

The company’s own description draws the practical line: project financing funds a defined campus against a defined completion, with the lender’s recovery anchored to the asset; a corporate revolver funds the parent’s sequencing — when it draws, when it waits for a project to de-risk, and when it takes that project to the permanent market. Underwriting the second means reading management’s discipline about timing, which no completion schedule measures.

Scale is the other variable a lender prices, and at $1.07 billion against $7.5 billion of project commitments the revolver covers roughly a seventh of the stack, sized on the company’s account to carry projects through development while long-term financing is arranged. What that coverage doesn’t supply is the facility's pricing, its covenant package, its lender group, or whether any of it has been drawn, nor does it say what collateral a senior-secured revolver takes from a borrower whose value sits in energy and data center infrastructure.

The open question is what a bank demands before writing a parent-level revolver against power and compute, and how many of the next campus builds arrive with one already behind them.