Data center profile · Southern West Feliciana Parish, off LA-964 near St. Francisville, Louisiana

Hut 8 River Bend

245 MW AI campus leased to Fluidstack for Anthropic on Entergy power in West Feliciana Parish, Louisiana; first data hall targeted Q2 2027 (Hut 8).

Under construction. Vertical construction began in Q2 2026 and about 1,200 workers were reported on site in Oct. 2026. The $3.25B of project bonds has closed; no state air permit or utility commission docket for the campus has been found.
245 MW
leased AI computing load (IT)
IT capacity under the 15-year Fluidstack lease
$7.0B
15-year Fluidstack lease
includes a 3.0% annual base rent escalator
$3.25B
project bonds closed Apr. 30, 2026
6.192% senior secured notes due 2042
Q2 2027
first data hall (company target)
company target
OperatorHut 8 (developer and landlord); Fluidstack operates the computing
CustomerFluidstack, for Anthropic; Google backstops the lease payments
Planned IT capacity245 MW for the first phase; full build-out not stated (our estimate from the company or utility power figure)
First building in serviceOur estimate: 2027 (range 2027 to 2028); company says 2027.
Next stepFirst data hall due for delivery in Q2 2027 (Hut 8 target)
Power

Power and the grid

330 MW contracted

Grid power from Entergy LouisianaContracted, under construction
330 MW
initial utility capacity Hut 8 says it secured for the 245 MW lease; no contract text is public Company · Dec. 2025
Possible utility expansionOption only
1,000 MW
Hut 8 says capacity could scale by up to 1,000 MW more; not contracted Company · Dec. 2025
ContractedProposed
Not used, not on record, or dropped

Getting on the grid

Who supplies what, what it costs, and what is still not public.

  1. Aug. 2025
    Substation work starts
    Entergy begins building the on-site substation and switchyard, funded by Hut 8. News report · Oct. 2025
  2. Nov. 2025
    Power arrangement reached
    Hut 8 secures 330 MW of Entergy capacity, about a month before the lease is announced. Company · Dec. 2025
  3. Dec. 17, 2025
    Power tied to the lease
    Hut 8 books the 330 MW as capacity under construction, with up to 1,000 MW more possible. Company · Oct. 2026
  4. Aug. 4, 2026
    Substation still being built
    Hut 8's Q2 results report continued substation construction and first long-lead equipment deliveries. Company · Oct. 2026
  5. 2027
    First data hall targeted
    Hut 8 targets first data hall delivery in Q2 2027. Company · Dec. 2025
  6. Not set
    Utility contract terms not public
    No Entergy service contract, minimum bill or Louisiana Public Service Commission docket has been found. Company · Oct. 2026
Permits

Permits checklist

1 pending · 3 granted · 2 checked, nothing on file

Approvals a campus like this normally needs (including an air permit for backup generators), and what we found.

Risks

What could slow it down

Money

Money on record

$7.0B
Fluidstack lease value, 15 years
expected NOI of $6.9B; Google backstops the payments Company · Dec. 2025
$3.25B
senior secured notes
fully funded, no new equity expected from Hut 8 Company · April 2026
$184M
prior equity returned to Hut 8
distribution out of the bond proceeds Company · April 2026
$10B
phase 1 total (company, up to)
company figure, up to Company · Dec. 2025
$10M
PILOT advance paid to the parish
split $5.3M schools, $3.9M parish, $0.8M sheriff News report · Oct. 2026
$16M
parish water upgrades Hut 8 funds
new well, 8 miles of main, hydrants (press) News report · June 2026
Timeline

What happened, and what is due

SitePaper trailConstructionPowerPermitsMoneyLegalUpcoming
  1. Jan. 27, 2023
    Paper trail Hut 8 Corp. registered in Delaware
  2. Jan. 6, 2025
    Permits Parish officials approve a rezoning for Hut 8's AI data center on 611 acres; filings cited a 300 MW initial power requirement. News report · Jan. 2025
  3. Aug. 2025
    Power Site work starts and Entergy begins the on-site substation. News report · Oct. 2026
  4. Oct. 28, 2025
    Money Parish board approves a 30-year payment-in-lieu-of-taxes deal. News report · Oct. 2025
  5. Dec. 17, 2025
    Money Hut 8 signs a 15-year, $7.0B lease with Fluidstack for 245 MW. SEC filing · Dec. 2025
  6. April 30, 2026
    Money Hut 8 closes $3.25B of project bonds, fully funding phase 1. Company · Oct. 2026
  7. June 15, 2026
    Permits Parish approves a $10M advance on Hut 8's future tax-in-lieu payments. News report · June 2026
  8. Aug. 4, 2026
    Construction Hut 8 reports vertical construction under way. Company · Oct. 2026
  9. Oct. 5, 2026
    Construction Press reports about 1,200 workers on site day and night. News report · Oct. 2026
  10. 2027
    Construction First data hall due (Hut 8 target: Q2 2027). SEC filing · Dec. 2025
  11. July 1, 2027
    Money First regular PILOT payment to the parish is due. News report · Oct. 2026
The buildings

Specs

627 acres
company-reported site; 611 acres at the Jan. 2025 rezoning; 2,361 more acres under option
News report · Oct. 2026
Two 450,000 sq ft halls
phase 1 as filed with the parish in Jan. 2025; the company now describes delivery by data hall
News report · Jan. 2025
15 years
lease term, triple net, 3.0% yearly rent escalator
SEC filing · Dec. 2025
+1,000 MW
Fluidstack's right of first offer on future expansion phases
SEC filing · Dec. 2025
75+ jobs
permanent direct jobs (company); about 1,200 construction workers on site in Oct. 2026
Company · Dec. 2025
Who is involved

Owners, partners and builders

Owners
  • Hut 8 Corp.: developer and landlord (Nasdaq and TSX: HUT)
  • Hut 8 DC LLC: project company that issued the $3.25B notes
Customers
  • Fluidstack: tenant and operator of the computing
  • Anthropic: end user of the capacity
  • Google: backstops lease payments
Decision-makers
  • West Feliciana Parish Council and Planning & Zoning Commission
  • Parish Industrial Development Board: holds the site and receives PILOT payments
  • Louisiana Board of Commerce and Industry: Quality Jobs application
Partners
  • Entergy Louisiana: power and substation
  • Jacobs and Vertiv: engineering, construction management and critical infrastructure
  • J.P. Morgan, Goldman Sachs, Morgan Stanley: bond bookrunners
Still unknown

Open questions

Where this comes from

206 records from 26 documents

Drawn from news reports, company statements, securities filings, business registries, state agency records, our own analysis and public and commercial datasets, each kept with its date and source. The bar shows documents by type.

News report 10Company 7SEC filing 4State agency 2Analysis 2Dataset 1
Evidence

Every quote behind this page

Grade key: A = the primary record itself (permit, filing, exhibit) · B = a dated official statement · C = news reporting. Map distances are our own measurements on OpenStreetMap and carry no grade. Allegations in lawsuits are marked as such in the quotes.

Power (33)
  • IT capacity: 245 MW
    “The proceeds are being used to (1) finance a portion of the development and construction of a 245 MW critical IT capacity data center and related substation infrastructure at the Company's River Bend site in St. Francisville, Louisiana”
    SEC filing · Aug. 2026 · grade A
  • Utility service: 330 MW
    “Net proceeds from the offering are being used to fund the development of our River Bend campus, including a turnkey data center with 245 megawatts of critical IT capacity supported by 330 megawatts of utility capacity”
    SEC filing · Aug. 2026 · grade A
  • Project status: under construction
    “Energy Capacity Under Construction as of June 30, 2026 was 830 MW, comprised of the 330 MW River Bend site and the 500 MW Beacon Point Phase 1 site”
    SEC filing · Aug. 2026 · grade A
  • Stated campus size: 1,000 MW
    “Fluidstack, supported by a financial backstop from Google covering all lease and related pass-through obligations, will be a tenant at the site, which has the potential to scale to up to 1,000 MW of utility capacity”
    Company · Oct. 2026 · grade B
  • Utility: Entergy Louisiana - serving utility; tapped to provide the initial 330 MW of utility capacity and building the campus substation/switchyard
    “Hut 8 tapped Entergy Louisiana to provide an initial 330 megawatts (MW) of utility capacity to support 245 MW of critical IT load for Fluidstack”
    Company · Oct. 2026 · grade B
  • Nearest power line of 345 kV or more: 2.94 km
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • Nearest gas pipeline: 0.55 km (- Midla Pipeline, underground)
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • Nearest substation: 1.32 km - Hood Container Substation (, operator Hood Container of Louisiana, LLC); nearest >=345 kV substation is Fancy Point Substation at 4.68 km
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • Grid operator: MISO (MISO South)
    “Hut 8 tapped Entergy Louisiana to provide an initial 330 megawatts (MW) of utility capacity to support 245 MW of critical IT load for Fluidstack”
    Company · Oct. 2026 · grade B
  • Construction stage: Vertical construction under way (begun Q2 2026); campus substation under construction; long-lead equipment deliveries received; ~1,200 construction workers on site Oct 2026
    “Progress during the quarter included the commencement of vertical construction, continued construction of the campus substation, and receipt of initial deliveries of long-lead equipment”
    Company · Oct. 2026 · grade B
  • On-site generation: not stated
    “finance the development and construction of a turnkey data center with 245 megawatts of critical IT capacity and the related substation at Hut 8's River Bend campus”
    Company · Oct. 2026 · grade B
  • Entergy's November 2025 outlooks contemplate the Hut 8 power agreement (330 MW initial utility capacity), the arrangement predates the public lease announcement by about a month.
    “This agreement was contemplated in Entergy's more recent outlooks provided in November 2025”
    Company · Oct. 2026 · grade B
  • Commercialization: executed 15-year, $7.0B NNN lease with Fluidstack (245 MW IT) with Google backstop, and the Hut 8-Anthropic-Fluidstack partnership framework (up to 2,295 MW portfolio-wide) announced the same day. Hut
    “The Transaction advances 330 MW of utility capacity from River Bend to Energy Capacity Under Construction”
    Company · Oct. 2026 · grade B
  • Q2 2026 status: vertical construction commenced; campus substation construction continuing; initial long-lead equipment deliveries received. Workforce ramped from ~300 on site (Jun 2026) to ~1,200 working day and night (
    “Advanced the buildout of River Bend, targeted for initial data hall delivery in the second quarter of 2027”
    Company · Oct. 2026 · grade B
  • Expansion optionality (NOT contracted capacity): Fluidstack ROFO for up to +1,000 MW IT at River Bend subject to power expansion; Hut 8 states utility capacity could scale by up to an additional 1,000 MW; company reports
    “with the potential to scale by up to an additional 1,000 MW of utility capacity”
    Company · Oct. 2026 · grade B
  • Portfolio context, never campus MW: the Hut 8-Anthropic-Fluidstack framework totals up to 2,295 MW including 1,050 MW of Tranche 3 capacity across Hut 8's wider pipeline beyond River Bend; Hut 8's Q2 2026 portfolio show
    “Hut 8 will develop and deliver at least 245 megawatts (MW) and up to 2,295 MW of AI data center infrastructure for Anthropic”
    Company · Oct. 2026 · grade B
  • Construction stage: under construction - vertical construction commenced and the campus substation was under construction in Q2 2026; initial data hall delivery targeted Q2 2027; press site tour Oct 5, 2026 reported abou
    “Progress during the quarter included the commencement of vertical construction, continued construction of the campus substation, and receipt of initial deliveries of long-lead equipment.”
    Company · Aug. 2026 · grade B
  • Registry status: UNDER CONSTRUCTION WITH NO PROJECT PERMIT IN EVIDENCE; Despite an active 627-acre build (1,200+ workers reported), no LDEQ air permit for Hut 8's backup generation and no LPDES coverage under Hut 8 was f
    “Hut 8 tapped Entergy Louisiana to provide an initial 330 megawatts (MW) of utility capacity to support 245 MW of critical IT load for Fluidstack”
    Company · Dec. 2025 · grade B
  • Interconnection status: Entergy Louisiana service (MISO South); initial 330 MW of utility capacity secured for the Fluidstack lease; campus under construction with the first data hall expected in early 2027; no LPSC dock
    “Hut 8 tapped Entergy Louisiana to provide an initial 330 megawatts (MW) of utility capacity to support 245 MW of critical IT load for Fluidstack”
    Company · Dec. 2025 · grade B
  • Name: Hut 8 River Bend (River Bend Data Center Campus)
    “signed a 15-year, $7.0 billion lease (the Agreement) with Fluidstack for 245 megawatts (MW) of IT capacity at its River Bend data center campus in Louisiana”
    Company · Dec. 2025 · grade B
  • Developer: Hut 8 Corp. (Nasdaq, TSX: HUT)
    “Hut 8 Corp. (Nasdaq, TSX: HUT) (Hut 8 or the Company), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale”
    Company · Dec. 2025 · grade B
  • Utility: Entergy Louisiana, LLC
    “Hut 8 tapped Entergy Louisiana to provide an initial 330 megawatts (MW) of utility capacity to support 245 MW of critical IT load for Fluidstack”
    Company · Dec. 2025 · grade B
  • IT capacity: 245 MW
    “signed a 15-year, $7.0 billion lease (the Agreement) with Fluidstack for 245 megawatts (MW) of IT capacity at its River Bend data center campus in Louisiana”
    Company · Dec. 2025 · grade B
  • Utility service: 330 MW
    “Working with Entergy Louisiana (NYSE: ETR), Hut 8 secured an initial 330 MW of utility capacity for the campus, supporting the initial River Bend lease”
    Company · Dec. 2025 · grade B
  • County code: West Feliciana Parish, LA (22125)
    “Hut 8 purchased a 611-acre tract off La. 964 in February and began site work in August, when Entergy started building an electrical substation and switchyard”
    News report · Oct. 2026 · grade C
  • Power plan: grid, Entergy Louisiana utility service via a new on-site substation and switchyard (Entergy-built from Aug 2025, company-funded); no on-site prime generation in Phase 1
    “The developer Hut 8 is partnering with Entergy for a new substation on site that will power the project, fully funded by the company”
    News report · Oct. 2026 · grade C
  • Jurisdiction: Land use: West Feliciana Parish (Planning & Zoning Commission + Parish Council), no state preemption of parish data-center zoning identified. Retail power: Entergy Louisiana under LPSC jurisdiction. State
    “West Feliciana Parish officials approved a zoning change Monday evening that will allow for the construction of a $2.5 billion data center”
    News report · Oct. 2026 · grade C
  • Entitlement: West Feliciana Parish P&Z Commission approves the zoning change for the Hut 8 data center (611 acres off LA-964; 300 MW initial requirement per submitted documents; tenant undisclosed; Meta rumored and wrong
    “West Feliciana Parish officials approved a zoning change Monday evening that will allow for the construction of a $2.5 billion data center”
    News report · Oct. 2026 · grade C
  • Land: Hut 8 purchases the 611-acre tract off LA-964 (Advocate)
    “Hut 8 purchased a 611-acre tract off La. 964 in February and began site work in August, when Entergy started building an electrical substation and switchyard”
    News report · Oct. 2026 · grade C
  • Site work begins; Entergy starts building the on-site substation and switchyard. (Parish-era plan had promised a first building by end of 2025, not met; the schedule was re-based at the Dec 2025 lease.)
    “Hut 8 purchased a 611-acre tract off La. 964 in February and began site work in August, when Entergy started building an electrical substation and switchyard”
    News report · Oct. 2026 · grade C
  • Local friction is about the land deal and process, not the campus's existence: Port Commission members accused the parish president of underselling parish land to M/V Industrial, which allegedly flipped it to Hut 8 at ~2
    “It initially drew controversy this spring after several members of the Port Commission accused Havard of orchestrating a deal where the parish undersold part of the land to a local firm, M/V industrial”
    News report · Oct. 2026 · grade C
  • Context only, NOT a campus plant: the River Bend Nuclear Station (Entergy, 974 MW, same parish) anchors the local transmission position the site was chosen for. The campus buys grid power; no dedicated generation serves
    “The River Bend Station in St. Francisville generates 974 megawatts of power, according to Entergy”
    News report · Oct. 2026 · grade C
  • Stated campus size: 300 MW
    “According to the documents submitted with West Feliciana officials, the first phases of the data center would require 300 megawatts of power”
    News report · Jan. 2025 · grade C
Money and contracts (78)
  • State incentive: Quality Jobs application 20250208-QJ (Hut 8 DC Corp) on the Board of Commerce & Industry agenda, investment $2.856B, estimated rebates ~$53.84M, 200 new jobs.
    “20250208-QJ Hut 8 DC Corp West Feliciana $2,855,977,456 $42,839,661 $11,004,956 200 $183,415,931 1000 $360,000,000”
    State agency · Oct. 2026 · grade A
  • tenant lease: capacity 245 MW critical IT
    “The data center is leased in its entirety to Fluidstack USA IV Inc. ... The lease agreement is supported by a financial backstop provided by Google LLC for rent payments and certain other financial obligations thereunder”
    SEC filing · Aug. 2026 · grade A
  • County: West Feliciana Parish
    “20250208-QJ Hut 8 DC Corp West Feliciana $2,855,977,456 $42,839,661 $11,004,956 200 $183,415,931 1000 $360,000,000”
    State agency · Feb. 2026 · grade A
  • Led qj investment: 2855977456 USD
    “20250208-QJ Hut 8 DC Corp West Feliciana $2,855,977,456 $42,839,661 $11,004,956 200 $183,415,931 1000 $360,000,000”
    State agency · Feb. 2026 · grade A
  • state incentive, Quality Jobs: investment 2855977456 USD
    “20250208-QJ Hut 8 DC Corp West Feliciana $2,855,977,456 $42,839,661 $11,004,956 200 $183,415,931 1000 $360,000,000”
    State agency · Feb. 2026 · grade A
  • state incentive, Quality Jobs: estimated rebates 53844617 USD
    “20250208-QJ Hut 8 DC Corp West Feliciana $2,855,977,456 $42,839,661 $11,004,956 200 $183,415,931 1000 $360,000,000”
    State agency · Feb. 2026 · grade A
  • state incentive, Quality Jobs: jobs and payroll 200 jobs
    “20250208-QJ Hut 8 DC Corp West Feliciana $2,855,977,456 $42,839,661 $11,004,956 200 $183,415,931 1000 $360,000,000”
    State agency · Feb. 2026 · grade A
  • state incentive, Quality Jobs: clawback
    “FINDING: the BC&I agenda states application figures only; Quality Jobs rebates are earned against actual reported jobs and payroll under the program contract, which was not opened”
    State agency · Feb. 2026 · grade A
  • Tenants: Fluidstack; end user Anthropic PBC
    “announcing that it entered into a 15-year lease agreement with a subsidiary of Fluidstack Ltd. ("Fluidstack") for 245 megawatts of IT capacity at the Company's River Bend data center campus in Louisiana”
    SEC filing · Dec. 2025 · grade A
  • Tenant status: signed
    “today announced that it has signed a 15-year, $7.0 billion lease (the "Agreement") with Fluidstack for 245 megawatts (MW) of IT capacity at its River Bend data center campus in Louisiana”
    SEC filing · Dec. 2025 · grade A
  • Tenant lease: execution
    “today announced that it has signed a 15-year, $7.0 billion lease (the "Agreement") with Fluidstack for 245 megawatts (MW) of IT capacity at its River Bend data center campus in Louisiana”
    SEC filing · Dec. 2025 · grade A
  • Tenant lease: capacity 245 MW critical IT
    “it has signed a 15-year, $7.0 billion lease (the "Agreement") with Fluidstack for 245 megawatts (MW) of IT capacity at its River Bend data center campus in Louisiana (the "Transaction")”
    SEC filing · Dec. 2025 · grade A
  • Tenant lease: term 15 years
    “Total contract value of $7.0 billion over a 15-year base lease term, inclusive of a 3.0% annual base rent escalator.”
    SEC filing · Dec. 2025 · grade A
  • Tenant lease: contract value 7000000000 USD
    “Total contract value of $7.0 billion over a 15-year base lease term, inclusive of a 3.0% annual base rent escalator.”
    SEC filing · Dec. 2025 · grade A
  • Tenant lease: renewal
    “Three 5-year renewal options increase potential contract value to approximately $17.7 billion”
    SEC filing · Dec. 2025 · grade A
  • Tenant lease: backstop guarantee
    “Google, a subsidiary of Alphabet Inc. (S&P: AA+, Moody's: Aa2), is providing a financial backstop, which covers the lease payments and related pass-through obligations.”
    SEC filing · Dec. 2025 · grade A
  • Tenant lease: delivery
    “Initial data hall at River Bend scheduled for completion and commissioning in Q2 2027, with additional data halls scheduled to come online over the balance of 2027.”
    SEC filing · Dec. 2025 · grade A
  • Tenant lease: delivery
    “Initial data hall at River Bend scheduled for completion and commissioning in Q2 2027, with additional data halls scheduled to come online over the balance of 2027.”
    SEC filing · Dec. 2025 · grade A
  • Tenant lease: capacity 1,000 MW critical IT
    “The Agreement grants Fluidstack a Right of First Offer (ROFO) for up to an additional 1,000 MW of IT capacity at future expansion phases of the campus”
    SEC filing · Dec. 2025 · grade A
  • tenant lease: capacity 1,000 MW IT capacity (option)
    “The Agreement grants Fluidstack a Right of First Offer (ROFO) for up to an additional 1,000 MW of IT capacity at future expansion phases of the campus, subject to the expansion of power at the site”
    SEC filing · Dec. 2025 · grade A
  • phase delivery: delivery not stated MW critical IT (initial data hall)
    “Initial data hall at River Bend scheduled for completion and commissioning in Q2 2027, with additional data halls scheduled to come online over the balance of 2027”
    SEC filing · Dec. 2025 · grade A
  • Stage: under construction, financed, fully leased, on the announced schedule for initial data hall delivery Q2 2027
    “Closed $7.5 billion of fully amortizing investment-grade project financing across two offerings in a single quarter, each on a non-dilutive basis and without recourse to Hut 8 Corp”
    Company · Oct. 2026 · grade B
  • electric service arrangement: minimum billing and exit terms
    “FINDING: no Entergy Louisiana ESA text, tariff schedule, minimum-billing or exit term for River Bend is public in any document opened”
    Company · Oct. 2026 · grade B
  • Financing close: Hut 8 DC LLC closes $3.25B of 6.192% senior secured notes due 2042 (BBB-/BBB-), the project is fully funded, non-recourse to Hut 8, with ~$184M of prior equity returned. The Dec 2025 plan for an 85% LTC
    “The Project is fully funded by the Offering, with no incremental equity contribution expected from Hut 8”
    Company · Oct. 2026 · grade B
  • senior secured notes: principal 3250000000 USD
    “announced the closing of a $3.25 billion offering (the Offering) of 6.192% senior secured notes due 2042 (the Notes) issued by its wholly-owned subsidiary, Hut 8 DC LLC (the Issuer)”
    Company · April 2026 · grade B
  • senior secured notes: coupon 6.192 %
    “announced the closing of a $3.25 billion offering (the Offering) of 6.192% senior secured notes due 2042 (the Notes) issued by its wholly-owned subsidiary, Hut 8 DC LLC (the Issuer)”
    Company · April 2026 · grade B
  • senior secured notes: maturity
    “The Notes are fully amortizing over this tenor, with scheduled principal and interest funded by contracted lease cash flows”
    Company · April 2026 · grade B
  • senior secured notes: amortization
    “The Notes are fully amortizing over this tenor, with scheduled principal and interest funded by contracted lease cash flows”
    Company · April 2026 · grade B
  • senior secured notes: use of proceeds 245 MW
    “finance the development and construction of a turnkey data center with 245 megawatts of critical IT capacity and the related substation at Hut 8's River Bend campus”
    Company · April 2026 · grade B
  • senior secured notes: equity return distribution 184000000 USD
    “make a distribution to Hut 8 of approximately $184 million representing a return of prior equity contributions used to fund capital expenditures relating to the Project”
    Company · April 2026 · grade B
  • senior secured notes: ratings
    “The Notes are rated BBB- with a Positive Outlook by S&P Global Ratings and BBB- with a Stable Outlook by Fitch Ratings”
    Company · April 2026 · grade B
  • senior secured notes: non recourse
    “The Offering delivers a financing structure with investment-grade access, no recourse to Hut 8, and no dilution to shareholders”
    Company · April 2026 · grade B
  • senior secured notes: fully funded
    “The Project is fully funded by the Offering, with no incremental equity contribution expected from Hut 8”
    Company · April 2026 · grade B
  • Capital cost phase 1: 10000000000 USD
    “The project represents a up to $10 billion investment in Phase I, including Hut 8's investment in data center infrastructure”
    Company · Dec. 2025 · grade B
  • state incentive, Act 730 sales tax rebate: participation expected
    “Hut 8 is expected to participate in Louisiana's state and local sales and use tax rebate on qualifying purchases or leases of data center equipment, established in Act 730”
    Company · Dec. 2025 · grade B
  • Tenant status: Fluidstack - 15-year triple-net lease for the initial 245 MW of IT capacity (about $7B base-term value); Fluidstack operates the clusters for end user Anthropic; Google provides a financial backstop for Fl
    “Tranche 1: The partnership will launch at the Company’s River Bend campus (“River Bend”) in Louisiana, where Hut 8 and Fluidstack will develop an initial 245 MW of IT capacity, supported by 330 MW of utility capacity.”
    Company · Dec. 2025 · grade B
  • Operator: Hut 8 Corp. (developer/landlord); Fluidstack operates the HPC clusters under an expected Operations Services Agreement
    “Hut 8 and Fluidstack expect to execute an Operations Services Agreement for ongoing data center operations, backed by an additional Google backstop of payment obligations”
    Company · Dec. 2025 · grade B
  • Tenants: Fluidstack (tenant/operator); end user Anthropic; Google provides financial backstop for Fluidstack's lease obligations
    “Google, a subsidiary of Alphabet Inc. (S&P: AA+, Moody's: Aa2), is providing a financial backstop, which covers the lease payments and related pass-through obligations”
    Company · Dec. 2025 · grade B
  • Tenant status: Fully contracted, 245 MW IT under an executed 15-year NNN lease with Fluidstack (Dec 17, 2025); expansion covered only by a ROFO
    “signed a 15-year, $7.0 billion lease (the Agreement) with Fluidstack for 245 megawatts (MW) of IT capacity at its River Bend data center campus in Louisiana”
    Company · Dec. 2025 · grade B
  • compute services (end customer): capacity 245 MW critical IT
    “Hut 8 will develop and deliver at least 245 megawatts (MW) and up to 2,295 MW of AI data center infrastructure for Anthropic, leveraging high-performance clusters operated by Fluidstack”
    Company · Dec. 2025 · grade B
  • data center lease: scope 245 MW
    “signed a 15-year, $7.0 billion lease (the Agreement) with Fluidstack for 245 megawatts (MW) of IT capacity at its River Bend data center campus in Louisiana”
    Company · Dec. 2025 · grade B
  • data center lease: term 15 years
    “Total contract value of $7.0 billion over a 15-year base lease term, inclusive of a 3.0% annual base rent escalator”
    Company · Dec. 2025 · grade B
  • data center lease: lease structure
    “Lease Structure: Triple net (NNN) lease”
    Company · Dec. 2025 · grade B
  • data center lease: contract value 7000000000 USD
    “Total contract value of $7.0 billion over a 15-year base lease term, inclusive of a 3.0% annual base rent escalator”
    Company · Dec. 2025 · grade B
  • data center lease: rent escalator 3.0 %/yr
    “Total contract value of $7.0 billion over a 15-year base lease term, inclusive of a 3.0% annual base rent escalator”
    Company · Dec. 2025 · grade B
  • data center lease: noi expected 6900000000 USD
    “Expected cumulative NOI contribution of $6.9 billion over the base lease term, translating to an expected average annual NOI contribution of $454 million”
    Company · Dec. 2025 · grade B
  • data center lease: renewal option 17700000000 USD
    “Three 5-year renewal options increase potential contract value to approximately $17.7 billion”
    Company · Dec. 2025 · grade B
  • data center lease: expansion right rofo 1,000 MW
    “The Agreement grants Fluidstack a Right of First Offer (ROFO) for up to an additional 1,000 MW of IT capacity at future expansion phases of the campus”
    Company · Dec. 2025 · grade B
  • data center lease: credit support backstop
    “Google, a subsidiary of Alphabet Inc. (S&P: AA+, Moody's: Aa2), is providing a financial backstop, which covers the lease payments and related pass-through obligations”
    Company · Dec. 2025 · grade B
  • data center lease: delivery
    “Initial data hall at River Bend scheduled for completion and commissioning in Q2 2027, with additional data halls scheduled to come online over the balance of 2027”
    Company · Dec. 2025 · grade B
  • data center lease: termination
    “FINDING: the full text of Hut 8's Dec 17, 2025 lease release was read; it discloses term, NNN structure, escalator, renewals, ROFO and backstop, and no termination, cancellation or exit clause. The executed lease is not publicly filed”
    Company · Dec. 2025 · grade B
  • partnership framework: scope 2,295 MW
    “Hut 8 will develop and deliver at least 245 megawatts (MW) and up to 2,295 MW of AI data center infrastructure for Anthropic, leveraging high-performance clusters operated by Fluidstack”
    Company · Dec. 2025 · grade B
  • partnership framework: tranche 1 scope 245 MW
    “Hut 8 and Fluidstack will develop an initial 245 MW of IT capacity, supported by 330 MW of utility capacity”
    Company · Dec. 2025 · grade B
  • partnership framework: tranche 3 option not this campus 1,050 MW
    “Hut 8 and Anthropic may jointly diligence and develop up to 1,050 MW of additional optional capacity to scale across Hut 8's development pipeline beyond River Bend”
    Company · Dec. 2025 · grade B
  • operations services agreement (expected): scope
    “Hut 8 and Fluidstack expect to execute an Operations Services Agreement for ongoing data center operations, backed by an additional Google backstop of payment obligations”
    Company · Dec. 2025 · grade B
  • electric service arrangement: scope 330 MW
    “Hut 8 tapped Entergy Louisiana to provide an initial 330 megawatts (MW) of utility capacity to support 245 MW of critical IT load for Fluidstack”
    Company · Dec. 2025 · grade B
  • electric service arrangement: agreement timing
    “This agreement was contemplated in Entergy's more recent outlooks provided in November 2025”
    Company · Dec. 2025 · grade B
  • electric service arrangement: expansion potential 1,000 MW
    “Working with Entergy Louisiana (NYSE: ETR), Hut 8 secured an initial 330 MW of utility capacity for the campus, supporting the initial River Bend lease, with the potential to scale by up to an additional 1,000 MW of utility capacity”
    Company · Dec. 2025 · grade B
  • EPCM engagement: scope
    “Jacobs Solutions (NYSE: J), a global Solutions Provider, and professional services firm, is engaged as EPCM (Engineering, Procurement and Construction Management) partner, in collaboration with Vertiv”
    Company · Dec. 2025 · grade B
  • PILOT (payment in lieu of taxes): first payment date
    “The first official PILOT payment is July 1, 2027. The facility won't be completely up and running by then, so it'll be a little smaller”
    News report · Oct. 2026 · grade C
  • PILOT (payment in lieu of taxes): distribution
    “That is then divided amongst all the entities, and roughly about a little less than 10% of it will go to those smaller taxing bodies”
    News report · Oct. 2026 · grade C
  • PILOT (payment in lieu of taxes): termination and clawback
    “FINDING: no termination, clawback or failure-to-develop clause in the PILOT was reported in any opened coverage; the executed PILOT and IDB lease text are not published online (parish records”
    News report · Oct. 2026 · grade C
  • Water agreement in place (reported May 2026): Hut 8 funds ~$16M of parish water upgrades, new well, ~8 miles of water main, fire hydrants, dedicated line; campus cooling is closed-loop with no aquifer draw.
    “Separately, Hut 8 is funding about $16 million in water system improvements, including a dedicated line to the data center”
    News report · Oct. 2026 · grade C
  • Parish Council + IDB approve the cooperative endeavor agreement for a $10M PILOT prepayment (paid Jul 2026; distributed $5.3M schools / $3.9M parish / $0.8M sheriff; spent largely on employee bonuses; repayable interest-
    “At a special meeting Monday evening, West Feliciana's council and Industrial Development Board approved a cooperative endeavor agreement authorizing the advance on Hut 8's payments in lieu of taxes”
    News report · Oct. 2026 · grade C
  • Parish fiscal scale: the parish assessor values the project at $10B total / $7.5B taxable (Oct 2026); PILOT run-rate is projected at ~$90M/yr at full Phase 1 (first regular payment ~$60M expected summer 2027) against a p
    “According to the West Feliciana Parish assessor, the total value of the Hut 8 project, including land, movables and machinery, is $10 billion”
    News report · Oct. 2026 · grade C
  • cooperative endeavor agreement (PILOT prepayment): distribution
    “Of that $10 million, $5.3 million went to the school board, $3.9 million went to the parish government and $800,000 went to the sheriff's office”
    News report · Oct. 2026 · grade C
  • Water infrastructure: Hut 8 funding ~$16M of parish water upgrades: new well, ~8 miles of water main, fire hydrants, dedicated line to the campus USD
    “Separately, Hut 8 is funding about $16 million in water system improvements, including a dedicated line to the data center”
    News report · June 2026 · grade C
  • cooperative endeavor agreement (PILOT prepayment): scope 10000000 USD
    “At a special meeting Monday evening, West Feliciana's council and Industrial Development Board approved a cooperative endeavor agreement authorizing the advance on Hut 8's payments in lieu of taxes”
    News report · June 2026 · grade C
  • cooperative endeavor agreement (PILOT prepayment): repayment
    “The parish will reimburse Hut 8 without interest from the first regular PILOT payment, which is due July 1, 2027”
    News report · June 2026 · grade C
  • water infrastructure agreement: scope 16000000 USD
    “Hut 8 has also entered into a separate agreement with the parish to expand parish water infrastructure in the form of a water well, eight miles of water main, and fire hydrants”
    News report · June 2026 · grade C
  • interconnection / substation: scope
    “Hut 8 purchased a 611-acre tract off La. 964 in February and began site work in August, when Entergy started building an electrical substation and switchyard”
    News report · Oct. 2025 · grade C
  • PILOT (payment in lieu of taxes): structure
    “Instead of paying property taxes on the facility, Hut 8 will donate its 611-acre site to the IDB. The board will then lease the property back to the company”
    News report · Oct. 2025 · grade C
  • PILOT (payment in lieu of taxes): rent basis
    “The board will then lease the property back to the company, charging rent equal to what property taxes on the GPUs would have been”
    News report · Oct. 2025 · grade C
  • PILOT (payment in lieu of taxes): term 30 years
    “West Feliciana Parish is set to receive up to $90 million a year in new revenue through a 30-year agreement with Hut 8”
    News report · Oct. 2025 · grade C
  • PILOT (payment in lieu of taxes): phase 2 term 30 years
    “An additional 30-year term would cover the project's second phase”
    News report · Oct. 2025 · grade C
  • PILOT (payment in lieu of taxes): phase 2 rate 50 %
    “Under that phase, Hut 8 would pay 50% of the equivalent property tax value, potentially generating an additional $30 million to $40 million a year”
    News report · Oct. 2025 · grade C
  • PILOT (payment in lieu of taxes): projected annual payment 90000000 USD/yr
    “West Feliciana Parish is set to receive up to $90 million a year in new revenue through a 30-year agreement with Hut 8”
    News report · Oct. 2025 · grade C
  • state incentive, ITEP: not used finding
    “Harvard and Garett both said the deal avoids the pitfalls of Louisiana's traditional Industrial Tax Exemption Program, which grants 80% property tax exemptions”
    News report · Oct. 2025 · grade C
Permits and government (15)
  • state incentive application (Quality Jobs): application presented for approval
    “20250208-QJ Hut 8 DC Corp West Feliciana $2,855,977,456 $42,839,661 $11,004,956 200 $183,415,931 1000 $360,000,000”
    State agency · Feb. 2026 · grade A
  • Louisiana Board of Commerce & Industry: Quality Jobs application 20250208-QJ, Hut 8 DC Corp, West Feliciana (investment $2,855,977,456; 200 new jobs)
    “Quality Jobs Program – Michaela Adegbe 4 NEW Applications $2,888,352,456 in investments 301 new permanent jobs 1030 construction jobs”
    State agency · Feb. 2026 · grade A
  • FAA status: Screened: 5 cases in the 5-NM circle (all statuses, 2021-2026 window). the five cases are three 'PCPS' stacks and two antenna towers in Pointe Coupee/West Feliciana; none is attributable to Hut 8
    “FAA OE/AAA circle pull at 30.6913,-91.3374 (5 NM, 2021-2026): 5 cases; the five cases are three 'PCPS' stacks and two antenna towers in Pointe Coupee/West Feliciana”
    FAA · Oct. 2026 · grade B
  • County code: 22125
    “The parish Planning & Zoning Commission easily voted in favor of the Hut 8 artificial intelligence data center”
    News report · Oct. 2026 · grade C
  • PILOT distribution schedule: resolution adopted
    “The West Feliciana Parish Industrial Development Board passed a resolution Monday afternoon that approves a schedule for when and how money it receives from a new data center will be distributed”
    News report · Oct. 2026 · grade C
  • Parish Industrial Development Board created and, at its first meeting, approves the 30-year PILOT, negotiated directly with the parish, deliberately bypassing LED and ITEP; no NDAs were used at the parish level (a point
    “The deal — approved Tuesday at the parish's first Industrial Development Board meeting — creates a new revenue structure unique to the parish”
    News report · Oct. 2026 · grade C
  • West Feliciana Parish Industrial Development Board: Resolution approving the PILOT distribution schedule (school board / parish / sheriff even split after smaller taxing bodies' share)
    “The West Feliciana Parish Industrial Development Board passed a resolution Monday afternoon that approves a schedule for when and how money it receives from a new data center will be distributed”
    News report · Oct. 2026 · grade C
  • cooperative endeavor agreement (PILOT prepayment): approved
    “At a special meeting Monday evening, West Feliciana's council and Industrial Development Board approved a cooperative endeavor agreement authorizing the advance on Hut 8's payments in lieu of taxes”
    News report · June 2026 · grade C
  • West Feliciana Parish Council + Industrial Development Board (special meeting): Cooperative endeavor agreement authorizing $10M advance on Hut 8 PILOT payments
    “At a special meeting Monday evening, West Feliciana's council and Industrial Development Board approved a cooperative endeavor agreement authorizing the advance on Hut 8's payments in lieu of taxes”
    News report · June 2026 · grade C
  • industrial development board creation: approved
    “The board, formed last week as a nonprofit public corporation, allows the parish to collect payments in lieu of traditional property taxes”
    News report · Oct. 2025 · grade C
  • PILOT agreement approval: approved
    “The deal — approved Tuesday at the parish's first Industrial Development Board meeting — creates a new revenue structure unique to the parish”
    News report · Oct. 2025 · grade C
  • substation / switchyard construction: construction begun
    “Hut 8 purchased a 611-acre tract off La. 964 in February and began site work in August, when Entergy started building an electrical substation and switchyard”
    News report · Oct. 2025 · grade C
  • West Feliciana Parish Industrial Development Board (first meeting): Approval of 30-year PILOT / lease-back agreement with Hut 8 (site donated to IDB; rent = property-tax equivalent on GPUs)
    “The deal — approved Tuesday at the parish's first Industrial Development Board meeting — creates a new revenue structure unique to the parish”
    News report · Oct. 2025 · grade C
  • zoning change / building permit: approved
    “West Feliciana Parish officials approved a zoning change Monday evening that will allow for the construction of a $2.5 billion data center”
    News report · Jan. 2025 · grade C
  • West Feliciana Parish Planning & Zoning Commission: Zoning change / building permit for Hut 8 AI data center (611 acres off LA-964; Phase 1 two 450,000 sq ft buildings; 300 MW initial requirement)
    “The parish Planning & Zoning Commission easily voted in favor of the Hut 8 artificial intelligence data center”
    News report · Jan. 2025 · grade C
Site and other (12)
  • Current target date: 2027-Q2
    “Advanced the buildout of River Bend, targeted for initial data hall delivery in the second quarter of 2027”
    Company · Aug. 2026 · grade B
  • Original target date: 2027-Q2
    “Initial data hall at River Bend scheduled for completion and commissioning in Q2 2027, with additional data halls scheduled to come online over the balance of 2027”
    Company · Dec. 2025 · grade B
  • Jobs permanent: 75 or more direct new jobs (Phase I); 190+ indirect/induced
    “Once operational, the campus is expected to create 75 or more direct new jobs in West Feliciana Parish and 190 or more indirect and induced jobs”
    Company · Dec. 2025 · grade B
  • At peak construction ~1,000 workers expected on site; 75+ direct permanent jobs and 190+ indirect/induced jobs in West Feliciana Parish once operational
    “At the peak of construction, Hut 8 anticipates approximately 1,000 construction workers on-site. Once operational, the campus is expected to create 75 or more direct new jobs in West Feliciana Parish”
    SEC filing · Dec. 2025 · grade B
  • Site acres: 627 acres
    “Acquired in March, the site totals 627 acres, with potential expansion to 2,988 acres.”
    News report · Oct. 2026 · grade C
  • October 2026 site reporting counts 1,200+ construction workers on site; first of four data halls expected to begin operating in early 2027
    “Hut 8's River Bend campus near St. Francisville now employing more than 1,200 workers on site. The first of four data halls is expected to begin operating in early 2027”
    News report · Oct. 2026 · grade C
  • Jobs construction peak: 1000 anticipated at announcement; ~1,200 reported on site Oct 2026 workers
    “About 1,200 construction employees are working day and night to complete the project. The data center is expected to be operational by the end of 2027”
    News report · Oct. 2026 · grade C
  • Cooling: Closed-loop / recirculating cooling; no groundwater aquifer draw
    “the data center will be using a closed-loop coolant system that replaces the need for tapping groundwater”
    News report · Oct. 2026 · grade C
  • Site acres: 627 acres
    “Acquired in March, the site totals 627 acres, with potential expansion to 2,988 acres”
    News report · Dec. 2025 · grade C
  • City: St. Francisville (site in southern West Feliciana Parish, off LA-964 near US-61)
    “Hut 8 plans to build the data center on a 611-acre parcel off La. 964 on the southern end of the parish”
    News report · Jan. 2025 · grade C
  • Address: Off LA-964 near US-61 (Highway 61), south of St. Francisville, LA
    “Hut 8 plans to build the data center on a 611-acre parcel off La. 964 on the southern end of the parish”
    News report · Jan. 2025 · grade C
  • Buildings phase 1: Two 450,000 sq ft data halls (parish filings, Jan 2025); Phase 2 adds ~600,000 sq ft
    “The first phase would consist of two 450,000-square-foot buildings that would house data servers”
    News report · Jan. 2025 · grade C