The lenders were not looking at the revenue. Hut 8 reported $74.9 million of revenue for the quarter and closed $7.5 billion of fully amortizing investment-grade project financing, non-dilutive and without recourse to the parent. Its two campuses now carry 949 MW of contracted IT capacity, approximately $26.6 billion of expected aggregate base-term contract value, and that total grew after the notes closed, when a second 352 MW IT lease was signed. What carries the debt is an investment-grade tenant's lease, not Hut 8's own business.
AMD is working the other end of the same trade. Data Center segment revenue was $6.7 billion, up 107% year-over-year, and the segment now represents 58% of company revenue. Two days later AMD agreed to acquire Taalas, whose co-founder describes the approach as building the hardware around the model. The bet is that the margin ends up in silicon built for one workload rather than any workload.
Our own snapshot runs the other way. The low end of our tracked H200 marketplace range fell 18% this week, to $2.53 an hour, while every neocloud list price and all seven token prices held. That low end is a tenth-percentile ask across 46 offers, not the cheapest machine on the market, and it sits well under the $4.39 a neocloud lists.
The low end of the marketplace H200 range, a tenth-percentile ask, fell to $2.53 per GPU-hour from $3.07, while all four neocloud ranges and all seven token prices held.
