Hut 8 Corp. (NASDAQ: HUT) (TSX: HUT) announced the closing of a $4.25 billion offering of 6.129% senior secured notes due 2042 through its subsidiary Beacon Point DC LLC. The notes received a Baa2 rating from Moody's Ratings, according to a company statement.

The proceeds will finance the development and construction of a data center facility comprising six data halls with 352 megawatts of critical IT capacity on a 521-acre property in Nueces County, Texas. The facility will be leased to a tenant with an investment-grade rating of AA− or higher.

The notes priced at Treasury plus 165 basis points, which was 20 basis points tighter than Hut 8's previous River Bend notes offering in April 2026. The offering was substantially oversubscribed and attracted both repeat and new institutional investors.

The financing structure is non-recourse to Hut 8 and fully funded at the project level, with no expected equity issuance by the company to fund the project. The notes are fully amortizing, eliminating refinancing risk at the project level.

"The investment-grade market has historically not been available to finance project-level data center construction," said Asher Genoot, CEO of Hut 8. "Together with our River Bend offering, this Offering establishes the ability of our data center projects to access investment-grade financing markets."

Including the River Bend project, Hut 8 has now raised $7.5 billion of investment-grade capital for construction-stage data center development. J.P. Morgan served as lead bookrunner for the offering, with Goldman Sachs & Co. LLC acting as bookrunner.

The company also plans to use proceeds to construct a substation on the property, fund debt service reserves, and pay offering fees and expenses.