AI infrastructure surveillance · analysis completed 2026-10-20 18:49:10 UTC
Hut 8
CIK 0001964789 · status review needed · overall tier elevated. Composite 3.5 of 5 at or above 3.5.
Business risk
Engine tier: elevated · engine tier elevated
Key factors
- top tenant share 74% at or above 0.50 (capacity-based proxy, 704 MW of 949 MW) scoring_rules.md 5.4
Financial risk
Engine tier: elevated · engine tier elevated
Key factors
- not computable on a TTM basis (debt_to_ebitda_x); tier set from the computable core ratio alone scoring_rules.md 5.2
- no fiscal-year value to measure a move from; position only Corporate Methodology Table 17
- weakest computable core ratio sits at band index 5; tier floor elevated scoring_rules.md 5.2
Liquidity gate
Engine tier: high · engine tier high
Key factors
- gate state fail: post-event A/B 0.20x vs 1.2x fail / 1.32x pass; stressed A-B -1,266,268,030 scoring_rules.md 4.3
Governance evidence
Engine tier: not scored · no evidence flags
Key factors
- no governance evidence flags identified in the reviewed filings scoring_rules.md 4.5
Full report
No memo in this snapshot.
S&P stated conditions
S&P's own published conditions, excerpts verified on the live public page. Distances name their basis.
| Side | Condition | Stated level | Engine value | Distance | Source |
|---|---|---|---|---|---|
| unfavorable | construction counterparty dependency"the rating on Jacobs creates a counterparty dependency during construction" | n/a | n/a | n/a | 2026-04-22 |
| favorable | construction counterparty dependency"We could take a positive rating action on the project's debt if we raised the rating on Jacobs Engineering Group Inc. before commencement of the lease." | n/a | n/a | n/a | 2026-04-22 |
| No S&P stated trigger found for Hut 8 Corp. at the parent level; the stated conditions above are for the Hut 8 DC LLC project subsidiary and carry no numeric level. | |||||
Distances compare as-reported proxies with S&P's adjusted levels unless the basis says otherwise; for CoreWeave and Applied Digital the proxy understates leverage (S&P adjustments for leases and guarantees are not applied). Business rules: internal calibration v0, not validated (scoring_rules.md 5). Open analyst inputs: collateral_depreciating, contracted_acquisitions, contracted_asset_sales, contracted_backlog_usd, debt_to_ebitda_x, expected_capex, expected_shareholder_distributions, impediment, top_tenant_share, undrawn_committed_facilities_maturing_beyond_12m, working_capital_change_12m.