Hut 8 vs Applied Digital and Why 96 Percent of Hut 8's AI Revenue Is Internal

Hut 8's 10-Q for the quarter ended 30 June 2026 books $32.963 million of gross Digital Infrastructure revenue and $1.285 million of it from outside customers. On Hut 8 vs Applied Digital that gap is the comparison. Applied Digital's $385.304 million of HPC hosting revenue in the year to 31 May 2026 carries no elimination row.

There's no shared annual basis for this comparison. Applied Digital's fiscal year ends 31 May and Hut 8's ends 31 December, so no annual figure of one lines up against the other. What both filings share is the bill. Hut 8 drew $7.70 billion of loan proceeds in the six months to 30 June 2026.

Hut 8 vs Applied Digital Run on Two Different Calendars

Applied Digital's FY2026 ran from 1 June 2025 to 31 May 2026. Hut 8's last completed year ran the calendar to 31 December 2025, and its most recent filed period is the quarter to 30 June 2026. Nothing about those windows overlaps cleanly, so every ratio below is computed inside one company's own dated basis and never across the two.

The basis problem reaches inside Applied Digital's own numbers too. The figure $144.193 million does three separate jobs across two filings. In the FY2025 annual report it was GAAP revenue from continuing operations for the year to 31 May 2025. In the FY2026 annual report filed 29 July 2026 the same number reappears as non-GAAP adjusted revenue for that year and as the Data Center Hosting segment's revenue. GAAP revenue for the year to 31 May 2025 reads $228.569 million in the newer filing, and the $84.376 million reconciling item is ChronoScale revenue. Check the basis before you quote that number anywhere.

Both names reached our board on the same day and at the same hour. HUTUSDT and APLDUSDT listed on 20 September 2026 at 10:00 UTC, a Sunday, with the US cash equity market shut. How TradFi perpetuals move while US markets are closed covers what that does to a mark.

Why 96 Percent of Hut 8 AI Revenue Is Internal

Hut 8 AI revenue has two values in the same quarter, and the segment note and the income statement each carry one. Reportable segment revenue for the three months to 30 June 2026 reads Power $5.462 million and Digital Infrastructure $32.963 million, with Compute at $72.471 million. The elimination row underneath runs to $35.964 million. The consolidated statement books Power at $1.176 million and Digital Infrastructure at $1.285 million, with Compute unchanged.

Subtract one from the other and the elimination reconciles to the dollar. Digital Infrastructure's internal billing comes to $31.678 million and Power's to $4.286 million, which together make exactly $35.964 million. So 96.1% of what Hut 8's AI segment charged in that quarter went to Compute, the segment the filing describes as primarily American Bitcoin.

Outside investors held 46.37% of American Bitcoin at 30 June 2026, so some of that internal rent reaches shareholders beyond Hut 8 eventually. The external take stays small all the same. Across the full year to 31 December 2025 the Hut 8 bitcoin revenue line came to $202.329 million of $235.118 million in total revenue. That's 86.0%, reported under Compute. Digital Infrastructure took $9.577 million over the same year and 4.1% of the total.

How Applied Digital HPC Revenue Went From Zero to $385 Million

Applied Digital HPC revenue was $0 in the year to 31 May 2025 and $385.304 million in the year to 31 May 2026. That splits into $270.602 million of services revenue and $114.702 million of data centre rental, on segment profit of $39.127 million. The nearest thing on our own board is another listed AI landlord. The Nebius perpetual with its cash market closed shows how one of these names prices without a cash session behind it.

If you're pricing the perpetual, the concentration is what the headline number hides. One HPC customer accounted for 59% of Applied Digital's total revenue from continuing operations in FY2026. One legacy crypto-mining customer in the Data Center Hosting segment accounted for another 25%, on a contract with about eighteen months left to run. Two counterparties therefore carry 84% of the revenue line, which is a different shape of risk from Hut 8's and not a smaller one.

What Hut 8's Bitcoin Mark Does to the Operating Line

Hut 8's operating income cannot be set against Applied Digital's, and the reason is one accounting line. Total operating expenses for the June 2026 quarter came to $254.371 million, of which a $138.597 million loss on digital assets made up 54.5%. The quarter closed with an operating loss of $206.330 million.

A year earlier the same line ran the other way. A $217.640 million gain on digital assets pushed total operating expenses to negative $168.336 million. That produced operating income of $187.859 million on revenue of $41.299 million, or 4.55 times the revenue that earned it.

Under ASU 2023-08 bitcoin is remarked to fair value every reporting period through net income. Applied Digital's operating loss of $236.462 million for the year to 31 May 2026 carries nothing like it. Putting the two operating margins side by side would measure the bitcoin price more than either business, so this article doesn't.

The Cost of the Build Sits in the Bond Documents

Hut 8 financed its two AI campuses at the project level. River Bend DC issued $3.25 billion of 6.192% senior secured notes due November 2042 on 30 April 2026. The proceeds fund a 245 MW data centre leased in its entirety to Fluidstack USA IV Inc, with a rent backstop from Google LLC. Beacon Point DC followed on 9 June 2026 with $4.25 billion of 6.129% notes rated Baa2 and non-recourse to the parent. Loans and notes on the balance sheet went from a $410.161 million carrying amount at 31 December 2025 to $7.638 billion six months later. Neither bond trades on our board, though the TradFi futures explainer covers the equity contracts that do.

Applied Digital borrowed earlier and paid more for it. Its 2030 senior secured notes carry a 9.25% coupon on $2.35 billion raised in November 2025, and the 2031 notes carry 6.75% on $2.15 billion raised in March 2026. Long-term debt net of financing costs reached $4.960 billion at 31 May 2026 against $677.825 million a year before. The two issuers priced eleven months and two different structures apart, so the coupon gap is a timing and security story as much as a credit one.

What the debt bought is rent that hasn't arrived. Hut 8's contracted base-term value comes to roughly $26.6 billion across 949 MW. That combines River Bend's $7.0 billion with the $19.6 billion its 10-Q assigns to the two Beacon Point leases. Applied Digital reported approximately $36.2 billion across about 1,410 MW of contracted critical IT load at 31 May 2026. Delivery on the largest pieces starts in 2027 and 2028, so neither figure is revenue you can find in a filed income statement yet.

How Hut 8 Stock and Applied Digital Stock Trade on Phemex

The Hut 8 stock perpetual and the Applied Digital stock perpetual both list at up to 10x with an eight-hour funding interval. Each held exactly one daily bar on the 20 September 2026 anchor, and that bar ran fourteen hours because the contracts opened at 10:00 UTC. HUTUSDT closed at 99.06 and APLDUSDT at 28.1. Those are weekend marks taken while the underlying shares were not trading, so the mechanics of a perpetual futures contract matter more than usual to how you read them.

A one-bar series gives you nothing to measure against. No close-to-close move, no moving average and no range history, which is why the tape prints 0.00% for all seven of the stock perpetuals that listed that morning. What it does give you is flow. HUT turned over $78,085 of the $126,967 those seven traded between them, more than the other six combined. Our guide to tokenised stocks explains why a perpetual on an equity is a different instrument from a token that tracks one.

Frequently Asked Questions

How far back does Applied Digital's May year end go?

The registrant's EDGAR fiscal year end tag reads 0531, and FY2024 ran from 1 June 2023 to 31 May 2024 with GAAP revenue of $165.575 million as originally filed.

What did Hut 8 pay to raise that debt?

Debt issuance costs ran to $54.0 million on the River Bend notes alone. Across the six months to 30 June 2026 they came to $84.508 million, against $7.70 billion of gross loan proceeds.

How much cash is Applied Digital holding?

It held $1.592 billion of unrestricted cash and $2.381 billion of restricted cash at 31 May 2026, against $43.950 million and $72.368 million respectively a year earlier.

Which Applied Digital segment earns more profit?

The legacy Data Center Hosting book returned $48.337 million of segment profit in FY2026 on $154.403 million of revenue, ahead of HPC Hosting's $39.127 million.

How big did Hut 8's balance sheet get?

Total assets reached $9.975 billion at 30 June 2026 against $2.754 billion at 31 December 2025, with total liabilities of $8.221 billion.

Bottom Line

Applied Digital is further along on the one metric this pair can actually be judged on. Its AI landlord business collected $385.304 million from outside customers in the year to 31 May 2026. Hut 8's collected $1.285 million in the June 2026 quarter and billed the other 96.1% to its own bitcoin miner.

The strongest argument against that reading is Applied Digital's own segment profit. The crypto hosting book it is winding down earned $48.337 million in FY2026 against the HPC business's $39.127 million, so the thing being replaced still out-earns the replacement. That gap closes on the day the new leases run a full year, and not before.

Both companies have pre-sold roughly fifteen years of rent and borrowed billions against contracts that start delivering in 2027 and 2028. The debt is already on both balance sheets. The rent is not.

Disclaimer: This article is for informational purposes only and is not financial advice. Cryptocurrency trading involves substantial risk. Always do your own research before making investment decisions.