BLACK HILLS CORP /SD/ — Form 8-K
Filed October 6, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 72/100
What the filing says
Black Hills Corp. signed definitive agreements (effective Sept. 30, 2026, through 2048) to serve a planned Google data center in Cheyenne, Wyoming. The company will invest $1.8 billion to construct 564 MW of company-owned natural gas generation and manage 2.1 GW of third-party resources via private microgrid, providing up to 590 MW total grid-connected service. Expected to contribute approximately $150 million net income in 2030 and generate ~$2.4 billion unlevered free cash flow through 2048 (net of capex), with revenue beginning late 2027 and ramping through 2030.
Why this rating
Deal is ~4.4% of company market cap in capex with 22-year contracted revenue certainty; material but not transformational. Long-term cash flow ($2.4B unlevered FCF) strengthens balance sheet and capital flexibility significantly. Google counterparty credit-strong; customer protections preclude cost-shifting to existing retail customers. Execution risk on construction, financing, and regulatory approvals remains.
Price action (we called it positive)
before filing · preread $74.00 | at our read pending | +10 min pending | +30 min pending | +1 hr pending | +4 hrs pending |
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