- Hut 8 signed a 15-year, $9.8 billion lease for 352 MW of AI data center capacity at its Texas campus.
- This marks the company’s second major hyperscale AI lease under a “power-first” development model.
- The site, originally planned for Bitcoin mining, was redesigned to meet NVIDIA‘s DSX architecture standards.
- The deal pushes Hut 8’s total contracted AI capacity to 597 MW, with a combined contract value nearing $16.8 billion.
- Shares of Hut 8 (HUT) surged 33% to an all-time high following the announcement.
On Wednesday, Bitcoin mining firm Hut 8 Corp. announced a massive 15-year, $9.8 billion lease for the first phase of its Beacon Point AI data center campus in Nueces County, Texas, according to its official release. This agreement with a confidential, high-investment-grade tenant covers 352 megawatts of capacity for AI training and inference workloads.
Consequently, shares in the company soared, recently trading around $107 for a 33% gain from Tuesday’s close, per Yahoo Finance data. This peak of $109.88 represents an all-time high for the stock, which has more than doubled in the past month.
The Beacon Point site was originally underwritten for the firm’s Bitcoin mining subsidiary before being repositioned toward AI infrastructure. However, the facility was redesigned mid-development to support a 57% increase in power density within the same footprint after Nvidia’s DSX architecture advanced.
This deal is the second hyperscale AI campus lease under Hut 8’s “power-first” model. It brings the company’s total contracted AI data center capacity to 597 megawatts, with an aggregate base-term contract value of approximately $16.8 billion.
The lease includes a 3% annual rent escalator and renewal options that could push its total value to $25.1 billion. Energization for the full 1,000-megawatt campus is expected in early 2027, with the first data hall delivery anticipated later that year.
Meanwhile, this move extends a recent streak of Bitcoin mining firms pivoting to capture the booming AI compute opportunity. Major companies in the space are signing multi-billion-dollar data center deals, with some even abandoning their Bitcoin roots.
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