Overview
- Hut 8 signed a 15-year, $9.8 billion agreement for the first 352 megawatts at its Beacon Point campus in Nueces County, Texas, with an undisclosed tenant that will run large-scale AI training and inference.
- The deal is take-or-pay and triple-net with no termination for convenience, includes annual rent increases, and could reach $25.1 billion if renewal options are exercised.
- Hut 8 said the agreement lifts its contracted AI data center capacity to 597 megawatts and brings total contract value to about $16.8 billion, while its shares jumped more than 30% after the news.
- Power connection is planned for early 2027 with the first building targeted for later that year, and the facility is being designed around Nvidia data center systems with American Electric Power, Vertiv, and Jacobs as partners.
- Beacon Point is planned as a 1 gigawatt campus, and Hut 8 is pursuing more than 7 gigawatts across its pipeline as AI firms seek long-duration leases tied to reliable power.