Overview
- On Monday, Hut 8 executed a second 15‑year, $9.8 billion triple‑net lease for 352 MW at its Beacon Point site in Nueces County, Texas, completing commercialization of the 1‑GW campus.
- The new lease doubles the tenant’s footprint at Beacon Point to 704 MW and lifts the campus’s 15‑year base‑term contract value to $19.6 billion with renewal options that could raise the total to about $50.2 billion.
- Across Hut 8’s portfolio the company now reports 949 MW of contracted AI capacity backed by 1,330 MW of utility power and an aggregate base‑term contract value of $26.6 billion.
- Hut 8 closed $4.25 billion in project financing for Phase 1 in June, redesigned the first data hall around Nvidia architecture to raise density about 57%, and targets initial energization in Q1 2027 with the first Phase 2 data hall due in Q2 2028.
- Markets reacted strongly to the deal, lifting Hut 8 shares, but the company still faces execution risks from construction and power delivery timelines and scrutiny over profitability and balance‑sheet leverage as it converts contracts into cash.