Overview
- Hut 8 on Wednesday signed a 15-year, $9.8 billion triple‑net lease covering 352 megawatts of IT capacity at its Beacon Point campus in Nueces County, Texas.
- The agreement is take‑or‑pay with a confidential high‑investment‑grade tenant, includes a 3% annual rent escalator and renewal options that could lift total value to about $25.1 billion, and the tenant will install compute for large AI training and inference.
- The lease lifts Hut 8’s contracted AI capacity to 597 MW and expands its base‑term contracted revenue backlog to roughly $16.8 billion across two campuses.
- Beacon Point is being built to NVIDIA’s DSX reference design with American Electric Power, Vertiv and Jacobs, with power connection expected in early 2027 and first data hall delivery targeted for the third quarter of 2027.
- Shares jumped roughly 30% to 37% on Wednesday’s news before profit‑taking on Thursday, as the company also reported Q1 revenue of $71 million and a $253.1 million net loss largely from unrealized digital‑asset markdowns, underscoring a broader pivot to long‑dated, power‑first AI leases financed at the asset level, including $3.25 billion in senior notes for River Bend.