Briefly
Hut 8 signed a 15-year, $9.8 billion lease for 352 MW of AI knowledge heart capability at its Beacon Level campus in Texas.
The deal is the second hyperscale AI campus lease below Hut 8’s “power-first” improvement mannequin.
The campus, initially deliberate for Bitcoin mining, is constructed to Nvidia’s DSX structure.
Bitcoin mining agency Hut 8 Corp. introduced Wednesday that it has signed a 15-year, $9.8 billion lease for the primary part of its Beacon Level AI knowledge heart campus in Nueces County, Texas—a deal that underscores the accelerating race amongst infrastructure firms to capitalize on surging demand for AI computing energy.
Shares within the agency (HUT) are flying excessive in early Wednesday buying and selling, just lately altering fingers round $107—a 33% rise from Tuesday’s closing worth, per Yahoo Finance. Hut 8’s share worth has greater than doubled within the final month alone, with Wednesday’s early peak of $109.88 representing an all-time excessive for the inventory.
The settlement covers 352 megawatts of IT capability with a tenant described solely as a confidential, high-investment-grade firm that plans to deploy devoted compute infrastructure to help AI coaching and inference workloads at hyperscale.
Reasonably than constructing for a predetermined buyer, the corporate initially underwrote the Beacon Level web site to serve its subsidiary, the Trump-backed American Bitcoin, earlier than repositioning the campus towards AI infrastructure as energy demand accelerated and buyer necessities broadened.
The corporate additionally redesigned the power mid-development: An preliminary knowledge corridor scoped for 224 megawatts was enlarged to help a 352-megawatt AI manufacturing facility—a 57% improve—inside the identical land and utility footprint, after Nvidia’s DSX reference structure superior towards industrial deployment with materially increased rack-level energy densities.
The deal brings Hut 8’s complete contracted AI knowledge heart capability to 597 megawatts, with an combination base-term contract worth of roughly $16.8 billion and common annual internet working revenue of roughly $1.1 billion. The lease features a 3% annual hire escalator and three five-year renewal choices that would push its complete worth to $25.1 billion.
AEP Texas has executed an interconnection settlement for the total 1,000-megawatt campus, with preliminary energization anticipated within the first quarter of 2027 and first knowledge corridor supply anticipated within the third quarter of that yr. Past Beacon Level, Hut 8 is pursuing a broader pipeline spanning 7,545 megawatts of vitality capability below numerous phases of diligence and improvement.
Hut 8’s deal extends a latest streak of Bitcoin mining corporations pivoting to embrace the rising AI compute alternative, with main firms within the area signing multi-billion-dollar knowledge heart offers alongside their mining operations—and a few even abandoning their Bitcoin roots amid worth volatility and rising mining issue.
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