Hut 8 Secures $9.8 Billion Lease to Full Commercialize Texas Campus

Hut 8 Mining Corp fully commercialized its 1-gigawatt Beacon Point campus in Nueces County, Texas, after signing a second 15-year lease agreement worth $9.8 billion with an investment-grade customer. The deal adds 352 megawatts of IT capacity, doubling the unnamed tenant's footprint at the site to 704 MW.

This agreement brings the campus's total base-term contract value to $19.6 billion, with a potential increase to $50.2 billion if renewal options are exercised. Across its entire portfolio, Hut 8 now has 949 MW of contracted AI data center capacity with an aggregate base-term value of $26.6 billion. The company reported a 57 percent increase in capacity utilization at the campus, which it attributed to engineering improvements based on Nvidia's AI infrastructure architecture.

Hut 8, which transitioned from cryptocurrency mining to AI infrastructure, expects initial energization in the first quarter of 2027 and the delivery of the first Phase 2 data hall in the second quarter of 2028. Following the announcement, the company's shares rose approximately 14 percent in early trading.