Hut 8 (NASDAQ: $HUT) shares rose as much as 37% Wednesday after the company announced a 15-year, $9.8 billion lease for the first phase of its Beacon Point AI data center campus in Nueces County, Texas. The agreement covers 352 megawatts of IT capacity for a confidential high-investment-grade tenant that plans to deploy dedicated compute infrastructure for AI training and inference workloads.
The reaction reflects how sharply Hut 8’s story has moved beyond its bitcoin-mining roots. Beacon Point is the company’s second commercialized AI data center campus after River Bend, and the new lease lifts Hut 8’s total contracted AI data center capacity to 597 MW with aggregate base-term contract value of roughly $16.8 billion. The company expects the two-campus portfolio to generate about $1.1 billion in average annual net operating income once stabilized.
The Beacon Point lease itself includes a 3.0% annual base rent escalator and three five-year renewal options that could lift total contract value to about $25.1 billion if fully exercised. Hut 8 said the campus has 1,000 MW of utility capacity, with initial energization expected in the first quarter of 2027 and the first data hall delivery expected in the third quarter of 2027.
More From Cryptoprowl:
CEO Asher Genoot said Beacon Point shows why Hut 8 starts with power and keeps flexibility across end markets, allowing the company to redirect infrastructure toward higher-value uses as demand changes. He also said the transaction marks the first building at Hut 8’s newest gigawatt-scale campus and demonstrates that its development model can be repeated across a broader pipeline.
For investors, the day’s trading made the read-through clear: Hut 8 is being evaluated less like a traditional miner and more like a power-backed AI infrastructure developer with long-term contracted cash flows.
Hut 8 Corp. (NASDAQ: HUT) stock is currently trading at $107 U.S. per share, up 32.9% after earlier hitting an intra-day high of $109.88.
finance.yahoo.com
#Hut #Stock #Spikes #Billion #Beacon #Point #Data #Center #Lease
