Hut 8 has signed a 15-year lease valued at $9.8 billion for its Beacon Point data center campus in Texas, signaling surging demand for AI infrastructure.
The Miami-based AI data center developer's shares jumped over 30% in premarket trading Wednesday.
The deal covers 352 megawatts of capacity in the first phase, with an undisclosed, high-investment-grade tenant that will install computing equipment for large-scale AI training and operations.
CEO Asher Genoot said the contract is structured on a take-or-pay, triple-net basis with no termination for convenience.
The project, in Nueces County, is part of a planned 1 gigawatt campus. If renewal options are exercised, the deal could be worth up to $25.1 billion.
Hut 8's contracted AI data center capacity now stands at 597 MW, with total contract value reaching about $16.8 billion.
Power is expected to be connected in early 2027, with the first building completed later that year. The facility will use Nvidia's latest data center systems.
Partners include American Electric Power, Vertiv, and Jacobs. Hut 8 is pursuing over 7 gigawatts of potential capacity across its broader pipeline.