Hut 8 has signed a second 15-year lease at its Beacon Point campus in Nueces County, Texas, securing an additional 352 megawatts of IT capacity valued at $9.8 billion. This move mirrors the first phase announced in May 2026, bringing the campus's total contracted capacity to 704 megawatts and its combined base-term value to $19.6 billion.
The agreement includes a 3% annual escalator. Together, the two phases fully commercialize the campus, which has secured 1,000 megawatts of total utility capacity. Initial energization is targeted for the first quarter of 2027.
The 15-year contracts include renewal options that could push the campus's total potential value to approximately $50.2 billion. Hut 8 closed $4.25 billion in project financing for Phase 1 in June 2026.
This expansion follows a similar playbook used at its River Bend campus in Louisiana, which secured a 245-megawatt lease valued at $7 billion. Across its portfolio, Hut 8 now has 949 megawatts of AI data center capacity under contract, with a total base-term value of $26.6 billion. Projected annual net operating income from these assets could exceed $1.75 billion.
Originally a Bitcoin miner, Hut 8 merged with US Bitcoin Corp in late 2023 and has repositioned as an energy infrastructure and AI compute provider. The long-term lease structure provides predictable, compounding revenue, a significant shift from the volatile income streams of cryptocurrency mining.
Investors tracking HUT on Nasdaq or TSX are now evaluating the company as a potential AI-era power utility, with its stock trajectory dependent on the execution of these large-scale infrastructure projects.