Hut 8 has signed a 15-year lease valued at $9.8 billion for its Beacon Point data center campus in Texas, marking one of the largest deals in the AI infrastructure space.
The agreement covers 352 megawatts of capacity in the first phase, with an undisclosed, high-investment-grade tenant. The client will install computing equipment to support large-scale AI training and operations.
CEO Asher Genoot described the contract as a take-or-pay, triple-net arrangement with no termination for convenience. The project is part of a planned 1 gigawatt campus in Nueces County.
Shares of Hut 8 rose more than 10% in premarket trading on the news. The deal expands the company's contracted AI data center capacity to 597 MW, with total contract value reaching about $16.8 billion.
Power is expected to go live in early 2027, with the first building completed later that year. The facility will use Nvidia's latest data center systems.
Hut 8 is building the project with partners including American Electric Power, Vertiv, and Jacobs. Across its pipeline, the company is pursuing more than 7 gigawatts of potential capacity.