Hut 8 has announced a major milestone in its AI infrastructure business by signing a 15-year data center lease worth $9.8 billion with an existing investment-grade customer. The agreement fully commercializes the company’s 1-gigawatt Beacon Point campus in Texas, highlighting the rising demand for AI computing infrastructure.
Following the announcement, Hut 8 shares climbed around 14% in early trading. The company has also seen its stock nearly double this year as it continues shifting from cryptocurrency mining to AI data center services.
The new lease covers 352 megawatts (MW) of IT capacity, bringing the customer’s total contracted capacity at the Beacon Point campus to 704 MW. Hut 8 said the campus now has a base contract value of $19.6 billion over 15 years, with the potential to grow 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, supported by 1,330 MW of utility capacity. The company also reported a total base-term contract value of $26.6 billion, with all projects backed by investment-grade customers.
As demand for artificial intelligence continues to grow, technology companies are investing heavily in data centers powered by advanced chips from companies like Nvidia. This has increased competition for electricity, land, and power infrastructure, making reliable energy one of the industry’s biggest challenges.
Hut 8 stated that it redesigned the first data hall at Beacon Point around Nvidia’s architecture, increasing capacity by 57% within the same land and utility footprint. The company said this improvement encouraged its existing customer to double its contracted capacity at the site.
Looking ahead, Hut 8 expects to begin delivering the first Phase 2 data hall during the second quarter of 2028, further strengthening its position in the rapidly expanding AI infrastructure market.
