Hut 8 lands $9.8B AI data center lease at Texas campus, stock soars 12% premarket
The agreement adds a second 352 MW AI deployment for the same investment-grade tenant that signed the first phase.
Shares of Hut 8 gained over 12% in premarket trading Monday after the company announced a $9.8 billion lease agreement that fully commercializes its Beacon Point AI data center campus in Nueces County, Texas.
The 15-year triple-net lease covers an additional 352 MW of IT capacity and expands the existing commitment from the same high-investment-grade customer to 704 MW.
Hut 8 said it will construct a second AI factory based on NVIDIA’s DSX reference architecture, while the campus remains fully supported by 1,000 MW of utility capacity already secured through AEP Texas.
Including annual rent escalations, the latest agreement lifts the site’s total base-term contract value to $19.6 billion and is expected to contribute roughly $655 million in annual net operating income once stabilized.
The company said the transaction validates its power-first infrastructure strategy, which focuses on securing power before attracting long-term AI tenants.
Hut 8’s contracted AI data center portfolio now totals 949 MW across Beacon Point and River Bend, backed entirely by investment-grade counterparties and representing $26.6 billion in contracted revenue over the base lease terms.