Hut 8 Signs $9.8 Billion AI Data Center Lease in Texas

Hut 8 announced the signing of a new lease agreement for an artificial intelligence-focused data center in Texas, with a base value of $9.8 billion over 15 years. This deal completes the leasing of all capacity at the Beacon Point complex, which has a total power capacity of 1 gigawatt. The company is gradually shifting from Bitcoin mining to providing infrastructure to operate AI models and services.

The new contract covers an additional 352 megawatts of computing power, increasing the total reserved capacity for the same client within the complex to 704 megawatts. This raises the base value of Beacon Point contracts to $19.6 billion, with the potential to reach $50.2 billion if the client exercises available renewal options. Hut 8 stated that the tenant holds a high investment-grade rating, and the new agreement results in the complex being fully leased before all operational phases are completed.

Hut 8's portfolio of AI data centers now has contracted capacity of 949 megawatts, supported by electrical facilities with a total capacity of 1,330 megawatts. The base value of all contracts has reached $26.6 billion, with an expected annual operating income exceeding $1.75 billion. The company confirmed that 100% of its contracted capacity is leased directly to entities with investment-grade ratings or backed by guarantees. This development occurs amid a competitive environment where data center operators are securing power and land to build large-scale computing facilities.