Key facts
- Hut 8 signed a $9.8 billion, 15-year lease for AI data center capacity.
- The lease fully commercializes the company's 1-gigawatt Beacon Point campus in Texas.
- The agreement adds 352 megawatts of IT capacity, bringing the tenant's total to 704 MW.
- Hut 8's total contracted AI data center capacity across its portfolio is now 949 MW.
- The company redesigned a data hall around Nvidia's architecture, increasing capacity by 57%.
Hut 8, a company that has transitioned from cryptocurrency mining to AI data centers, announced it has secured a second 15-year lease valued at $9.8 billion with an existing investment-grade customer. This agreement fully commercializes its 1-gigawatt Beacon Point campus located in Texas.
The new lease encompasses 352 megawatts of IT capacity, effectively doubling the unnamed tenant's total contracted footprint at the facility to 704 MW. This development follows a broader industry trend where former Bitcoin miners are pivoting to AI infrastructure, leveraging their existing power assets and data center expertise to meet the surging demand for compute power driven by generative AI services.
With this latest agreement, Hut 8's total contracted AI data center capacity across its entire portfolio has grown to 949 MW, supported by 1,330 MW of utility capacity. The aggregate base-term contract value for its portfolio now stands at $26.6 billion. The company also noted that it redesigned a data hall at Beacon Point around Nvidia's architecture, achieving a 57% capacity increase within the same physical and utility footprint.
Hut 8 anticipates commencing the delivery of the first Phase 2 data hall in the second quarter of 2028.