Hut 8 (HUT) shares surged practically 30% Wednesday as the corporate introduced a 15-year, $9.8 billion lease tied to a large-scale AI information middle mission in Texas. Hut 8 additionally mentioned the lease construction contains choices that would improve whole contract worth to about $25.1 billion if all renewal phrases are exercised.
The Beacoin Level campus was initially supposed for bitcoin mining however was repositioned for AI infrastructure as demand for high-performance computing capability accelerated, Hut 8 mentioned.
The corporate’s pivot comes at a time when publicly listed bitcoin miners face more and more difficult economics as they face losses of roughly $19,000 per coin produced, and are quickly pivoting towards synthetic intelligence and high-performance computing infrastructure. Greater than $70 billion contracts have been signed, and a few miners might derive as much as 70% of their income from AI by the top of 2026
Hut 8 mentioned it has commercialized the primary part of its Beacon Level campus in Nueces County via a 352-megawatt (MW) IT capability lease with a high-investment-gerade tenant. The settlement helps AI coaching and inference workloads and marks Hut 8’s second main AI information middle deal.
The lease brings hut 8’s whole contracted AI information middle capability to 597 MW, with combination base-term contract worth reaching about $16.8 billion. The corporate mentioned it expects the Beacon Level lease to contribute roughly %655 billion in annual internet working earnings as soon as stabilized.
Hut 8 mentioned the brand new funding stream will assist its AI infrastructure platform, together with improvement of extra capability at Beacon Level and development throughout its broader pipeline. The campus has secured 1,000 MW of utility capability, with preliminary energization anticipated in Q1 2027.
“Beacon Level underscores why we begin with energy and preserve flexibility throughout finish markets,” mentioned Chief Govt Asher Genoot. “Working throughout a number of purposes lets us underwrite belongings that single-use-case builders can not, then redirect them towards higher-value commercialization pathways as demand evolves.”
The corporate mentioned the mission is designed to NVIDIA’s DSX reference structure and can be developed with companions together with American Electrical Energy, Vertiv and Jacobs. Preliminary supply of the primary information corridor is predicted by Q3 2027, it added.
