Hut 8 (NASDAQ: HUT) shares jumped 30% in pre-market trading on Wednesday after the company announced a new 15-year AI infrastructure lease that expands its push into hyperscale data center development.
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The Miami-based company said it signed a $9.8 billion triple-net lease for 352 megawatts of IT capacity at its Beacon Point campus in Nueces County, Texas. The unnamed tenant was described as a “high-investment-grade company” deploying infrastructure for AI training and inference workloads.
The deal marks Hut 8’s second major AI data center commercialization after its previously announced River Bend project with AI cloud company Fluidstack. Together, the two campuses now account for 597 MW of contracted IT capacity and about $16.8 billion in aggregate base-term contract value, according to the company.
Beacon Point is designed as a gigawatt-scale campus with 1,000 MW of utility capacity under interconnection agreement with AEP Texas. Hut 8 said the first phase of the project — representing roughly 500 MW of utility capacity to support the 352 MW IT load — is expected to begin energization in the first quarter of 2027, with initial data hall delivery targeted for the third quarter of that year.
