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.
