Hut 8 fully commercializes 1 GW Texas AI campus with second $9.8B lease as IREN signs $2.8B in contracts; shares climb double digits

Shares of Hut 8 (HUT) and IREN (IREN) both climbed double digits on Monday after the bitcoin (BTC) miners announced fresh AI infrastructure deals worth billions, extending the sector's pivot from crypto mining toward data center leasing.

Hut 8 fully commercializes Beacon Point

Hut 8 signed a second 15-year, $9.8 billion lease at its Beacon Point campus in Nueces County, Texas, fully commercializing the 1-gigawatt site, the company said.

The deal doubles the contracted capacity of the campus's existing investment-grade tenant to 704 MW. It was executed on substantially the same terms as the first Beacon Point lease and lifts the campus's combined base-term contract value to $19.6 billion.

Across Hut 8's broader AI data center portfolio, total contracted IT capacity now stands at 949 MW, split between 704 MW at Beacon Point and 245 MW at River Bend, carrying an aggregate base-term contract value of $26.6 billion and expected average annual net operating income of more than $1.75 billion, according to the release.