Bitcoin mining companies are no longer content to just mine Bitcoin. Two of the sector’s biggest players, Hut 8 and IREN, have locked in massive long-term AI infrastructure contracts worth billions, and their stocks are responding accordingly.
The deals driving the rally
Hut 8 announced a 15-year lease at its Beacon Point campus in Texas on May 6, featuring 352 MW of capacity. The base-term value of that single lease sits at $9.8 billion, with potential to reach $25.1 billion under favorable conditions.
The Beacon Point deal pushed Hut 8’s total contracted AI capacity to 597 MW, with aggregate AI contract value hitting roughly $16.8 billion across multiple sites. Hut 8’s stock surged nearly 30% immediately following the announcement.
IREN, meanwhile, has been building its own AI portfolio. The company secured a $9.7 billion AI cloud contract with Microsoft in November 2025, alongside a separate $3.4 billion agreement with NVIDIA. In June 2026, IREN expanded further by acquiring Nostrum Group, adding 490 MW of grid-connected power capacity to its infrastructure footprint.
