Hut 8 Second AI Data Center Lease Up 30% After Landing $9.8 Billion – Bitcoin News
This article first appeared in The Energy Mag. The original article can be viewed here. Energy Mag (formerly Mining Mag) provides news, information and insights on the energy-calculation-market nexus.
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 Texas. The unnamed tenant is described as a “high investment grade company” deploying infrastructure for AI training and reference workloads.
The deal marks Hut 8's second major AI data center launch, following the previously announced River Bend project with AI cloud company Fluidstack. Together, the two campuses now account for 597 MW of contracted IT capacity and $16.8 billion in total base-term contract value, the company said.
Beacon Point has been developed as a gigawatt-campus with 1,000 MW of utility capacity under a memorandum of understanding with AEP Texas. The first phase of the Hat 8 project – representing approximately 500MW of utility capacity to support a 352MW IT load – is expected to start generating power in the first quarter of 2027.
Once settled, the deal is expected to contribute an average annual net income of approximately $655 million, Hat8 said. Including three optional five-year renewal terms, the potential contract value could reach $25.1 billion.
The latest agreement reinforces a broader shift underway between bitcoin miners and power-focused infrastructure operators, which are turning large power campuses toward AI and hyperscale computing as demand for massive GPU infrastructure increases.
Hut 8 has clearly designed Beacon Point as an example of its “power-first” development strategy, which ensures large-scale power supply initially before the company decides how to market the site. The company said Beacon Point was written to support affiliated bitcoin mining venture American Bitcoin (NASDAQ: ABTC ) Corp. before turning to AI infrastructure.
The company has announced that it has redesigned its first building in Beacon Point after NVIDIA's evolving DSX AI factory reference architecture increased the rack-level power density requirements. According to Hut 8, the redesign increased the building's IT capacity from 224MW to 352MW – 57% – without expanding the bottom floor or utility footprint.
The Beacon Point deal structure appears to be a growing trend in AI infrastructure financing where operators support long-term infrastructure leases with investment-grade partners. Hut 8 said it plans to fund the project with asset-level financing structures designed to reduce capital costs while limiting the strain on corporate capacity.
Earlier last month, Hut 8 separately closed a $3.25 billion bond offering to finance the River Bend campus tied to its 15-year lease with Fluidstack.
This article first appeared in The Energy Mag. The original article can be viewed here. Energy Mag (formerly Mining Mag) provides news, information and insights on the energy-calculation-market nexus.
