Hut 8 signs $9.8 billion lease to fully commercialize its Beacon Point AI campus

Hut 8 has fully commercialized its one-gigawatt Beacon Point AI data center campus in Nueces County, Texas, signing a second lease worth $9.8 billion, the company announced on July 20, 2026.

The new 15-year lease covers 352 megawatts of IT capacity and comes from the same investment-grade tenant behind the campus’s May 2026 Phase 1 lease, doubling that tenant’s contracted capacity at Beacon Point to 704 megawatts. That brings campus-level base-term contract value to $19.6 billion, or as much as $50.2 billion including renewal options.

The deal matters because it turns a single site into fully booked revenue at a moment when AI data center capacity is the scarcest resource in computing. Utilities, chipmakers and cloud providers are racing for gigawatt-scale power, and long-dated leases to creditworthy tenants are how operators like Hut 8, a former bitcoin miner repositioned around AI compute, lock in cash flow.

Across its full AI data center portfolio, Hut 8 said contracted IT capacity now reaches 949 megawatts, backed by 1,330 megawatts of utility capacity, with aggregate base-term contract value of $26.6 billion and expected average annual net operating income above $1.75 billion. All of it, the company said, is leased to or backstopped by investment-grade counterparties.

Hut 8 did not name the tenant, a common arrangement in hyperscale leasing that leaves the ultimate AI workload undisclosed. The headline figures are base-term contract values, not booked revenue, and depend on the site coming online on schedule and the tenant honoring a 15-year commitment. Hut 8 shares rose as much as 17 percent on the news. Whether the campus energizes on time, and whether more single-tenant megadeals follow, will test how much of the AI buildout these operators can bank.