Hut 8 signed a second 15-year lease worth $9.8 billion on Monday, covering 352 megawatts of IT capacity at its Beacon Point campus in Texas and completing the commercialization of the 1-gigawatt site.
The new agreement is with an existing unnamed investment-grade tenant, bringing that customer’s total contracted footprint at the campus to 704 MW — twice its prior commitment. Campus-level base-term contract value reaches $19.6 billion, with renewal options raising that figure to as much as $50.2 billion, the company said.
Across Hut 8’s broader AI data center portfolio, total contracted capacity has risen to 949 MW, backed by 1,330 MW of utility capacity. Aggregate base-term contract value across the portfolio stands at $26.6 billion, with average annual net operating income of more than $1.75 billion. The company said all contracted capacity is leased to, or backstopped by, investment-grade counterparties.
Hut 8 said that by rebuilding the first data hall around Nvidia’s architecture, it achieved a 57% capacity gain without expanding its land or utility footprint. That improvement led the existing tenant to expand its contracted capacity at the campus by a factor of two. The company expects to begin delivering the first Phase 2 data hall in the second quarter of 2028.
Hut 8 stock rose about 5% in premarket trading on Monday.
The company began as a cryptocurrency miner before pivoting toward AI infrastructure, repositioning power assets and data center operations developed during the crypto boom to serve AI customers. That shift reflects a broader pattern among former bitcoin miners seeking new revenue streams as demand for compute infrastructure has grown since the arrival of generative AI services.
Technology companies have pledged enormous capital toward data centers stocked with cutting-edge chips, according to Reuters. That spending race has pushed competition beyond semiconductors into power availability, transmission access, and construction-ready sites, making electricity one of the industry’s primary constraints.