Hut 8 Lands $9.8 B Beacon Point Lease, Raises $3.25 B Financing
Foundation-building over years yields $16.8 billion in triple-net, take-or-pay contracted lease revenue across two hyperscale AI campuses. Signed a 15-year, 352 MW lease at Beacon Point for $9.8 billion, raised $3.25 billion secured financing, sold 310 MW gas plants and refinanced Bitcoin-backed debt to cut rates from 9% to 7%.
1. First Quarter 2026 Results
Hut 8 reported a contracted revenue base of $16.8 billion across two AI data center campuses with 597 MW of IT capacity, generating $3.7 million in power and $1.3 million in colocation revenues. The company completed the divestiture of its 310 MW gas-fired power plant portfolio, marking the close of a multi-phase value creation program in Ontario.
2. Beacon Point 15-Year Lease
Hut 8 signed a 15-year, 352 MW triple-net, take-or-pay lease at the Beacon Point campus for $9.8 billion with a high-investment-grade counterparty, representing the first phase of its 1 GW AI data center development under the power-first model. This agreement more than doubled the company’s contracted AI capacity within five months.
3. Financing and Balance Sheet
Subsequent to quarter-end, the company closed a $3.25 billion offering of 16.5-year senior secured notes at approximately 95% loan-to-cost, non-dilutive and non-recourse, to fund River Bend. It also refinanced its Bitcoin-backed credit facility, cutting the interest rate from 9% to 7% and unencumbering roughly 3,300 BTC to strengthen liquidity.
4. Development Pipeline
Hut 8’s development pipeline now spans 8,375 MW of power-first AI campus opportunities, with River Bend advancing toward Q2 2027 delivery. The company continues to invest in power infrastructure and development talent needed to convert this pipeline into contracted revenue at scale.