Hut 8 signs $9.8 billion AI data center lease, fully commercializes Texas campus

Hut 8 said total contracted AI data center capacity across its portfolio has increased to 949 MW, backed by 1,330 MW of utility capacity, with aggregate base-term contract value reaching $26.6 billion, according to the company. All of the contracted capacity is leased to, or backed by, investment-grade counterparties.

Hut 8 said it redesigned the first data hall at Beacon Point around Nvidia's architecture, increasing capacity by 57% within the same land and utility footprint. The existing tenant subsequently doubled its contracted capacity at the campus.

Hut 8 expects to begin delivering the first Phase 2 data hall in the second quarter of 2028.

Hut 8, a crypto-mining turned AI data center company, said on Monday it has signed a second 15-year lease worth $9.8 billion with an existing investment-grade customer, fully commercializing its 1-gigawatt Beacon Point campus in Texas.

The new agreement covers 352 megawatts of IT capacity and doubles the unnamed tenant's total contracted footprint at the site to 704 MW. Hut 8 said the campus now has a base-term contract value of $19.6 billion over 15 years, rising to as much as $50.2 billion if renewal options are exercised.