Hut 8 (HUT) shares surged almost 30% Wednesday as the corporate introduced a 15-year, $9.8 billion lease tied to a large-scale AI knowledge heart mission in Texas. Hut 8 additionally stated the lease construction contains choices that might enhance complete contract worth to about $25.1 billion if all renewal phrases are exercised.
The Beacoin Level campus was initially meant for bitcoin mining however was repositioned for AI infrastructure as demand for high-performance computing capability accelerated, Hut 8 stated.
The corporate’s pivot comes at a time when publicly listed bitcoin miners face more and more difficult economics as they face losses of roughly $19,000 per coin produced, and are quickly pivoting towards synthetic intelligence and high-performance computing infrastructure. Greater than $70 billion contracts have been signed, and a few miners may derive as much as 70% of their income from AI by the tip of 2026
Hut 8 stated it has commercialized the primary part of its Beacon Level campus in Nueces County by means of a 352-megawatt (MW) IT capability lease with a high-investment-gerade tenant. The settlement helps AI coaching and inference workloads and marks Hut 8’s second main AI knowledge heart deal.
The lease brings hut 8’s complete contracted AI knowledge heart capability to 597 MW, with mixture base-term contract worth reaching about $16.8 billion. The corporate stated it expects the Beacon Level lease to contribute roughly %655 billion in annual internet working revenue as soon as stabilized.
Hut 8 stated the brand new funding stream will assist its AI infrastructure platform, together with improvement of further capability at Beacon Level and progress throughout its broader pipeline. The campus has secured 1,000 MW of utility capability, with preliminary energization anticipated in Q1 2027.
“Beacon Level underscores why we begin with energy and preserve flexibility throughout finish markets,” stated Chief Govt Asher Genoot. “Working throughout a number of functions lets us underwrite property that single-use-case builders can not, then redirect them towards higher-value commercialization pathways as demand evolves.”
The corporate stated the mission is designed to NVIDIA’s DSX reference structure and will probably be developed with companions together with American Electrical Energy, Vertiv and Jacobs. Preliminary supply of the primary knowledge corridor is predicted by Q3 2027, it added.
