Hut 8 announced a 15-year lease valued at $9.8 billion for a large-scale AI data center in Texas, sending its shares up nearly 30 percent on Wednesday. The deal covers 352 megawatts of capacity at the company's Beacon Point campus and includes options that could raise the total value to $25.1 billion.
The bitcoin mining firm said the lease with an investment-grade tenant supports AI training and inference workloads. Beacon Point, originally developed for bitcoin mining in Nueces County, has been repositioned for high-performance computing amid shifting economics in the crypto sector. The agreement marks Hut 8’s second major AI data center contract and brings its total contracted AI capacity to 597 megawatts, worth about $16.8 billion in base terms.
