Hut 8 has signed a 15-year, $9.8bn triple-net lease for 352 MW of IT capacity at its Beacon Point campus in Nueces County, Texas, with a confidential investment-grade tenant for AI training and inference workloads. This brings Hut 8's total contracted AI data-centre capacity to 597 MW and aggregate base-term value to $16.8bn. With three five-year renewal options, cumulative value could reach $25.1bn. The deal marks the near-completion of Hut 8's transformation from Bitcoin miner to AI infrastructure landlord, a pivot accomplished in roughly 18 months. Initial data-hall delivery is expected in Q3 2027. Key risks include aggressive construction timelines, tenant concentration, and potential moderation in hyperscaler capex.
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