AI infrastructure developer and bitcoin miner Hut 8 has signed a 15-year lease agreement worth approximately $9.8 billion for its Beacon Point AI data center campus in Texas, marking one of the largest AI infrastructure deals in the sector to date. The announcement triggered a sharp rally in the company’s stock, with shares surging more than 25%.
The agreement covers 352 megawatts of IT capacity at the Beacon Point campus in Nueces County, Texas, and is tied to a high-investment-grade but undisclosed customer focused on large-scale AI model training and inference operations. The lease is structured as a triple-net, take-or-pay agreement with no early termination rights, providing Hut 8 with highly predictable long-term revenue.
The contract could expand significantly over time. If all renewal options are exercised, the total value of the agreement may rise to approximately $25.1 billion over a longer operating period. Hut 8 estimates the deal alone could contribute roughly $655 million in average annual net operating income after stabilization.
The Beacon Point project forms part of a planned 1-gigawatt AI campus and is expected to begin delivering initial capacity in 2027. The development is being built in partnership with companies including American Electric Power, Vertiv, and Jacobs, and will utilize Nvidia-powered AI infrastructure systems.
The deal further accelerates Hut 8’s transition from cryptocurrency mining into AI infrastructure and high-performance computing services. Following the agreement, the company’s contracted AI data center capacity has increased to 597 megawatts, with total base-term contract value rising to approximately $16.8 billion.
The announcement also reflects the broader global race to secure AI computing infrastructure. Demand for AI data centers has surged as companies invest heavily in training advanced AI models, driving massive spending on GPUs, energy infrastructure, and specialized computing facilities. Industry analysts estimate major technology firms could collectively spend hundreds of billions of dollars annually on AI infrastructure over the coming years.
