Hut 8 Signs $9.8 Billion Lease for Texas AI Data Center
May 6, 2026 – 12:26 pm
Hut 8 has completed its remarkable transformation in just 18 months by signing a $9.8 billion, 15-year lease for the first phase of its Beacon Point campus in Nueces County, Texas, boasting 352 megawatts of IT capacity. With three five-year renewal options, the total value could reach approximately $25.1 billion.
The tenant remains confidential but is described as an investment-grade company. The lease structure is triple-net, meaning Hut 8 captures cash flow without absorbing variable operating costs.
This deal follows a similar agreement in December 2025 for 245 megawatts at its River Bend campus worth $7 billion. Combined, these contracts bring Hut 8’s contracted AI data center capacity to 597 megawatts with an aggregate base-term value of around $16.8 billion.
This swift shift from Bitcoin miner to AI landlord is notable due to the rapid repurposing of infrastructure. Whereas Bitcoin mining relies on volatile cryptocurrency payments, hyperscalers offer long-term leases against stable investment-grade balance sheets.