Nvidia as Mystery Tenant of Hut 8’s Texas Data Centre
The chipmaker Nvidia is rumoured to be the unnamed hyperscaler leasing Beacon Point data centre in Nueces County, Texas, according to the Financial Times (FT). The deal could value up to $50 billion over its 15-year lease.
Background
Hut 8’s filings refer to this tenant as an "unnamed, investment-grade hyperscaler." For weeks, speculation centred around who this mysterious tenant might be.
Financial Times Report
Citing five sources, the FT reveals Nvidia as the counterparty behind two leases at Hut 8’s Beacon Point campus. While Hut 8 has not confirmed this, the reported deal size indicates a significant commitment:
- Base Lease: $9.8 billion for 352 MW over 15 years (announced earlier).
- Expanded Lease: Doubled to $19.6 billion for another 352 MW.
Reaching $50 Billion
The $50 billion headline is a maximum potential based on three five-year renewal options, which could extend the lease and increase rent if exercised.
Campus Details
Beacon Point sits on 525 acres with gigawatt utility capacity secured through an agreement with AEP Texas. It’s being constructed according to Nvidia’s DSX reference architecture for AI factories. Hut 8 plans to begin energizing the site in Q1 2027, with Phase II data halls following in Q2 2028.
Significance
If confirmed, this arrangement would position Nvidia as a tenant on multiple levels:
- Designs Reference Architecture: They designed the campus architecture.
- Supplies Chips: They will supply the AI chips used in the data centre.
- Tenant: They are now apparently the primary lessee ensuring the site’s financial viability.
This trend isn’t unique to Nvidia; Google has also guaranteed substantial lease payments for its data centres, and former crypto miners like Cipher Digital are raising funds for similar builds.