MIAMI: Hut 8 Corp. (Nasdaq, TSX: HUT) signed a 15-year lease worth USD 9.8 billion for 352 megawatts of AI capacity in Texas, fully contracting its Beacon Point campus, the company said July 20.
The unnamed investment-grade tenant previously leased the project’s first 352 MW phase. The new agreement doubles its contracted information-technology capacity to 704 MW, according to Hut 8’s announcement.
The two leases use the full 1,000 MW of utility capacity secured through an interconnection agreement with AEP Texas. Hut 8 described the agreement as completing the commercialisation of the Nueces County campus.
Beacon Point’s base-term contract value has reached USD 19.6 billion. Three five-year renewal options for each lease could raise the campus-level value to USD 50.2 billion, the company said.
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The second triple-net lease includes a 3% annual base-rent increase. Hut 8 expects it to generate average annual net operating income of USD 655 million after stabilisation, bringing projected campus NOI to USD 1.31 billion annually.
Across its AI data-centre portfolio, Hut 8 now reports 949 MW of contracted IT capacity supported by 1,330 MW of utility capacity.
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The company placed aggregate base-term contract value at USD 26.6 billion and projected average annual NOI above USD 1.75 billion. Hut 8 classifies expected NOI as a non-GAAP measure.
The calculation excludes corporate expenses, depreciation and amortisation, while the lease values and delivery dates remain forward-looking estimates.
Initial Beacon Point energisation remains scheduled for the first quarter of 2027. The company expects the first Phase 2 data hall in the second quarter of 2028. Hut 8 shares rose about 14% during early US trading after the announcement, Reuters reported.