Hut 8 Signs $9.8 Billion Lease for First Phase of Beacon Point AI Campus
Hut 8 (HUT) signed a 15-year IT lease worth $9.8 billion in base-term contract value for the first phase of its Beacon Point AI data center campus on May 6. The deal covers 352 MW of IT capacity built to NVIDIA’s DSX reference architecture for gigawatt-scale AI infrastructure.
It marks the first commercial contract for Beacon Point, a planned 1 GW campus that Hut 8 has positioned as the centerpiece of its pivot from cryptocurrency mining to AI compute.
The Beacon Point Deal
Hut 8 detailed the agreement in a press release published May 6. The company described the facility as an “AI factory” designed to NVIDIA’s DSX reference architecture, a standardized blueprint for gigawatt-scale AI infrastructure deployments.
The 15-year term and $9.8 billion base value make this one of the largest single AI infrastructure commitments disclosed by a publicly traded cryptocurrency-adjacent company. Hut 8 did not identify the counterparty tenant in the press release.
The Beacon Point campus is designed to reach 1 GW of total IT capacity across future phases.
The first phase represents 352 MW of that target. Hut 8 said the facility integrates power, digital infrastructure, and compute at scale, language consistent with the company’s broader repositioning as an energy infrastructure platform.
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Background
Hut 8 was founded as a Bitcoin (BTC) mining operator and listed on the Nasdaq and Toronto Stock Exchange under the ticker HUT.
The company spent its early years acquiring mining hardware and power contracts in Canada. Beginning in 2023, Hut 8 began diversifying toward managed services and data center hosting.
A merger with US Bitcoin Corp in 2024 expanded its power footprint into the United States. Since then, Hut 8 has accelerated a transition toward AI and high-performance compute infrastructure, citing margin pressure in bitcoin mining and rising demand for GPU-dense data center capacity.
The Beacon Point campus represents the most capital-intensive single asset in that transition strategy.
The $9.8 billion contract value over 15 years implies average annual revenue of roughly $653 million from this lease alone, assuming straight-line recognition, which Hut 8 has not confirmed.
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What Comes Next
Hut 8 has not disclosed when construction at the full 1 GW Beacon Point campus will be complete or when future phases will be commercialized. The company also filed its Q1 2026 financial results on the same day, providing additional context on its capital position heading into the Beacon Point build-out.
Investors will watch for tenant identification, construction milestones, and any equity or debt financing tied to the remaining 648 MW of planned capacity.
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