Hut 8 Beacon Point Lease Worth $9.8 Billion

Hut 8 Corp. said in a May 6, 2026 press release that the Hut 8 Beacon Point lease commercializes the first phase of a planned gigawatt-scale AI data-center campus under a long-term triple-net contract, accelerating the company’s shift into AI hosting with initial energization due in 2027.

Beacon Point Lease Details and Strategic Context

The lease covers 352 megawatts (MW) of IT capacity at the Beacon Point campus in Nueces County, Texas, designed for AI training and inference workloads. The 15-year triple-net contract includes a 3% annual rent escalator, with the tenant responsible for operating expenses, taxes, and insurance. Hut 8 projects the leased facility will generate $655 million in annual revenue at full operation. The company said the transaction “commercializes the first building of our newest gigawatt-scale campus and marks our second AI data center lease,” according to CEO Asher Genoot.

Beacon Point will follow the NVIDIA DSX reference architecture for gigawatt-scale AI data centers. Key project partners include American Electric Power, Vertiv, and Jacobs. An interconnection agreement for 1,000 MW of utility capacity at the site has been executed. Hut 8 expects to deliver the first data hall in the third quarter of 2027, with initial energization planned for the first quarter.

The lease raises Hut 8’s contracted AI data-center capacity to 597 MW and lifts aggregate base-term contracted revenue to $16.8 billion, implying roughly $1.1 billion of average annual net operating income across its campuses. The company said this deal demonstrates how its power-first development model is repeatable across tenants and geographies.

In its first-quarter 2026 SEC filing, Hut 8 reported revenue of $71 million, up 226% year over year, and a net loss of $220 million reflecting a $296 million digital-asset loss. The filing showed cash of $160 million and holdings of 16,331 bitcoin with a carrying value of $1.1 billion.

The Beacon Point lease follows a December 2025 agreement for the River Bend campus, covering 245 MW over 15 years with a base-term value of $7 billion. After the quarter, Hut 8 closed $3.25 billion of 16.5-year senior secured notes to finance River Bend, structured non-recourse at about 95% loan-to-cost. Management said it plans to pursue asset-level project financing for Beacon Point to optimize capital costs. Approximately 650 MW of Beacon Point capacity remains available.