Hut 8 fully books 1GW Texas AI campus with second $9.8 billion lease

Hut 8 has signed a second 15-year lease worth $9.8 billion in base-term value at its Beacon Point campus in Texas, fully commercializing the one-gigawatt AI data center site and completing one of the sector's most dramatic pivots from cryptocurrency mining to AI infrastructure.

The new agreement covers 352 megawatts of IT capacity and is with the same unnamed investment-grade tenant that signed the campus's first $9.8 billion lease earlier this year — doubling that customer's contracted footprint to 704 MW. Campus-level base-term contract value now stands at $19.6 billion, rising to as much as $50.2 billion if renewal options are exercised.

Built to Nvidia's blueprint

The second phase will deliver another 352 MW "AI factory" designed to Nvidia's DSX reference architecture for gigawatt-scale AI infrastructure, supported by 500 MW of utility capacity. Initial Phase 2 data hall delivery is expected in the second quarter of 2028.

Hut 8 shares rose on the announcement as investors rewarded the certainty of fully contracted, investment-grade cash flows — a sharp contrast to the volatile mining revenue that defined the company's first act. The deal also extends a run of enormous single-site AI leasing commitments in Texas, following Anthropic's $19 billion TerraWulf arrangement and a string of hyperscaler build-to-suit agreements.

The identity of Beacon Point's tenant remains undisclosed, though the investment-grade requirement narrows the field to a handful of hyperscalers and frontier labs. Whoever it is now controls 704 MW of Nvidia-reference capacity coming online into a market where compute remains rationed — and where, as this month's Asian market turbulence showed, the economics of that scarcity are the central question hanging over the entire AI trade.