Hut 8 fully commercializes 1 GW Beacon Point campus with second AI lease

Hut 8 fully commercializes 1 GW Beacon Point campus with second AI lease William Foxley Mon, July 20, 2026 at 3:33 PM GMT+2 3 min read HUT Hut 8 (NASDAQ: HUT) said Monday that it had completed commercialization of its 1 GW Beacon Point AI data center campus in Nueces County, Texas, after signing a second 352 MW IT lease. The 15-year agreement lifts the existing tenant's contracted capacity at the campus to 704 MW. That deal brings Beacon Point's campus-level base-term contract value to $19.

6 billion. Hut 8 said the campus could be worth $50. 2 billion if the tenant exercises its renewal options.

Hut 8's portfolio now includes 949 MW of contracted AI data center capacity, backed by 1,330 MW of utility capacity. The company said that works out to $26. 6 billion in aggregate base-term contract value and more than $1.

75 billion in average annual net operating income. Stay ahead of AI infrastructure deals. Get Blockspace in your inbox.

Hut 8 said all contracted capacity is leased to or financially backstopped by investment-grade counterparties. The Beacon Point customer remains undisclosed and is described as the same high-investment-grade tenant that signed the campus's first 352 MW lease in May. That initial agreement carried a 15-year base term and $9.

8 billion in contract value, including a 3% annual base-rent escalator. Hut 8 structured it as a triple-net lease, placing operating expenses such as maintenance and property taxes with the tenant. The tenant plans to deploy dedicated compute infrastructure for hyperscale AI training and inference.

Hut 8 previously said the first lease could generate average annual NOI of $655 million after stabilization, while three five-year renewal options could lift its potential value to approximately $25. 1 billion. Beacon Point's 1 GW designation refers to utility capacity, while the two leases cover 704 MW of critical IT capacity.

Hut 8 has an interconnection agreement covering the full 1,000 MW, and the first lease moved 500 MW of utility capacity from development into construction. Stay ahead of AI infrastructure deals. Get Blockspace in your inbox.

Hut 8 began financing the first phase in June, when subsidiary Beacon Point DC priced $4. 25 billion of senior secured notes at 6. 129% that mature in 2042.

The non-recourse notes are intended to fund six data halls totaling 352 MW of critical IT capacity, along with the site substation and related reserves. Hut 8 initially underwrote the 521-acre site as a speed-to-power project for affiliated miner American Bitcoin. The company later redirected the site toward AI infrastructure as customer requirements changed and demand for powered data center capacity grew.

Story Continues "Beacon Point underscores why we start with power and maintain flexibility across end markets," Hut 8 CEO Asher Genoot said when the first lease was announced in May. "Operating across multiple applications lets us underwrite assets that single-use-case developers cannot, then redirect them toward higher-value commercialization pathways as demand evolves. " Hut 8 also reworked Beacon Point's first data hall after NVIDIA's DSX reference architecture advanced toward commercial deployment.

The updated plan increased planned IT capacity from 224 MW to 352 MW, a 57% gain on the same land and utility footprint. Jacobs is leading engineering, procurement and construction management for the multi-phase campus. Its scope includes a data center digital twin intended to model critical assets before commissioning, while Vertiv is providing power and cooling systems alongside deployment support.

The new lease leaves Hut 8's contracted AI portfolio split between Beacon Point's 704 MW and 245 MW at River Bend in Louisiana. The River Bend agreement , signed in December 2025, has a $7 billion base-term value and a financial backstop from Google covering lease payments and related obligations. Stay ahead of AI infrastructure deals.

Get Blockspace in your inbox. Hut 8 has said Beacon Point should see initial energization in the first quarter of 2027, with initial data hall delivery in the third quarter. Jacobs has targeted initial commissioning during 2027.