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Hut 8 has signed a second 15-year, $9.8 billion lease at its Beacon Point data center campus in Nueces County, Texas, fully commercializing the 1-gigawatt site. The tenant — the same high-investment-grade company that executed the Phase 1 lease — has doubled its contracted IT capacity at Beacon Point to 704 megawatts. The transaction brings campus-level base-term contract value to $19.6 billion.

Hut 8 announced the deal on July 20, 2026. The company did not name the tenant. Phase 1, a separate $9.8 billion lease covering 352 MW, was signed earlier this year.

Campus and Portfolio Numbers

The second lease covers 352 MW of IT capacity backed by 1,000 MW of utility capacity at the Beacon Point site. With both phases under contract, Beacon Point is fully subscribed against its full 1-gigawatt grid allocation. Renewal options on the campus alone could push the contract value to $50.2 billion.

Across Hut 8’s full AI data center portfolio:

• Total contracted IT capacity: 949 MW
• Supporting utility capacity: 1,330 MW
• Aggregate base-term contract value: $26.6 billion
• Average annual net operating income: more than $1.75 billion
• Credit quality: 100% of contracted capacity leased to or backstopped by investment-grade counterparties

What It Signals

The lease structure is notable for AI infrastructure. A single unnamed tenant has now committed $19.6 billion over 15 years to a single campus — equivalent to locking in roughly 1.3 billion dollars per year in rent for 704 MW of dedicated compute capacity. The investment-grade credit backstop on every megawatt of Hut 8’s contracted portfolio is a feature the company has emphasized repeatedly to capital markets, positioning the data center business as infrastructure-grade rather than technology-grade risk.

The Beacon Point campus uses NVIDIA DSX (Data Center Solution Expert) design, a rack-scale architecture aligned with Blackwell and Vera Rubin GPU deployments. The first phase was expected to come online in Q3 2027; Phase 2’s timeline has not been independently disclosed.

Hut 8 began as a Bitcoin mining company. Its AI data center pivot is now complete in revenue terms: the $26.6 billion aggregate contract value dwarfs anything in its mining history, and the company’s business model has effectively become a long-duration yield instrument backed by compute demand.

The hyperscaler AI buildout continues to consolidate into a small number of large landlords capable of delivering gigawatt-scale, investment-grade leases. Hut 8’s Beacon Point represents the clearest example to date of what that consolidation looks like at the contract level.