TLDR
- Hut 8 signed a second 15-year lease worth $9.8 billion at its Beacon Point campus in Texas
- The deal fully commercializes the 1-gigawatt campus, with the unnamed tenant doubling its contracted capacity to 704 MW
- HUT stock rose as much as 16% on the news in premarket trading
- Total contracted AI data center capacity across Hut 8’s portfolio has reached 949 MW, with aggregate base-term contract value of $26.6 billion
- Hut 8 redesigned the first data hall around Nvidia’s architecture, increasing capacity by 57% within the same footprint
Hut 8 announced Monday it has signed a second 15-year lease worth $9.8 billion at its Beacon Point campus in Texas, fully commercializing the 1-gigawatt site. HUT stock jumped as much as 16% in premarket trading on the news, and has now more than quadrupled over the past 12 months.
The deal covers 352 megawatts of IT capacity and doubles the unnamed investment-grade tenant’s total contracted footprint at the site to 704 MW.
With this second lease, Beacon Point now carries a base-term contract value of $19.6 billion over 15 years. That figure could rise to as much as $50.2 billion if all renewal options are exercised.
Across Hut 8’s full portfolio, total contracted AI data center capacity now stands at 949 MW, backed by 1,330 MW of utility capacity. The aggregate base-term contract value across the portfolio has reached $26.6 billion.
All contracted capacity is leased to, or backed by, investment-grade counterparties.
Nvidia Architecture Drives Capacity Gains
Hut 8 said it redesigned the first data hall at Beacon Point around Nvidia’s architecture. That move increased capacity by 57% within the same land and utility footprint — a detail that appears to have directly influenced the existing tenant’s decision to double down.
The company expects to begin delivering the first Phase 2 data hall in the second quarter of 2028.
Hut 8 started out as a Bitcoin miner before pivoting toward AI infrastructure. It’s part of a broader wave of former crypto miners leveraging their power assets and data center know-how to serve AI customers.
Neocloud Sector Gets a Boost
The announcement lifted other names in the neocloud space. IREN, another former Bitcoin miner turned AI infrastructure provider, rose 9% in premarket after announcing $2.8 billion in new multiyear cloud contracts. IREN also raised its annualized run-rate revenue target for AI cloud services to more than $4 billion from $3.7 billion.
CoreWeave rose 3.5% in premarket, and Nebius gained 3.7%.
Despite the stock’s strong run, Hut 8’s GF Score sits at just 12 out of 100, reflecting ongoing challenges in financial health and profitability. The company currently reports negative earnings, and insiders sold $12.2 million worth of stock over the past three months with no reported buying.
The stock’s price-to-sales ratio stands at 36.74, well above historical averages, suggesting investors are pricing in future growth.
Hut 8’s market cap sits at approximately $10.29 billion. The company’s stock has nearly doubled in 2026 alone.
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