TLDR
- Hut 8 stock jumped 37% Wednesday after announcing a 15-year, $9.8 billion lease at its Beacon Point AI data center campus in Texas.
- The triple-net lease covers 352 MW of IT capacity with a high-investment-grade tenant and includes a 3% annual rent escalator.
- The deal brings Hut 8’s total contracted AI data center capacity to 597 MW, with a base-term contract value of $16.8 billion.
- Q1 2026 revenue came in at $71 million, up from $21.8 million a year ago, but missed the $79.4 million analyst estimate.
- The company posted a Q1 net loss of $253.1 million, largely driven by $295.7 million in unrealized losses on digital assets.
Hut 8 (HUT) stock surged 37% on Wednesday after the company signed a blockbuster 15-year lease worth $9.8 billion for its Beacon Point AI data center campus in Nueces County, Texas. The stock had already jumped 29% in premarket trading before the market opened.
The deal covers 352 megawatts of IT capacity under a triple-net structure with an unnamed high-investment-grade tenant. It also includes a 3% annual base rent escalator and three 5-year renewal options, which could push the total contract value to $25.1 billion if all options are exercised.
$HUT signed a 15-year lease worth $9.8B for 352 MW of IT capacity at its Beacon Point AI data center campus in Texas. The deal lifts its contracted AI data center capacity to 597 MW, with first delivery expected in Q3 2027. pic.twitter.com/juOmXWZurs
— Wall St Engine (@wallstengine) May 6, 2026
The tenant will use the site to run dedicated AI training and inference workloads at hyperscale scale. The facility is being built to NVIDIA’s DSX reference architecture for gigawatt-scale AI infrastructure.
Hut 8 is working with Jacobs as the engineering lead and Vertiv Holdings on critical infrastructure systems. Initial data delivery is expected in the third quarter of 2027.
What the Deal Means for Hut 8’s Portfolio
The Beacon Point lease brings Hut 8’s total contracted AI data center capacity to 597 MW, with an aggregate base-term contract value of $16.8 billion. The company expects the lease to generate $9.8 billion in cumulative net operating income over the base term, or roughly $655 million per year once fully stabilized.
Beacon Point is the second AI campus commercialized under Hut 8′s greenfield development model, following its River Bend site. The company has also secured an interconnection agreement for 1,000 MW of utility capacity with American Electric Power, with initial energization expected in Q1 2027.
As of May 6, 2026, Hut 8’s total development pipeline stands at 8,375 MW. That includes 830 MW under construction, 550 MW under development, 1,680 MW under exclusivity, and 5,315 MW under diligence.
Q1 2026 Results Show Revenue Growth, But a Wide Loss
Hut 8 also reported first-quarter earnings Wednesday. Revenue came in at $71 million, well above $21.8 million in Q1 2025, but below the Wall Street consensus of $79.4 million.
The company posted a net loss of $253.1 million for the quarter, compared with a loss of $134.3 million in the same period last year. The wider loss was driven largely by $295.7 million in unrealized losses on digital assets.
ASIC compute, AI cloud, and traditional cloud revenue jumped to $66 million from $16.1 million a year ago. Power revenue slipped to $3.74 million from $4.38 million in Q1 2025.
Adjusted EBITDA for the quarter came in at -$250.5 million, down from -$117.7 million in Q1 2025.
The company held approximately $1.3 billion in cash and bitcoin as of March 31, 2026, down from $1.4 billion at the end of 2025.
CEO Asher Genoot said the company’s results reflected its focus on securing large-scale power capacity. “That conviction has produced a contracted revenue base of $16.8B underpinned by triple-net, take-or-pay data center leases with 597 MW of IT capacity across two hyperscale AI campuses,” he said.
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