Bitcoin miner Hut 8 saw its shares hit an all-time high after the company signed a 15-year, $9.8 billion AI data center lease in Texas.
The Miami-based Bitcoin miner Hut 8 signed a 15-year lease worth $9.8 billion for the first phase of its Beacon Point AI data center campus in Texas, sending its shares to a record high.
HUT closed at $108.94 on May 6, up 35.34%, after Hut 8 announced the deal in a Wednesday press release, marking an all-time high closing price for the stock, according to data from Yahoo Finance.
The lease covers 352 MW of IT capacity at the Beacon Point campus in Nueces County, Texas. The tenant wasn’t named, though Hut 8 described it as a “high-investment-grade company” that plans to use the site for “AI training and inference workloads at hyperscale.”
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Bitcoin Miner Turns Into AI Landlord
The deal is set up so the tenant is expected to cover most property-level costs, such as maintenance, taxes and insurance, instead of leaving those bills with Hut 8.
The Bitcoin mining company says the lease is worth $9.8 billion over the first 15 years, adding that the total value could reach about $25.1 billion if the tenant stays for all three optional five-year extensions.
- Hut 8 has already locked in access to 1,000 MW of power for Beacon Point, enough to run a massive AI data center campus. The site is expected to start receiving power in Q1 2027.
Hut 8 now has 597 MW of AI data center space already promised to customers. Across those signed leases, the company says it could collect about $16.8 billion over the first 15 years of the contracts, before any optional extensions.
- This is the second big AI lease Hut 8 has signed. Its first one was at River Bend in Louisiana, where AI cloud company Fluidstack agreed to lease 245 MW for 15 years in a deal valued at $7 billion, with Google backing part of the arrangement.
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