Hut 8 commercializes first phase of Beacon Point AI campus with $9.8B lease

Hut 8 (HUT) announced the commercialization of the first phase of its Beacon Point data center campus in Nueces County, Texas through a 15-year, $9.8B lease for 352 MW of IT capacity. The tenant, a confidential high-investment-grade company, will deploy dedicated compute infrastructure to support hyperscale AI training and inference workloads. The lease, which includes a 3.0% annual base rent escalator and three five-year renewal options that could raise total contract value to about $25.1B, is expected to contribute average annual NOI of roughly $655M upon stabilization. Hut 8 is developing the 1,000 MW campus with Tier 1 partners including American Electric Power (AEP), Vertiv (VRT), and Jacobs (J), and now has total contracted AI data center capacity of 597 MW with aggregate base-term contract value of approximately $16.8B.