Hut 8 shares touched an all-time high this week after the company signed a $9.8 billion lease for the first phase of an AI data center complex in Nueces County, Texas. The site was originally built for Bitcoin mining. The stock surge marks the latest sign that crypto miners with power and land are cashing in on the AI infrastructure boom.
The $9.8 Billion Deal
The lease covers the first phase of a large-scale AI data center campus in Nueces County. Hut 8 didn't disclose the tenant or the exact timeline for delivery, but the ten-figure commitment signals a major shift in strategy. The company has been gradually pivoting from pure Bitcoin mining to high-performance computing, and this deal is its biggest bet yet.
From Miners to AI Racks
The Nueces County complex wasn't always meant for artificial intelligence. It started as a Bitcoin mining facility — rows of ASICs humming to secure the network. Now those same power contracts and industrial real estate are being reimagined for GPU clusters. Hut 8 isn't alone. Riot Platforms and Core Scientific have also inked AI hosting deals, but this lease is one of the largest by dollar value in the sector.
Market Reaction
Shares jumped on the news, pushing Hut 8's market cap to a record. Investors are betting the AI pivot will deliver steadier revenue than the volatile mining business. The timing isn't bad either — the Bitcoin halving last year compressed mining margins, making diversification more urgent for many firms.
The lease only covers the first phase of the campus. Hut 8 hasn't said when later phases might be built or leased. For now, the company needs to deliver the first stage on time and on budget — a tall order given construction bottlenecks in the data center industry. The next concrete milestone will be the tenant's move-in date, which remains undisclosed.
