Hut 8 signed a $9.8 billion, 15-year lease for its Beacon Point AI data center in Texas on Monday. The company's stock surged over 30% on the news. The deal marks a major milestone in Hut 8's shift from Bitcoin mining to AI data center operations.
The Beacon Point deal
The lease is for 15 years and valued at $9.8 billion. The facility is located in Texas. Hut 8 has not disclosed the exact power capacity or square footage, but the scale of the commitment signals a significant bet on AI infrastructure.
Stock reaction
Hut 8's stock (HUT) jumped more than 30% following the announcement. The surge reflects investor enthusiasm for the company's new direction. Hut 8 has been gradually repositioning itself as an AI infrastructure provider, and this lease is its largest single commitment to date.
Pivot from Bitcoin mining
Hut 8 originally built its business around Bitcoin mining. The company is now pivoting to AI data center operations. The Beacon Point lease is a concrete step in that transition. The company has not said whether it will continue mining Bitcoin alongside the new AI business.
Hut 8 has not provided a timeline for when Beacon Point will become operational. The company will need to secure financing and equipment to build out the data center. More details are expected in the coming months.
