Hut 8’s stock surged 35% Tuesday after the bitcoin mining company signed a $9.8 billion lease for its Beacon Point campus in Texas, turning the site into a large artificial intelligence data center.
A Record Lease for AI Infrastructure
The deal, announced before markets opened, covers the entire Beacon Point campus in a long-term lease that Hut 8 values at $9.8 billion. The tenant, which the company didn’t name, will use the facility to run AI workloads. Hut 8 said the lease is one of the largest private data center agreements ever signed in the United States.
The company had originally developed Beacon Point for bitcoin mining but pivoted to hosting AI and high-performance computing after securing the anchor tenant. Hut 8 will continue to own the land and buildings while the tenant pays for power, cooling, and other operational costs.
Market Reaction and What It Means
Investors pushed Hut 8’s shares up 35% on heavy volume, valuing the company at roughly $3.5 billion. The jump reflects a broader trend where crypto miners are repurposing their energy-rich sites for AI data centers, which demand vast amounts of power and land.
Hut 8 now has a guaranteed revenue stream for years to come, though the exact terms of the lease — including annual payments — weren’t disclosed. The company said construction at Beacon Point is already underway, with the first phase expected to go live later this year.
The lease positions Hut 8 firmly in the AI infrastructure business, a shift that many investors have been waiting for. The stock closed at its highest level in 12 months.
