•352 MW of AI compute capacity on a triple-net 15-year term
•Miner-to-infra pivot turns power access into contracted recurring revenue
The fact
Hut 8 has signed a $9.8bn lease for its Beacon Point data centre campus in Texas, delivering 352 MW of AI computing capacity on a 15-year term. The deal lifts the company's total contracted AI infrastructure to 597 MW, with aggregate contract value approaching $17bn. A separate 245 MW AI campus at River Bend is also under development.
The Assessment
The deal cements Hut 8's transition from Bitcoin miner to AI infrastructure landlord, replacing crypto revenue volatility with long-term contracted cash flows. The triple-net structure transfers operating risk to the tenant while locking in predictable income — a model increasingly adopted by power-rich data centre operators. For hyperscalers racing to secure AI compute, the speed-to-power constraint means firms that already control grid-connected sites command premium valuations. Hut 8's $17bn contracted backlog puts it ahead of mining peers still exposed to Bitcoin price swings.
What to Watch
Beacon Point delivery timeline against a broader industry backlog stretching into 2028, and whether Hut 8 can lease River Bend capacity before competing operators bring similar power-rich sites online.
Also read: Flex to Spin Off AI Data Centre Unit by 2027
Also read: DigiCo sells Chicago data centre for $750m
