Hut 8 Secures $9.8 Billion AI Lease to Fully Commercialize Beacon Point

The new agreement, which mirrors the terms of the initial phase, brings the total contracted IT capacity across Hut 8’s portfolio to 949 megawatts. By leveraging an existing interconnection agreement with AEP Texas, the company avoids the need for additional utility infrastructure to support the expansion. The facility is designed to meet NVIDIA’s DSX reference architecture, a move Hut 8 credits with significantly increasing power density within the existing land footprint.

CEO Asher Genoot described the expansion as a validation of the company's power-first strategy, noting that the tenant’s decision to double its footprint at the greenfield site occurred within months of the initial lease. With construction underway and long-lead equipment already secured, the company expects initial energization for the second phase to begin in early 2027. If all renewal options are exercised, the potential contract value for the Beacon Point campus could reach $50.2 billion, reinforcing Hut 8's position in the high-performance computing infrastructure sector.