Hut 8 Signs $9.8 Billion Long-Term AI Data Center Lease
Canada-founded Hut 8 began primarily as a bitcoin miner but has shifted in recent years toward using its power assets to support large-scale computing facilities. Deploying the first phase of its Beacon Point campus in Texas for AI extends its revenue model beyond cryptocurrency cycles into long-term infrastructure contracts. It also gives the company an entry into the high-density AI computing market through the NVIDIA DSX architecture.
Hut 8 said on May 6, 2026, that it had signed a 15-year lease for its Beacon Point campus in Nueces County, Texas. The agreement covers 352 MW of IT capacity and has a total base-term contract value of $9.8 billion, with annual rent increases of 3%. Hut 8 shares rose as much as about 36% in U.S. premarket trading after the announcement.
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The history behind this eventBitcoin Miner Hut 8 Pivots to AI Infrastructure With $7 Billion Data Center Lease
Hut 8 was originally focused on Bitcoin mining but has begun redirecting its power and data center assets toward AI computing in recent years as cryptocurrency price volatility, energy costs and pressure on mining profitability weighed on the business. The company spun off its mining operations into American Bitcoin Corp, allowing the parent company to focus on high-performance computing infrastructure. The move reflects a broader shift among miners seeking more stable, long-term revenue.
Hut 8 has signed a long-term data center lease worth a total of $7 billion with AI cloud platform Fluidstack and plans to begin providing infrastructure services for Anthropic in 2027. Despite posting a net loss of $240 million last year, management is betting on power supply, campus development and rental income from long-term contracts to transform Hut 8 from a Bitcoin miner into an AI data center developer.
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