Hut 8 has secured a $9.8 billion artificial intelligence infrastructure lease at its Beacon Point campus in Nueces County, Texas, fully commercializing the one-gigawatt site.

The 15-year agreement covers 352 megawatts of IT capacity, with the same unnamed, high-investment-grade tenant leasing the first phase. The customer has now doubled its contracted footprint at Beacon Point to 704 MW.

The triple-net lease includes a 3% annual rent increase. Hut 8 expects it to produce $9.8 billion in cumulative net operating income. That equals an average of about $655 million a year after stabilization.

Hut 8 will build a second 352 MW “AI factory” based on NVIDIA’s DSX reference architecture. The new phase will use 500 MW of utility capacity, with the company expecting to deliver the first phase two data hall in the second quarter of 2028.

Both Beacon Point leases carry a combined base-term value of $19.6 billion along with five-year renewal options for each lease, which could lift the campus-level value to $50.2 billion.

Hut 8’s wider AI portfolio now totals 949 MW, including 245 MW at River Bend. Its contracted base-term value has reached $26.6 billion, with expected average annual net operating income above $1.75 billion.

Asher Genoot, CEO of Hut 8, said, “The real test of our power-first approach is what our partners are willing to commit against it. We took this greenfield site from first lease to full commercialization in just months. That speaks to the quality of the sites we originate, the credibility of our delivery, and the long-term orientation of our partnerships.”

The agreement adds Hut 8 to a growing list of bitcoin miners turning access to electricity and land into AI infrastructure revenue.

Cleanspark signed a 20-year, $6.6 billion lease for 175 MW at its Sandersville, Georgia, campus. TeraWulf also agreed to a 20-year lease with Anthropic worth about $19 billion for a 401 MW project in Kentucky.

MARA, meanwhile, agreed to acquire a 1,200-acre Texas site that could provide as much as 2 GW of power by 2028. The campus will support AI, high-performance computing and bitcoin mining. MARA shares rose more than 13% following the announcement.

The pattern is clear. Miners increasingly view secured power capacity, rather than mining hardware alone, as their most valuable asset. For Hut 8, the second Beacon Point lease turns that strategy into a long-term, investment-grade revenue stream.

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