Hut 8 Corp. announced it has fully commercialized its one-gigawatt Beacon Point AI data center campus in Texas by signing a second 15-year lease agreement with an existing investment-grade tenant. This new agreement is for 352 megawatts (MW) of IT capacity and has a base-term contract value of $9.8 billion, doubling the tenant's total contracted capacity at the campus to 704 MW.
Key Details
- Agreement Terms: A 15-year, $9.8 billion triple net (NNN) lease for 352 MW of IT capacity with an existing high-investment-grade tenant.
- Campus Impact: This transaction brings the total base-term contract value for the Beacon Point campus to $19.6 billion, with an expected average annual Net Operating Income (NOI) of $1.31 billion upon stabilization.
- Delivery Timeline: The initial delivery for this second phase is expected in Q2 2028.
- Total Portfolio: Hut 8's total contracted AI data center portfolio capacity now rises to 949 MW, with an aggregate base-term contract value of $26.6 billion.