Hut 8 Locks Up Its 1-GW Texas AI Campus With a Second $9.8B Lease

Hut 8 signed a second 15-year, $9.8 billion triple-net lease for 352 MW of IT capacity at its Beacon Point campus in Texas. The same undisclosed investment-grade tenant now has 704 MW under contract, fully commercializing the campus against 1,000 MW of utility capacity. Campus base-term contract value reaches $19.6 billion; Hut 8’s broader AI portfolio reaches 949 MW and $26.6 billion of base-term contract value. The company projects $655 million of average annual NOI from the new phase after stabilization, with first Phase 2 delivery expected in Q2 2028. Reuters reported the shares rose about 14% in early trading.