A company that was operating Bitcoin mining farms two years ago now controls nearly a gigawatt of contracted AI data center capacity, underpinned by nearly $27 billion in long-term revenue — and it just finished filling the last available lease on its largest campus in under a year.
Hut 8 Corp. announced July 20 that it has signed a second 15-year, $9.8 billion lease at its Beacon Point AI data center campus in Nueces County, Texas. The deal covers 352 megawatts of IT capacity and was executed with the same unnamed investment-grade tenant that signed Beacon Point’s Phase 1 lease in May 2026, doubling that customer’s contracted footprint at the campus to 704 MW. Combined with the Phase 1 lease, the two agreements bring Beacon Point’s total base-term contract value to $19.6 billion. If the tenant exercises all three five-year renewal options under each lease, that figure could reach $50.2 billion.
Hut 8 shares jumped as much as 17% on the news, according to Stocktwits coverage of the announcement.
Beacon Point Fully Spoken For
Beacon Point spans 525 acres near Corpus Christi and is secured by a 1,000 MW utility interconnection agreement with AEP Texas. The two leases together cover 704 MW of IT capacity against that power base. Hut 8 describes the remaining capacity as structural headroom rather than open inventory. Both agreements are structured as triple-net (NNN) leases — meaning the tenant pays operating costs beyond base rent — and carry a 3% annual base rent escalator baked into the lease terms…