en.Wedoany.com Reported - Hut 8 has signed an expanded lease with an unnamed hyperscale customer in Texas, adding 352MW of IT capacity to its Beacon Point data center campus. The 15-year lease, valued at $9.8 billion, marks the commercialization of the campus's second phase.

Located near Corpus Christi, the campus spans 525 acres. The tenant, a high-investment-grade company, is leasing capacity under a triple net lease (NNN) structure, with three five-year renewal options. The customer had previously signed a lease for the first phase and has now doubled its contracted IT capacity on the campus to 704MW. The first phase is scheduled to go live in the first quarter of 2027, with the second-phase data hall expected to be delivered in the second quarter of 2028.

The latest lease further commercializes the 1GW utility capacity at Beacon Point, which is sourced through an interconnection agreement with AEP Texas. If all options are exercised, the two-phase lease could generate total revenue of $50.2 billion for Hut 8.

Hut 8 CEO Asher Genoot stated: "The true test of our 'power-first' strategy is how much partners are willing to invest. The tenant choosing to double its footprint on the campus is the strongest endorsement of the asset. Going from the first lease to full commercialization in just months reflects site quality, delivery credibility, and a long-term partnership orientation. We will apply the same model to our development pipeline."

The Beacon Point site was originally planned to host cryptocurrency mining hardware for American Bitcoin Corp., a spin-off from Hut 8, but has now shifted to hosting AI hardware. The campus is designed based on Nvidia's DSX reference architecture for gigawatt-scale AI factories.

Hut 8's AI data center portfolio now has a total contracted IT capacity of 949MW, including 704MW at Beacon Point and 245MW at River Bend, all leased or supported by investment-grade customers. The River Bend site in Louisiana will be leased to Fluidstack, which will then provide capacity to AI company Anthropic, a transaction backed by Google.

Nasdaq-listed Hut 8 currently has approximately a dozen data center sites in operation or development, including six Bitcoin mining facilities and five colocation data centers. The company acquired five colocation data centers in Canada from TeraGo in 2022, merged with US Bitcoin in 2023, and later spun off its mining operations to the latter while leasing site capacity. Hut 8 also offers GPU-as-a-Service under the Highrise brand.