Accelerate AI infrastructure transformation Hut 8 (HUT.US) secured a lease for at least $9.8 billion for a data center in Texas.

Hut 8 Corp., which is transitioning from cryptocurrency mining to artificial intelligence (AI) data center infrastructure, has signed a 15-year lease agreement with a guaranteed value of $9.8 billion to provide computing power support for a "high investment grade company." The data center developer has refused to disclose the lessee of the new AI facility in the Beacon Point Park in Nueces County, Texas. Hut 8 stated in a statement on Wednesday that if the lessee exercises all three five-year renewal options, the contract could be worth up to $25.1 billion. The Beacon Point data center has been approved for a power capacity of up to 1 gigawatt (enough to power 750,000 U.S. households at the same time). AEP Texas will start delivering power to the facility in the first quarter of 2027. Currently, Hut 8's Beacon Point Park and River Bend Park in Louisiana have signed lease agreements totaling $16.8 billion. Jacobs Solutions Inc. is responsible for the engineering and construction of these two projects, while Vertiv Holdings Co. handles issues such as data center cooling. After the announcement, Hut 8's stock surged over 44% in pre-market trading on Wednesday, and at the time of writing, the stock had risen approximately 28%. Hut 8 is a publicly traded Bitcoin mining company that is transitioning into the energy and digital infrastructure sectors. The Miami-based company holds shares in American Bitcoin Corp., a cryptocurrency mining company associated with Eric Trump and Donald Trump's son. Hut 8 released its first quarter 2026 financial report on Wednesday. Revenue for the period surged from $21.8 million to $71 million, with the majority of revenue growth coming from computing power services. The company revealed that it has a total of 8,375 megawatts of development project reserves. However, the company suffered a digital asset impairment loss of $295.7 million, resulting in an operating loss of $370.4 million; the net loss attributable to the company was $219.8 million, or $1.98 per share. Currently, Hut 8 still holds a substantial amount of digital assets, including Bitcoin with a book value of $1.1 billion (a total of 16,331 coins) and $9.9 million in investment class tokens. At the end of the quarter, the company had $160 million in cash and had negative operating cash flow of $27.2 million.