US Stock Market Move | The signing of a $9.8 billion computing power leasing agreement caused Hut 8 (HUT.US) to surge over 32% in early trading.

On Wednesday, Hut 8 (HUT.US) surged over 32% in early trading, hitting a new historical high and recording a year-to-date increase of 132%. On the news front, Hut 8 announced that it has signed a 15-year leasing agreement with a guaranteed value of $9.8 billion to provide computing power support for a "high investment grade company". The data center developer declined to disclose the lessee of the new AI facility in the Beacon Point complex in Nueces County, Texas. According to a statement released by Hut 8 on Wednesday, if the lessee exercises all three five-year renewal options, the total value of the contract could reach 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 US households simultaneously). AEP Texas will start supplying power to the facility in the first quarter of 2027. Currently, Hut 8's Beacon Point complex and the River Bend complex in Louisiana have signed leasing agreements totaling $16.8 billion. Jacobs Solutions Inc. is responsible for the engineering and construction of both projects, and Vertiv Holdings Co. (VRT.US) handles issues such as data center cooling.