Hut 8 Corp. (NASDAQ: HUT) announced a 15-year lease agreement valued at $9.8 billion for 352 megawatts of IT capacity at its Beacon Point data center campus in Nueces County, Texas. The triple-net lease with an undisclosed high-investment-grade tenant includes three 5-year renewal options that could increase the total contract value to approximately $25.1 billion.

The agreement expands Hut 8's contracted AI data center capacity to 597 MW with an aggregate base-term contract value of approximately $16.8 billion. The company expects the lease to generate an average annual net operating income contribution of $655 million upon stabilization, with initial data hall delivery scheduled for the third quarter of 2027.

Beacon Point represents the second AI data center campus commercialized under Hut 8's development model, following its River Bend facility. The company has executed an interconnection agreement for 1,000 MW of utility capacity at the site, with initial energization expected in the first quarter of 2027.

The tenant will deploy compute infrastructure designed to NVIDIA's DSX reference architecture for AI training and inference workloads. Hut 8 is developing the facility through partnerships with American Electric Power (NASDAQ: AEP), Vertiv Holdings Co. (NYSE: VRT), and Jacobs (NYSE: J).

The lease covers 352 MW of IT capacity, requiring approximately 500 MW of utility capacity, representing the first phase of commercialization at a campus designed to support up to 1,000 MW of utility capacity. Hut 8 plans to support the development with project-level financing.

The transaction advances 500 MW of utility capacity from development to construction status within Hut 8's pipeline, which spans 8,375 MW across various stages of development. The company continues to advance opportunities across a broader pipeline spanning 7,545 MW under diligence, exclusivity, and development.