Hut 8 Corp. (Nasdaq: HUT) has signed a second 15-year, $9.8 billion triple-net lease for 352 megawatts of IT capacity at its Beacon Point data center campus in Nueces County, Texas, according to a company statement released July 20.

The tenant, identified only as a high-investment-grade company, is the same counterparty that signed the Phase 1 lease, doubling its contracted capacity at the campus to 704 MW. The transaction fully commercializes the 1,000 MW campus, which operates under an interconnection agreement with AEP Texas.

The lease includes a 3.0% annual base rent escalator, bringing the total base-term contract value for the full campus to $19.6 billion. Expected average annual net operating income for the campus rises to $1.31 billion. Three 5-year renewal options per lease could increase the campus-level contract value to $50.2 billion if all options are exercised.

Hut 8 said it will deliver the Phase 2 facility to Nvidia's DSX reference architecture for AI infrastructure, with initial data hall delivery expected in Q2 2028 and initial energization on schedule for Q1 2027.

Across its full AI data center portfolio, Hut 8 now holds 949 MW of contracted IT capacity — 704 MW at Beacon Point and 245 MW at River Bend — with a cumulative base-term contract value of $26.6 billion and expected average annual NOI exceeding $1.75 billion. The company states that 100% of its contracted AI data center capacity is leased to or backstopped by investment-grade counterparties.

CEO Asher Genoot said, "Our tenant at Beacon Point chose to double its footprint at the site, the strongest validation an asset can receive. We took this greenfield site from first lease to full commercialization in just months."

Separately, the company noted an active $250 million stock repurchase program, launched December 4, 2024, covering up to 6,159,439 shares of common stock through Nasdaq.