Hut 8 has fully commercialized its one-gigawatt Beacon Point AI data centre campus in Texas after securing a second 15-year lease valued at US$9.8 billion.
The agreement covers 352 megawatts of IT capacity and doubles the unnamed tenant’s contracted footprint at the Nueces County campus to 704 MW. Hut 8 described the customer as the same high-investment-grade company behind its first Beacon Point lease, announced in May.
Together, the two leases give Beacon Point a base-term contract value of US$19.6 billion. Three five-year renewal options attached to each lease could increase the campus-level value to US$50.2 billion if fully exercised.
The latest agreement is structured as a triple-net lease on substantially the same terms as the first, including a three percent annual increase in base rent.
Hut 8 expects the second lease to contribute US$9.8 billion in cumulative net operating income over its initial term, averaging US$655 million annually once stabilized. The company projects average annual NOI of US$1.31 billion across the entire campus.
Beacon Point has secured 1,000 MW of utility capacity through an interconnection agreement with AEP Texas. Hut 8 said no additional utility capacity will be needed to serve the second phase, with site preparation underway and long-lead equipment already procured.
The company plans to build a second 352 MW “AI factory” based on Nvidia’s DSX reference architecture. Delivery of the first Phase 2 data hall is anticipated during the second quarter of 2028, while initial energization of the campus remains scheduled for the first quarter of 2027.
“The real test of our power-first approach is what our partners are willing to commit against it,” said Hut 8 CEO Asher Genoot.
Genoot added that the tenant’s decision to double its footprint was a strong validation of the campus and Hut 8’s development model.
Beacon Point is Hut 8’s first fully commercialized AI data centre campus. The company said a redesign of the first Phase 1 data hall around Nvidia’s architecture increased its IT capacity by 57 percent without requiring more land or utility capacity.
The transaction raises Hut 8’s contracted AI data centre portfolio to 949 MW of IT capacity, comprising 704 MW at Beacon Point and 245 MW at its River Bend campus. That portfolio is supported by 1,330 MW of utility capacity and carries an aggregate base-term contract value of US$26.6 billion.
Hut 8 expects the portfolio to generate more than US$1.75 billion in average annual NOI. All its contracted AI data centre capacity is leased to, or financially supported by, investment-grade counterparties.