TechFlow News, May 6: According to Decrypt, Bitcoin mining company Hut 8 has signed a 15-year, $9.8 billion AI data center lease agreement for Phase I of its Beacon Point campus in Nueces County, Texas, covering 352 MW of IT capacity.
Following this announcement, Hut 8’s stock price surged to $109.88 during trading, reaching an all-time high. The tenant is an unnamed, investment-grade enterprise planning to deploy hyperscale, dedicated compute infrastructure for AI training and inference. Originally intended to support Bitcoin mining, the Beacon Point campus has pivoted to AI infrastructure development. After this deal, Hut 8’s total contracted AI data center capacity has increased to 597 MW, with aggregate base contract value totaling approximately $16.8 billion.
