TechFlow news, July 20, according to The Block, Bitcoin mining companies Hut 8 (HUT) and IREN successively announced major AI infrastructure deals, with stock prices both rising more than 16% on the day.
Hut 8 signed a second 15-year, $9.8 billion lease at the Beacon Point campus in Nueces County, Texas, fully commercializing the 1GW site. This contract doubles the signed capacity of existing tenants to 704MW, raising the total contract value of the campus to $19.6 billion. Adding River Bend's 245MW, Hut 8's total signed IT capacity for its AI data center portfolio reaches 949MW, with a total base contract term value of $26.6 billion and expected annual net operating income exceeding $1.75 billion. If three renewal options are exercised, the potential contract value of Beacon Point could reach up to $50.2 billion.
After signing a new $2.8 billion multi-year cloud computing contract, IREN raised its end-of-2026 annualized AI cloud revenue target from $3.7 billion to over $4 billion, with currently about 85% of the target secured under contract. Clients include top institutions such as Microsoft, NVIDIA, Perplexity, and Figure AI. Customer prepayments in the new contract cover approximately 45% of the related GPU capital expenditure. As of June 30, IREN held approximately $7.6 billion in cash and equivalents.
