Key Points

  • Shares of Hut 8 climbed 37% Wednesday following the announcement of a 15-year, $9.8 billion lease agreement for its Beacon Point AI data center facility in Texas.
  • This triple-net lease arrangement encompasses 352 MW of IT capacity with a high-investment-grade tenant, featuring a 3% yearly rent increase.
  • Total contracted AI data center capacity for Hut 8 now reaches 597 MW, representing a combined base-term contract value of $16.8 billion.
  • First-quarter 2026 revenue reached $71 million, rising from $21.8 million year-over-year, though falling short of the $79.4 million analyst projection.
  • Q1 net loss totaled $253.1 million, primarily attributed to $295.7 million in unrealized digital asset losses.

Shares of Hut 8 (HUT) experienced a dramatic 37% surge Wednesday following the company’s announcement of a substantial 15-year lease agreement valued at $9.8 billion for its Beacon Point AI data center facility located in Nueces County, Texas. Trading activity showed the stock had already gained 29% during premarket hours.


HUT Stock Card
Hut 8 Corp., HUT

This agreement encompasses 352 megawatts of IT capacity structured as a triple-net arrangement with an undisclosed high-investment-grade tenant. The terms feature a 3% annual base rent increase mechanism along with three optional 5-year renewal periods, potentially elevating the total contract value to $25.1 billion should all extensions be activated.

The facility will support dedicated AI training and inference operations at hyperscale for the tenant. Construction follows NVIDIA’s DSX reference architecture designed specifically for gigawatt-scale AI infrastructure.

Hut 8 has partnered with Jacobs serving as engineering lead alongside Vertiv Holdings handling critical infrastructure components. The facility anticipates initial data delivery during the third quarter of 2027.

Portfolio Expansion Through Beacon Point Agreement

With the Beacon Point lease finalized, Hut 8’s total contracted AI data center capacity now spans 597 MW, representing a combined base-term contract value of $16.8 billion. The agreement is projected to yield $9.8 billion in cumulative net operating income throughout the base term, translating to approximately $655 million annually upon reaching full stabilization.

Beacon Point represents the second AI campus successfully commercialized through Hut 8′s greenfield development approach, following the River Bend location. The company has additionally secured an interconnection agreement providing 1,000 MW of utility capacity through American Electric Power, with initial energization scheduled for Q1 2027.

As of May 6, 2026, Hut 8’s complete development pipeline encompasses 8,375 MW. This total comprises 830 MW currently under construction, 550 MW in active development, 1,680 MW under exclusivity arrangements, and 5,315 MW undergoing diligence.

First Quarter 2026 Financial Performance Details

Hut 8 released its first-quarter earnings Wednesday alongside the lease announcement. Revenue totaled $71 million, representing substantial growth from $21.8 million in Q1 2025, though trailing the Wall Street consensus estimate of $79.4 million.

The quarter resulted in a net loss of $253.1 million, compared with a $134.3 million loss during the corresponding period last year. The expanded loss stemmed primarily from $295.7 million in unrealized losses on digital assets.

ASIC compute, AI cloud, and traditional cloud revenue segments collectively increased to $66 million from $16.1 million year-over-year. Power revenue decreased to $3.74 million from $4.38 million in Q1 2025.

Adjusted EBITDA reached -$250.5 million for the quarter, declining from -$117.7 million in Q1 2025.

Cash and bitcoin holdings totaled approximately $1.3 billion as of March 31, 2026, down from $1.4 billion at year-end 2025.

CEO Asher Genoot stated the quarterly results demonstrated the company’s strategic emphasis on acquiring large-scale power capacity. “That conviction has produced a contracted revenue base of $16.8B underpinned by triple-net, take-or-pay data center leases with 597 MW of IT capacity across two hyperscale AI campuses,” he said.