Hut 8 files a $399 million building project at Beacon Point AI Campus, signaling a major data-center infrastructure commitment.
Hut 8 (NASDAQ: HUT) has registered a nearly $399 million building project at its Beacon Point AI campus near Corpus Christi, Texas, the company disclosed in a filing with the Texas Department of Licensing and Regulation on September 9. The filing adds construction detail to a development backed by $4.25 billion in first-phase financing and lease agreements valued at $19.6 billion combined base-term value. Days before the filing, the campus received conditional Base Load status under ERCOT's Batch Zero grid-interconnection process.
The project comprises a 657,130-square-foot data center building in Nueces County equipped with sprinklers, a guardhouse, fire-water tank and pump, and exterior mechanical and electrical structures. Beacon Point DC LLC—also identified as Lon Hill Infrastructure LLC—is listed as owner, with Jacobs Project Management Co. as the design firm. Construction is scheduled to begin September 28, 2026, and complete by November 5, 2027. The $399 million estimate covers this scope; Hut 8's broader financing encompasses computing infrastructure, substation work, debt-service reserves, and transaction expenses.
Hut 8 announced its foundation leases on a staggered schedule. A first 15-year agreement disclosed May 6 covers 352 megawatts of computing capacity with a base-term value of approximately $9.8 billion. A second lease announced July 20 adds another 352 megawatts under identical 15-year terms, bringing the campus to 704 megawatts of contracted capacity and $19.6 billion in combined base-term value. Both leases include 3% annual rent increases and are structured as triple-net, take-or-pay agreements—arrangements that shift property operating costs to the tenant while requiring payment for contracted capacity. Hut 8 projects average annual net operating income of approximately $1.3 billion across the campus.
The financial foundation rests on a $4.25 billion offering of senior secured notes closed June 9, carrying a 6.129% annual interest rate with maturity on November 30, 2042. Proceeds finance the first phase's 352 megawatts of computing capacity, associated substation infrastructure, reserves, and financing costs. The notes are secured by project assets and equity interests in the project company but carry no guarantee from Hut 8 or the tenant. Lease payments are expected to provide the principal cash flow for debt service.
Beacon Point has been identified with a major cloud computing agreement involving Anthropic. The Wall Street Journal reported on August 31, citing people familiar with the transaction, that Anthropic signed a $35 billion cloud-computing deal with Nvidia-backed Lambda involving the Hut 8-developed data center in Nueces County, with Nvidia holding the facility lease. Hut 8 disclosed in its August quarterly filing that it is pursuing financing for Phase 2 of the campus.