Hut 8, 1GW Beacon Point 완전 상업화; Nvidia 임차인 선정

Hut 8 has fully commercialized the second phase of its one-gigawatt Beacon Point data center campus in Nueces County, Texas through a 15-year, $9.8 billion lease for 352 megawatts of IT capacity. The tenant—a high-investment-grade company that executed the Phase 1 lease—has doubled its contracted capacity at the campus to 704 MW.

The transaction, structured as a triple-net lease on substantially the same terms as Phase 1, represents the complete commercialization of Beacon Point's 1,000 MW utility capacity, secured under an interconnection agreement with AEP Texas. The second 352 MW phase will be built as an AI factory designed to NVIDIA's DSX reference architecture and is supported by 500 MW of utility capacity. Initial data hall delivery is expected in Q2 2028, with initial energization scheduled for Q1 2027.

Over the 15-year base term, the lease carries a 3.0% annual rent escalator and a base-term contract value of $9.8 billion. This increases the full campus base-term contract value to $19.6 billion. The lease is expected to contribute $655 million in average annual net operating income upon stabilization, raising the full-campus average to $1.31 billion annually. Three 5-year renewal options increase potential campus-level contract value to $50.2 billion if fully exercised.

The Beacon Point achievement demonstrates Hut 8's power-first development model. The company originally underwritten the site on a speed-to-power thesis for its affiliated customer, American Bitcoin Corp., but has now fully contracted it under two 15-year AI leases to a high-investment-grade counterparty. Hut 8 redesigned the first data hall for Phase 1 to NVIDIA's DSX reference architecture, achieving 57% more IT capacity within the same land and utility footprint. The tenant's decision to double its contracted capacity on substantially the same terms represents validation of both the asset and Hut 8's execution.

Across Hut 8's AI data center portfolio, total contracted IT capacity now stands at 949 MW—704 MW at Beacon Point and 245 MW at River Bend. The portfolio carries cumulative base-term contract value of $26.6 billion with expected average annual NOI exceeding $1.75 billion. One hundred percent of the contracted AI data center capacity is leased to or backstopped by investment-grade counterparties.

CEO Asher Genoot said: "The real test of our power-first approach is what our partners are willing to commit against it. Our tenant at Beacon Point chose to double its footprint at the site, the strongest validation an asset can receive. We took this greenfield site from first lease to full commercialization in just months. That speaks to the quality of the sites we originate, the credibility of our delivery, and the long-term orientation of our partnerships."

In December 2024, Hut 8 launched a $250 million stock repurchase program authorizing the repurchase of up to 6,159,439 shares—representing 5% of outstanding common stock—over twelve months through Nasdaq at prevailing market prices.