Hut 8 has completed the commercialization of its Beacon Point AI data center campus in Texas with a second major lease agreement, bringing the full one-gigawatt site under contract and significantly expanding the company's total contracted capacity and revenue backlog.

Second Lease Doubles Existing Tenant's Footprint

The new agreement is a 15-year lease covering 352 megawatts of IT capacity. The tenant is the same high-investment-grade counterparty that signed the first lease at Beacon Point, and the new deal doubles that tenant's contracted capacity at the campus from 352 megawatts to 704 megawatts.

With both agreements now in place, the Beacon Point campus is fully commercialized, meaning all available capacity at the one-gigawatt site has been committed under binding contracts.

The campus-level base-term contract value now stands at USD 19.6 billion as a result of the two leases. Should the tenant exercise available renewal options, the potential campus-level contract value rises to USD 50.2 billion, according to the company.

Portfolio-Wide Metrics Reach New Scale

The Beacon Point transaction pushes Hut 8's total contracted IT capacity across its AI data center portfolio to 949 megawatts.

That contracted capacity is supported by 1,330 megawatts of utility power capacity across the portfolio.

The aggregate base-term contract value for the full portfolio now stands at USD 26.6 billion, with an average annual net operating income of more than USD 1.75 billion.

Hut 8 stated that 100 percent of its contracted AI data center capacity is leased to or backstopped by investment-grade counterparties. The company did not identify the tenant by name in its announcement.

Beacon Point Campus Background

Beacon Point is described by Hut 8 as a one-gigawatt AI data center campus. The announcement was accompanied by a preliminary rendering of the campus.

The company has not disclosed the specific location of Beacon Point beyond general references in prior communications.

The structure of both leases at Beacon Point, 5-year terms with a single high-investment-grade tenant taking the full 704 megawatts, reflects a strategy of securing long-duration, large-scale commitments from creditworthy customers rather than spreading capacity across multiple smaller agreements.

Contract Value and NOI Figures

The USD 26.6 billion aggregate base-term contract value represents the total revenue Hut 8 expects to collect across all active leases in its AI data center portfolio over their respective base terms.

The average annual net operating income figure of more than USD 1.75 billion is derived from those contracted commitments.

Renewal options across the portfolio, including those at Beacon Point, have the potential to extend and increase those figures, though the company's press release focused the USD 50.2 billion renewal option figure specifically on the Beacon Point campus.

The announcement did not break out the financial terms of the second Beacon Point lease in isolation, such as the annual rent or per-megawatt pricing, but framed the cumulative campus and portfolio metrics as the primary financial disclosures.

Investment-Grade Counterparty Requirement

Hut 8 emphasized that every megawatt of contracted AI data center capacity in its portfolio is either directly leased to an investment-grade counterparty or backstopped by one.

The company did not elaborate on the distinction between leases held directly by investment-grade tenants and those that are backstopped, nor did it identify any of the counterparties involved across the portfolio.

The focus on investment-grade credit quality across the entire contracted portfolio signals the company's intent to present its revenue backlog as carrying minimal counterparty credit risk, a consideration increasingly important to institutional investors and lenders evaluating data center developers.

Timing and Announcement

The press release was published on July 20, 2026.

Hut 8 positioned the announcement as the completion of a process that began with the first Beacon Point lease, with the second agreement representing the final step in fully commercializing the campus.

The company did not announce any additional uncommitted capacity at Beacon Point following the signing of the second lease, consistent with its characterization of the campus as now fully leased.