Hut 8 has entered into a significant 15-year lease agreement for the second phase of its Beacon Point AI campus in Texas, which is valued at an impressive $9.8 billion.
The latest lease adds 352 MW of computing power based on Nvidia technology, bringing the total contracted capacity for the tenant at the site to 704 MW. This deal fully commercializes the 1 GW campus, raising the base contract value for Beacon Point to $19.6 billion, with potential extensions bringing it to $50.2 billion.
— Hut 8 (@Hut8Corp) July 20, 2026
The agreement was signed with the same undisclosed high-grade tenant involved in the first phase. Following the announcement, Hut 8's stock price jumped by 10% to $104.51, while shares of other AI-focused miners also rose, including Cipher Mining and TeraWulf.
In related news, IREN, another bitcoin miner, announced $2.8 billion in new contracts for cloud AI services, prompting the company to raise its revenue forecast for the AI Cloud segment to over $4 billion by the end of 2026, with 85% already secured through existing agreements. The company reported it has significantly expanded its AI Cloud capacity from 3 MW to 480 MW within a year, aiming for 1.2 GW by 2027.
