Cryptomine and AI data center operator Hut 8 has priced a $4.25 billion private offering that it hopes will fund a 352MW data center in Texas.

The company last month said that an unnamed “high-investment-grade" hyperscale tenant had signed a lease for the full 352MW for the next 15 years, in a deal worth $9.8 billion in base-term contract value on a triple-net, take-or-pay basis.

Through its subsidiary Beacon Point DC LLC, Hut 8 said that it would price the notes with a 6.129 percent interest rate, due 2042. The offering is expected to close on June 9, 2026.

The $4.5bn will fund the development and construction of the turnkey data center, which is set to feature six data halls, built on a 521-acre property in Nueces County, East Texas. It will also fund the construction of a substation on the site. Hut 8 has a 1GW interconnection agreement at the site.

The notes have not been registered under the Securities Act or the securities laws of any other jurisdiction.

The debt raise follows a $3.25bn note offering that the company closed for its River Bend AI campus in Louisiana. That site is backed by Google, leased by Fluidstack, and set to be used by Anthropic.