Cryptomine and HPC data center developer Hut 8 has signed a new hyperscale customer as a tenant in Texas.

The company this week announced it has signed a 15-year, 352MW data center lease at its Beacon Point campus in Texas with an unnamed “high-investment-grade tenant.”

The deal represents $9.8 billion in base-term contract value on a triple-net, take-or-pay basis.

The tenant will deploy dedicated compute infrastructure at the campus to support AI training and inference workloads.

The 525-acre campus is located near Corpus Christi, in East Texas’ Nueces County. Hut 8 has executed an interconnection agreement for 1GW of utility capacity, with initial energization expected in Q1 2027. Preliminary data hall delivery is expected in Q3 2027.

The contract includes three five-year renewal options. If all options are exercised, the total contract value could reach approximately $25.1 billion.

The Beacon Point deal brings Hut 8’s total contracted data center capacity to 597MW of IT capacity. This deal, along with lease capacity at its River Bend site, totals an aggregate base-term value of approximately $16.8 billion.

The River Bend site is set to be leased to Fluidstack, which will offer the capacity to AI firm Anthropic. The deal is backed by Google.

Asher Genoot, CEO of Hut 8, said: "Our initial lease at Beacon Point demonstrates how our distinct power-first development model is repeatable across tenants and geographies. We identified a site that incumbents and peers overlooked and delivered a lease structured on the same triple-net, take-or-pay terms that defined our first AI data center lease at River Bend. Within five months, we have more than doubled our contracted capacity and secured $9.8 billion in incremental base-term contract value.”

The site was originally set to host cryptomine hardware for Hut 8 spin-out American Bitcoin Corp., but has been pivoted to host AI hardware instead. The first building was originally scoped for 224MW of IT capacity, but has since increased to 352MW; set to be based on Nvidia's DSX reference architecture for gigawatt-scale AI factories.

Consulting and advisory firm Jacobs and Vertiv are set to work with Hut 8 on the Beacon Point project’s development.

Hut 8 earnings see losses

This week also saw Hut 8 announce its Q1 2026 earnings results.

Revenue for the three months ended March 31, 2026, was $71 million, compared to $21.8 million in the prior year period. Net loss for the period was $253.1 million, compared to $134.3 million the year before. Adjusted EBITDA for the quarter was a $250.5 million loss, compared to a $117.7m loss in the prior year period. The company said the losses were primarily “unrealized losses on digital assets.”

The company has also closed an offering of $3.25 billion of fully amortizing 16.5-year investment-grade senior secured notes to finance the construction of its River Bend campus in Louisiana.

Hut 8 currently has 830MW of capacity under construction and another 550MW in active development. Capacity under exclusivity or due diligence totals another 6.995GW.

The quarter also saw the company recommission its Drumheller facility in Alberta, Canada, deploying 42MW of previously non-operational capacity into ASIC colocation capacity for mining purposes. The facility was previously closed in 2024, with Hut 8 saying it would retain the lease on the site.

Hut 8 CEO Genoot said: "In the first quarter of 2026, we continued to execute against our conviction that power is the foundational layer for the next generation of energy-intensive technologies, and that those who secure it at scale will build and compound a durable competitive advantage. That conviction has produced a contracted revenue base of $16.8 billion underpinned by triple-net, take-or-pay data center leases with 597MW of IT capacity across two hyperscale AI campuses, and diversified blue-chip, investment-grade counterparties.”

At present, Nasdaq-listed Hut 8 has around a dozen data center sites either in operation or in development, including six Bitcoin mining facilities and five colocation data centers.

The company acquired five colo data centers in Canada from TeraGo in 2022, and merged with US Bitcoin in 2023. It has spun out its mining operations to American Bitcoin, which is leasing capacity at its sites. Hut 8 also offers GPU-as-a-Service through its Highrise brand.

Genoot continued: “With River Bend advancing toward Q2 2027 delivery and a development pipeline spanning 8,375MW, our focus is on continuing to scale with the rigor and quality we believe distinguishes our platform from others in the market. We believe our proven model, strong balance sheet, and utility-scale development pipeline position us to continue executing with uncompromising discipline as we build what we believe will become an enduring, generational business at the intersection of energy and technology.”