Cryptomine and HPC data center developer Hut 8 has signed an extended lease with a hyperscale customer in Texas.

The company this week announced the commercialization of the second phase of its Beacon Point data center campus in Nueces County, Texas, via a second 15-year, $9.8 billion lease for 352MW of IT capacity.

The 525-acre campus is located near Corpus Christi. The tenant is an unnamed high-investment-grade company, leasing the capacity on a triple net (NNN) basis. The lease includes three 5-year renewable options.

The same firm previously executed the Phase I lease at Beacon Point and has now doubled its contracted IT capacity at the campus to 704MW.

Initial energization is on schedule for Q1 2027. Initial Phase II data hall delivery expected in Q2 2028.

This latest lease further commercializes Beacon Point’s 1GW of utility capacity, secured under an interconnection agreement with AEP Texas for electric delivery service. If all options are exercised, the leases could total $50.2 billion in revenue for Hut 8.

Asher Genoot, CEO of Hut 8, 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. The opportunity ahead of us is to apply the same model across our development pipeline."

The Beacon Point 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 campus’ design will be based on Nvidia's DSX reference architecture for gigawatt-scale AI factories.

Hut 8’s total contracted IT capacity across its AI data center portfolio totals 949MW, including 704MW at Beacon Point and 245MW at River Bend, all leased or backstopped by investment-grade customers.

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

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.