Hut 8 Signs $9.8B NVIDIA-Spec AI Lease in Texas

Hut 8 Corp. signed a $9.8 billion lease for the first phase of commercialization at its Beacon Point data center campus in Nueces County, Texas. The tenant was not disclosed. Shares rose about 34% in premarket trading to $107.87 per share.

The lease commits the unnamed tenant to use the campus’s compute infrastructure for large-scale AI training and inference workloads. The facility is being developed around NVIDIA’s compute architecture, the company said, indicating the site will be equipped for the hardware and software stacks commonly used in hyperscale AI projects.

Beacon Point was originally underwritten to serve an affiliated bitcoin customer on a “speed-to-power” basis, but Hut 8 repositioned the campus toward AI as power demand accelerated and customer requirements broadened. In a statement, the company described the change as a transition from its original commercialization plan tied to American Bitcoin Corp to an AI data center campus with “contracted, investment-grade cash flows.”

The lease announcement came with Hut 8’s first-quarter results. The company reported a net loss of $253 million for the quarter, up 89% from a $134 million loss a year earlier. Total revenue rose to $71 million, driven largely by $66 million in compute-related revenue compared with $22 million in revenue and $16 million in compute income in the year-ago quarter.

Hut 8 reported that ASIC compute revenue was generated primarily through American Bitcoin, AI Cloud revenue came from its wholly owned Highrise AI unit, and Traditional Cloud solutions were delivered under the Hut 8 Canada brand.

Company disclosures did not name the tenant on the $9.8 billion lease. Hut 8 said the agreement aligns the campus with NVIDIA’s compute architecture to support model training and inference at scale.