Hut 8 Stock Spikes 37% on Massive $9.8 Billion AI Data Center Lease

Hut 8 Corp. (NASDAQ: HUT) (TSX: HUT) shares jumped 37% Wednesday after the company unveiled a 15-year, $9.8 billion lease covering 352 MW of IT capacity at its Beacon Point AI data center campus in Nueces County, Texas.

Deal Pushes Contracted Capacity Past Half a Gigawatt

The triple-net lease with a high-investment-grade tenant boosts Hut 8’s total contracted AI data center capacity to 597 MW, with aggregate base-term contract value reaching roughly $16.8 billion. Moreover, the agreement carries a 3.0% annual base rent escalator and includes three 5-year renewal options. If the tenant exercises all options, the total contract value could climb to approximately $25.1 billion.

In terms of cash flow, the company anticipates cumulative net operating income (NOI) contribution of $9.8 billion across the base lease term. Once stabilized, that translates to an expected average annual NOI contribution of $655 million. Initial data hall delivery is slated for the third quarter of 2027.

Beacon Point Builds on Power-First Development Strategy

Beacon Point marks the second AI data center campus that Hut 8 has commercialized under its power-first, greenfield development model, following River Bend. To support the buildout, the company has executed an interconnection agreement for 1,000 MW of utility capacity with American Electric Power (NASDAQ: AEP), and it expects initial energization in the first quarter of 2027.

Furthermore, Hut 8 will design the facility to NVIDIA’s DSX reference architecture for gigawatt-scale AI infrastructure. The company is developing the campus alongside two key partners: Jacobs (NYSE: J) is leading engineering, procurement, and construction management, while Vertiv Holdings Co (NYSE: VRT) is supporting critical digital infrastructure systems.

Q1 Revenue Triples Despite Wider Loss

On the financial front, Hut 8 reported first-quarter 2026 revenue of $71.0 million, more than tripling from $21.8 million in the prior-year period. However, the company swung to a deeper net loss of $253.1 million, compared to a $134.3 million loss a year earlier. Notably, the prior-year figure included $295.7 million in primarily unrealized losses on digital assets.

Pipeline Tops 8,000 MW as Buildout Accelerates

Looking ahead, Hut 8 is sitting on a sizable development runway. As of May 6, 2026, the company maintains a pipeline totaling 8,375 MW. Specifically, that breaks down into 5,315 MW of Energy Capacity Under Diligence, 1,680 MW of Energy Capacity Under Exclusivity, 550 MW of Energy Capacity Under Development, and 830 MW of Energy Capacity Under Construction.

For more investor relations information on Hut 8 Corp. please visit www.hut8.com/investors .