Hut 8 Fills Its Beacon Point Campus, Lifting AI Lease Value to $26.6 Billion

Hut 8 told investors its AI data center leases carry about $26.6 billion in expected base-term value, all for capacity still under construction.

Contract value says what tenants owe over the lease, not when a buyer can use the power. Hut 8 targets first data halls in stages, from River Bend in the second quarter of 2027 to Beacon Point Phase 2 in the second quarter of 2028, so a capacity plan that counts these megawatts earlier counts capacity that does not yet exist.

What did Hut 8 sign?

In July, Hut 8 signed a second 15-year lease with the tenant at Beacon Point, its 1-gigawatt campus in Texas. The 352 megawatts of IT capacity double that tenant’s holding to 704 megawatts and fill the site. Hut 8 calls the campus halves Phase 1 and Phase 2, one lease each, and did not name the tenant.

The Phase 2 lease carries about $9.8 billion of the base-term value and an expected average of $655 million a year in net operating income, which is lease revenue less operating costs Hut 8 cannot pass on.

When does the capacity arrive?

Hut 8 targets first data halls at River Bend in Louisiana in the second quarter of 2027, at Beacon Point Phase 1 in the third quarter and at Phase 2 in the second quarter of 2028. If the portfolio is only those two campuses, River Bend carries the other $7.0 billion of the $26.6 billion, by The Denominator’s arithmetic, and 245 megawatts of IT capacity against Beacon Point’s 704.

The leases count IT capacity, the power delivered to tenants’ equipment. The 1,330 megawatts under construction is utility capacity, the larger supply behind it. Phase 2 is the furthest out, still in civil design.

Who pays for it?

Phase 1 is funded. In June, Hut 8 sold $4.25 billion of senior secured notes due 2042 at 6.129% through its Beacon Point subsidiary, and it expects the lease payments to service them. By The Denominator’s arithmetic, a full year of interest on the whole issue runs about $260 million.

Phase 2 funding is open. Hut 8 is pursuing financing and evaluating a range of structures, and has not said which it will pick or at what rate. It expects project-level money to cover both campuses, with no equity issued and no recourse debt at the parent.

Hut 8 also agreed to buy two energized West Texas sites with up to 230 megawatts of utility capacity, subject to final power approvals, for up to $180 million. Closing is scheduled for December 2026, with $100 million due then and up to $80 million contingent on a qualifying lease or transfer.

Which megawatts in the company’s own capacity plan through 2028 are contracted but not yet built, and on what date does each hall open?