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Hut 8 shares jump over 30% on news of $9.8 billion AI data center lease
Bitcoin miner expands into AI infrastructure with long-term hyperscale contract in Texas, which includes options that could increase the total value of the agreement to over $25 billion.
May 6, 2026, 2:56 p.m. 2 min read
What to know:
- Hut 8 shares jumped nearly 30 percent after the company announced a 15-year, $9.8 billion lease for a large-scale AI data center project at its Beacon Point campus in Texas, with options that could lift the total value to about $25.1 billion.
- The former bitcoin-mining campus has been repositioned for AI and high-performance computing as miners face worsening bitcoin economics and increasingly pivot toward AI infrastructure, with Hut 8 now holding 597 megawatts of contracted AI data center capacity worth about $16.8 billion.
- Hut 8 said the 352-megawatt lease with an investment-grade tenant will support AI training and inference, help fund further build-out of its 1,000-megawatt Beacon Point site and broader 7,500-megawatt pipeline, and is designed to NVIDIA’s DSX reference architecture with initial operations expected starting in 2027.
The company’s pivot comes at a time when publicly listed bitcoin miners face increasingly challenging economics as they face losses of approximately $19,000 per coin produced, and are rapidly pivoting toward artificial intelligence and high-performance computing infrastructure. More than $70 billion contracts have been signed, and some miners could derive up to 70% of their revenue from AI by the end of 2026
Hut 8 said it has commercialized the first phase of its Beacon Point campus in Nueces County through a 352-megawatt (MW) IT capacity lease with a high-investment-gerade tenant. The agreement supports AI training and inference workloads and marks Hut 8’s second major AI data center deal.
