Hut 8 (HUT) Stock Soars 37% on Massive $9.8 Billion AI Data Center Agreement

Table of Contents Shares of Hut 8 (HUT) experienced a dramatic 37% surge on Wednesday after the company unveiled a major 15-year lease agreement valued at $9.8 billion for its Beacon Point AI data center facility located in Nueces County, Texas. The stock had already climbed 29% during premarket hours ahead of the opening bell. Hut 8 Corp., HUT This significant agreement encompasses 352 megawatts of IT capacity structured as a triple-net lease with an undisclosed tenant possessing high-investment-grade credit ratings. The contract incorporates a 3% annual escalation clause for base rent and offers three separate 5-year extension options, potentially increasing the overall contract value to $25.1 billion should all renewal options be activated. $HUT signed a 15-year lease worth $9.8B for 352 MW of IT capacity at its Beacon Point AI data center campus in Texas. The deal lifts its contracted AI data center capacity to 597 MW, with first delivery expected in Q3 2027. pic.twitter.com/juOmXWZurs — Wall St Engine (@wallstengine) May 6, 2026 The tenant plans to utilize the facility for operating dedicated AI training and inference operations at hyperscale levels. Construction of the facility follows NVIDIA’s DSX reference architecture designed specifically for gigawatt-scale AI infrastructure deployment. Hut 8 has partnered with Jacobs serving as engineering lead alongside Vertiv Holdings for critical infrastructure implementation. The company anticipates initial data delivery to commence during the third quarter of 2027. The Beacon Point lease agreement increases Hut 8’s total contracted AI data center capacity to 597 MW, resulting in a combined base-term contract valuation of $16.8 billion. The company projects this lease will produce $9.8 billion in cumulative net operating income throughout the base term, translating to approximately $655 million annually once operations reach full stabilization. Beacon Point represents the second AI campus to be commercialized under Hut 8′s greenfield development strategy, following the River Bend facility. The company has additionally secured an interconnection agreement providing 1,000 MW of utility capacity through American Electric Power, with initial energization scheduled for Q1 2027. As of May 6, 2026, Hut 8’s complete development pipeline totals 8,375 MW. This encompasses 830 MW currently under construction, 550 MW in the development phase, 1,680 MW under exclusivity arrangements, and 5,315 MW undergoing due diligence. Hut 8 simultaneously released first-quarter financial results on Wednesday. Revenue totaled $71 million, significantly exceeding the $21.8 million recorded in Q1 2025, but underperforming Wall Street’s consensus estimate of $79.4 million. The company recorded a net loss of $253.1 million for the quarter, compared to a loss of $134.3 million during the corresponding period last year. The expanded loss stemmed predominantly from $295.7 million in unrealized losses on digital assets. Revenue from ASIC compute, AI cloud, and traditional cloud services surged to $66 million from $16.1 million year-over-year. Power revenue decreased to $3.74 million from $4.38 million in Q1 2025. Adjusted EBITDA for the quarter registered at -$250.5 million, deteriorating from -$117.7 million in Q1 2025. The company maintained approximately $1.3 billion in cash and bitcoin holdings as of March 31, 2026, declining from $1.4 billion at year-end 2025. CEO Asher Genoot indicated the company’s performance demonstrated its strategic emphasis on obtaining large-scale power capacity. “That conviction has produced a contracted revenue base of $16.8B underpinned by triple-net, take-or-pay data center leases with 597 MW of IT capacity across two hyperscale AI campuses,” he stated.