Shares of Hut 8 Corp. surged sharply after the company announced a massive 15-year lease agreement tied to its AI-focused Beacon Point data centre campus in Texas. The deal carries a base contract value of $9.8 billion and could eventually expand to nearly $25 billion if renewal options are exercised. By the close of trading on Wednesday, the stock stood at 108.94, marking a gain of 35.34%.
The company said the project was originally planned for Bitcoin mining but was later repositioned toward artificial intelligence infrastructure as demand for high-performance computing exploded globally. The first phase includes 352 megawatts of IT capacity for a major undisclosed tenant focused on AI model training and inference workloads.
The deal increases Hut 8’s contracted AI data centre capacity to 597 megawatts, with a total contract value of about $16.8 billion. The company expects the project to start operating in 2027.
This announcement shows a bigger trend: Bitcoin mining companies are moving toward AI infrastructure as demand for data centre power grows. Many crypto mining firms are now becoming AI infrastructure providers as traditional mining becomes less profitable.
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