Hut 8 signs $9.8B lease to commercialize Texas AI campus

Shares of Hut 8 Corp. surged on Monday, July 20, 2026, after the company announced a major lease agreement that fully commercializes its artificial intelligence data center campus in Texas. The 15-year deal, valued at $9.8 billion, secures an additional 352 megawatts of IT capacity for an existing investment-grade tenant at the Beacon Point facility in Nueces County.

The agreement doubles the tenant's total contracted capacity at the site to 704 megawatts, completely filling the campus's one-gigawatt power capacity. Combined with an earlier lease announced in May 2026, the two contracts give the Beacon Point campus a base-term value of $19.6 billion over 15 years. If all renewal options are exercised, the total potential value could reach approximately $50.2 billion.

The announcement sparked a broad rally among companies repositioning from cryptocurrency mining to AI infrastructure. Hut 8's stock rose as much as 14 percent in early trading, while peers including IREN, Cipher Mining, and TeraWulf also posted significant gains. The surge provided a rebound for the high-performance compute sector, which had faced recent investor skepticism over the sustainability of breakneck data...