Wednesday, Hut 8 Corp. (HUT) announced the commercialization of the first phase of its Beacon Point data center campus in Nueces County, Texas, through a 15-year, $9.8 billion lease for 352 megawatts of IT capacity.
The campus is being developed in collaboration with key Texas stakeholders, including AEP Texas, a subsidiary of American Electric Power (AEP), and the Corpus Christi Regional Economic Development Corporation.
Notably, the triple-net lease, secured with a high investment-grade tenant, is valued at up to $25.1 billion if all renewal options are exercised.
The transaction is expected to increase Hut 8's total contracted AI data center capacity to 597 MW, with an aggregate base-term contract value of approximately $16.8 billion.
In the pre-market hours, HUT is trading at $96.61, up 18.24 percent on the Nasdaq.
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