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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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.