Hut 8 (HUT) Stock Soars 16% on Massive $9.8B AI Data Center Agreement

Table of Contents On Monday, Hut 8 revealed it has executed a second 15-year lease agreement valued at $9.8 billion for its Texas-based Beacon Point facility, marking the complete commercialization of the 1-gigawatt campus. Shares of HUT surged as much as 16% during premarket trading following the disclosure, bringing the stock’s 12-month gains to over 300%. Hut 8 Corp., HUT The latest agreement encompasses 352 megawatts of IT capacity, effectively doubling the investment-grade tenant’s total leased space at the location to 704 MW. Following this second lease execution, the Beacon Point campus now represents a base-term contract value of $19.6 billion spanning 15 years. Should all extension options be activated, this value could potentially reach $50.2 billion. Looking at Hut 8’s entire data center portfolio, total contracted AI infrastructure capacity has climbed to 949 MW, supported by 1,330 MW of utility-backed power capacity. The combined base-term contract value throughout the portfolio now totals $26.6 billion. Every contracted capacity agreement is leased to or guaranteed by investment-grade entities. According to Hut 8, the company reimagined the initial data hall at Beacon Point utilizing Nvidia’s infrastructure framework. This strategic redesign delivered a 57% capacity increase while maintaining the same land area and utility infrastructure — a development that seemingly played a key role in the current tenant’s decision to expand its presence. The organization anticipates commencing delivery of the first Phase 2 data hall during the second quarter of 2028. Hut 8 originally operated as a Bitcoin mining company before transitioning toward AI infrastructure services. The company represents part of a larger trend of former cryptocurrency miners repurposing their power resources and data center expertise to support artificial intelligence workloads. The news provided momentum to other companies operating in the neocloud sector. IREN, which similarly transitioned from Bitcoin mining to AI infrastructure provision, climbed 9% in premarket trading after revealing $2.8 billion in new multiyear cloud agreements. IREN simultaneously increased its annualized run-rate revenue projection for AI cloud services to exceed $4 billion, up from $3.7 billion. CoreWeave shares advanced 3.5% in premarket activity, while Nebius registered a 3.7% gain. Notwithstanding the stock’s impressive performance, Hut 8’s GF Score registers at merely 12 out of 100, highlighting persistent concerns regarding financial stability and profitability metrics. The organization currently posts negative earnings, while company insiders have divested $12.2 million in shares during the previous three months without any documented purchases. The stock’s price-to-sales multiple currently stands at 36.74, significantly exceeding historical norms, indicating that market participants are anticipating substantial future expansion. Hut 8’s current market capitalization approximates $10.29 billion. The company’s shares have roughly doubled in value during 2026 to date.