The Beacon Point lease, anchored by an unnamed investment-grade tenant, lifts Hut 8’s contracted AI capacity to 597 MW and $16.8bn in base-term value. The Bitcoin-miner-to-AI-landlord pivot is now substantially complete. There is a particular kind of corporate transformation that is supposed to take years, and Hut 8 has done it in roughly 18 months. On Tuesday, the company announced that it has commercialised the first phase of its Beacon Point campus in Nueces County, Texas, through a 15-year lease covering 352 megawatts of IT capacity at a base-term contract value of $9.8bn. With three five-year renewal options included in the contract, the cumulative value could reach approximately $25.1bn if exercised. The tenant is described as a confidential high-investment-grade company. The lease structure is triple-net. The workloads are AI training and inference. Initial data-hall delivery is expected in the third quarter of 2027.…