On July 20, mining company Hut 8 signed a 15-year lease for the second phase of the Beacon Point AI campus in Texas, USA. The contract is valued at $9.8 billion.
Hut 8 has fully commercialized its 1 GW Beacon Point AI data center campus with a second 352 MW IT lease, bringing campus-level base-term contract value to $19.6 billion. The 15-year lease doubles the existing high-investment-grade tenant’s contracted capacity at the campus to… pic.twitter.com/46BkuA6ZBe
— Hut 8 (@Hut8Corp) July 20, 2026
The agreement is with the same tenant as the first phase of the project, though the tenant’s name has not been disclosed. The company only noted the tenant’s high investment grade.
Hut 8 will build an additional 352 MW of computing capacity based on Nvidia architecture. The tenant’s total contracted capacity at the site will increase to 704 MW.
The deal fully commercializes the 1 GW campus. The base value of contracts at Beacon Point has reached $19.6 billion, with potential extensions raising it to $50.2 billion.
Across its AI data center portfolio, Hut 8 has contracted 949 MW. The total base value of agreements is $26.6 billion, with an average annual net operating income exceeding $1.75 billion.
Following the news, Hut 8’s shares jumped 10% to $104.51. The rise also affected other miners developing AI initiatives: Cipher Mining shares increased by 15.4%, and TeraWulf by 5.4%. The CoinShares Bitcoin Miners ETF rose by 10.6%.
New IREN Contracts
Meanwhile, another bitcoin miner, IREN, announced new contracts for cloud AI services worth $2.8 billion.
In light of the deals, the company raised its annual revenue forecast for the AI Cloud segment by the end of 2026. The target increased from $3.7 billion to over $4 billion, with about 85% of this amount already secured through signed agreements.
Among the firm’s clients are Microsoft, Nvidia, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, and Hume AI. Another new client was described as a “leading AI developer,” though the name was not disclosed.
The new contracts include prepayments covering about 45% of the capital expenditures for the corresponding GPUs, reducing the company’s need for deployment financing. The weighted average term of client agreements is about four years. As of June 30, IREN held approximately $7.6 billion in cash and equivalents.
“Our vertically integrated AI Cloud platform is scaling rapidly. Over the past 12 months, we have grown from approximately 3 MW of our own AI Cloud capacity to 480 MW delivered this year, with a target of 1.2 GW by 2027,” said IREN co-founder and co-CEO Daniel Roberts.
Following the announcement, IREN’s shares rose by 18.7%.
Earlier in July, mining company MARA Holdings acquired a site in Matagorda County, Texas. The total deal value could reach $600 million.
Around the same time, TeraWulf announced plans to raise $3.5 billion for a data center for Anthropic.
