Hut 8 surges on $9.8 billion AI data-center lease, lifting compute sector
Hut 8 has secured a $9.8 billion AI data-center lease, fully commercializing its 1-gigawatt Beacon Point campus. The news triggered a rally in the high-performance compute sector, with several peers seeing significant stock gains.
Why it matters
This deal signals continued institutional demand for AI-ready infrastructure despite recent market skepticism regarding the sustainability of data center spending.
The agreement, signed with the same investment-grade tenant that leased the first phase of the project, fully commercializes the 1-gigawatt campus. Hut 8 will build another 352 megawatts (MW) of AI computing capacity based on Nvidia's data center architecture, bringing the tenant's total contracted capacity at the site to 704 MW.
The second lease fully commercializes Beacon Point's 1-gigawatt power capacity and raises the campus' base contract value to $19.6 billion over the initial lease term.
Hut 8 rose to as high as $104.51 on Monday, and the announcement spilled over to peers in the high-performance compute sector. IREN (IREN) climbed 15%, Cipher Mining (CIFR) gained 11% and TeraWulf (WULF) added 6.4% in early trading. The CoinShares Bitcoin Miners ETF (WGMI) advanced 9.3%.
The share-price surge comes after AI infrastructure companies stumbled in recent weeks as investors questioned whether the industry's breakneck spending on data centers would continue.
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