Hut 8 commercialises phase two of Beacon Point on a $9.8bn, 15-year lease
Hut 8 disclosed a second 15-year lease covering 352 megawatts of IT capacity at its one-gigawatt Beacon Point campus in Texas, valued at $9.8 billion. The filing is a useful corrective to gigawatt headlines: this is what one third of a gigawatt costs, and how long someone had to promise to pay for it.
Fifteen years is the number that matters. Model generations turn over in months; this contract runs until 2041. Somebody has underwritten a decade and a half of demand for capacity that will host at least eight or nine generations of hardware, none of which has been designed yet.
It also gives a price anchor that press releases usually omit. Roughly $9.8 billion for 352 megawatts over the term puts a defensible figure on what the gigawatt-scale commitments elsewhere in the industry actually cost to honour — and it is disclosed in a securities filing rather than a blog post, which is a different standard of care.
Behind-the-meter generation keeps recurring in the same filings for a reason. When grid interconnection queues run to years, building the power next to the building stops being an optimisation and becomes the only route to a delivery date. The ten-gigawatt commitment implies a great many more conversations of exactly this kind.
SEC — Hut 8 Corp. — Form 8-K, FY2026 → · SEC — Jet.AI Inc. — Form 8-K, FY2026 (StratGrid behind-the-meter data centre investment) → · Bismarck Analysis — AI 2026: data centers restart growth of a stagnant U.S. electrical grid →