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Hut 8 Up 30% In US Premarket As Details Contract Valued US$9.8 Billion; Reports Wider Q1 Loss, Despite Higher Revs

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-- Hut 8 (HUT.TO), an energy infrastructure platform, has commercialized the first phase of its Beacon Point data center campus in Nueces County, Texas through a 15-year, US$9.8 billion lease for 352 megawatts (MW) of IT capacity, the company said on Wednesday.

Separately, net loss widened, despite a rise in revenue in the first quarter, the company said.

On the commercialization, the tenant, "a high-investment-grade company," will deploy dedicated compute infrastructure at the campus to support AI training and inference workloads at hyperscale, the company said.

According to Hut 8, it will deliver a 352 MW AI factory designed to NVIDIA's DSX reference architecture for gigawatt-scale AI infrastructure.

Among transaction highlights, the company mentioned the lease structure as triple net (NNN) lease and added that three 5-year renewal options increase potential contract value to approximately $25.1 billion assuming all three options are exercised.

The transaction expands Hut 8's total contracted AI data center capacity to 597 MW with aggregate base-term contract value of approximately $16.8 billion, said the company.

"Beacon Point is the second AI data center campus commercialized under the Company's power-first, greenfield development model following River Bend," said the company. "Hut 8 has executed an interconnection agreement for 1,000 MW of utility capacity, with initial energization expected in Q1 2027."

Initial data hall delivery is expected in the third quarter of 2027, said the company.

The lease for 352 MW of IT capacity, requiring approximately 500 MW of utility capacity, represents the first phase of commercialization at a campus designed to support up to 1,000 MW of utility capacity, "providing significant runway for potential campus expansion and revenue growth," stated the company.

"Beacon Point underscores why we start with power and maintain flexibility across end markets," said Asher Genoot, Chief Executive Officer of Hut 8. "Operating across multiple applications lets us underwrite assets that single-use-case developers cannot, then redirect them toward higher-value commercialization pathways as demand evolves. This flexibility is intentional, and it is embedded in how we underwrite, develop, and commercialize infrastructure."

Hut 8 is developing the Beacon Point campus in collaboration with" key Texas stakeholders", including AEP Texas, a subsidiary of American Electric Power (AEP), and the Corpus Christi Regional Economic Development Corporation (CCREDC), stated the company.

"NVIDIA is engaged as technology partner, with Phase 1 of the campus engineered to NVIDIA's DSX reference architecture for gigawatt-scale AI factories," it added. "Jacobs, a global scienced-based consulting and advisory firm, is retained as EPCM (Engineering, Procurement and Construction Management) lead, working alongside Vertiv in its role supporting critical digital infrastructure systems."

In its Q1, HUT said net loss for the three months ended March 31, 2026 was US$253.1 million, compared to net loss of $134.3 million in the corresponding year-ago period. Net loss for the period included $295.7 million of primarily unrealized losses on digital assets, compared to $112.4 million in the prior year period, said the company.

For the first quarter of 2026, revenue was $71.0 million, versus $21.8 million in the prior year period, said the company. The consensus estimates compiled by FactSet was $79.0 million.

As American Bitcoin is a consolidated subsidiary, all revenue generated through the company's Managed Services agreement, ASIC Colocation agreement, and Shared Services agreement with American Bitcoin is eliminated in consolidation, stated the company.

"With River Bend advancing toward Q2 2027 delivery and a development pipeline spanning 8,375 MW, our focus is on continuing to scale with the rigor and quality we believe distinguishes our platform from others in the market," added the CEO. "We believe our proven model, strong balance sheet, and utility-scale development pipeline position us to continue executing with uncompromising discipline as we build what we believe will become an enduring, generational business at the intersection of energy and technology."

U.S.-listed shares of the company were last seen up 32.6% at US$106.75 in pre-market trading.

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Hut 8 Up 30% In US Premarket As Details Contract Valued US$9.8 Billion; Reports Wider Q1 Loss, Despite Higher Revs | FINWIRES