Hut 8 is turning from a bitcoin miner into an AI data center operator with long-term contracted revenue, built on controlling low-cost power and developing its own facilities. On May 6 it signed a 15-year, 352 MW Beacon Point lease with an investment-grade tenant, worth $9.8 billion take-or-pay and up to $25.1 billion with renewals. That lifts contracted AI capacity to 597 MW and base contract value to about $16.8 billion across River Bend and Beacon Point, with gigawatt-scale expansion planned. … Show more

Hut 8's new Beacon Point lease ranks among the best ever signed by any data center developer. Per Hut 8, the second 352 MW lease doubles a high-investment-grade tenant's capacity to 704 MW and brings 15-year base-term contract value to $19.6B. The triple-net structure means a 100% NOI margin, about $1.86M of average annual NOI per MW with a 3% escalator, against $9-11M per MW of build cost, roughly a 15% yield on cost. x.com 

Hut 8 is following a dangerous precedent of self-leveraging data-center buildouts by packaging tenant leases into asset-backed securities, as Blackstone's QTS began doing. Construction debt builds a data center, its 15-year lease backs debt issuance, and the proceeds fund distributions and equity for more projects, so $10B of equity can snowball into $180B of projects. The same cycle in late-1990s manufactured homes contributed to the mortgage crisis. x.com 

Hut 8's thesis as an owner of energy infrastructure for modern technologies is as strong today as ever. The company has executed very well against that thesis since it was laid out in October 2024. x.com 

Hut 8's pivot from Bitcoin mining to AI data centers has become signed revenue: a 15-year, $9.8B lease for 352 MW of AI capacity in Texas, far above its prior market cap. That makes it a fundamentally different business from hashing SHA-256 and hoping Bitcoin cooperates. Total contracted AI capacity is now 597 MW, with first delivery in Q3 2027. Miners with existing land, grid connections, cooling and expertise lacked only a long-term tenant, and Hut 8 found one; other miners have yet to move. … Show more

Hut 8 has signed away nearly 1GW of power and land in colocation deals for pennies on the dollar, making it a stock worth shorting for anyone willing to short at all. Colocation plays are off-limits until rates improve. x.com 

Neoclouds such as Hut 8 are the play on an AI capacity shortage, as big AI companies and labs race to lock in capacity years ahead. AI cloud backlogs have passed $150B, and one provider said it could sell out its 2027 capacity at today's terms. Hut 8 is a bitcoin miner turning its power infrastructure into AI data centers, and its 1GW Texas campus is now fully leased. x.com 

Hut 8 gains long-term AI infrastructure exposure backed by Nvidia. Per the WSJ, relayed by @StockMKTNewz, Anthropic's $35B compute deal with Lambda will run in a data center Hut 8 is building in Nueces County, Texas, where Nvidia itself holds the lease. Neoclouds remain very attractive at current prices. x.com  x.com 

Owning Nebius's Independence campus could underpin years of US growth by letting it coordinate power, cooling and GPU upgrades. Its four-building plan targets up to 1.2 GW over five to seven years, but ownership puts construction and financing risk on Nebius; returns require power, equipment and customers to arrive together. Utility supply, the off-site Blue Valley project and a possible on-site generation option are distinct plans, not operating compute. Current active IT MW was not verified. … Show more

Contracted AI compute demand makes four AI infrastructure stocks worth buying at 52-week lows. Applied Digital has a $36B backlog and expects 600+ MW online within 12 months; Cipher Mining has $8.5B+ in AI leases with payments ramping; CleanSpark has a 20-year $6.6B lease and 1.8+ GW power portfolio; CoreWeave has a $104B backlog and raised its year-end ARR target to $18.5-19.5B. x.com  x.com