The company signed leases worth up to $50 billion for Hut 8’s Beacon Point AI data center campus in Nueces County, Texas, a facility designed to house hundreds of thousands of its own graphics processing units. The deal spans two long-term leases covering 15 years, with a base contract value of $19.6 billion and renewal options that could push the total to $50 billion. Across Hut 8’s entire AI infrastructure portfolio, total contracted IT capacity now sits at 949 megawatts with a base contract value of $26.6 billion. Hut 8 used what it calls a “power-first model,” securing a 1,000 megawatt utility interconnection through AEP Texas before the data center was even fully built. That operational expertise, securing cheap energy, managing heat, maintaining uptime, turns out to be exactly what AI data centers need.