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Hut 8 has fully commercialized its Beacon Point campus following a second 352-megawatt IT lease. This move raises the expected aggregate base-term contract value of its AI data-center portfolio to approximately $26.6 billion.
In third-quarter results released November 4, the company detailed its shift toward AI infrastructure, noting new energy exclusivity agreements and utility capacity under construction. The update also highlighted capital allocation strategies involving Bitcoin holdings and long-term tenant commitments.
AI Campus Commercialization and Delivery Targets
The second Beacon Point lease marks a key milestone, rendering the site fully commercialized. The $26.6 billion expected base-term contract value reflects multi-year commitments rather than immediate revenue.
Hut 8 reports 1,330 MW of utility capacity under construction across major AI projects. Another 1,300 MW of energy capacity has entered an exclusivity category, bringing the total in that status to 3,180 MW. Exclusivity is a development milestone, not a guaranteed connection or operating facility.
Project delivery targets are as follows:
River Bend’s initial data-hall is targeted for the second quarter of 2027. Beacon Point Phase 1 is slated for the third quarter of 2027, with Phase 2 expected in the second quarter of 2028. Execution depends on financing, construction, testing, customer readiness, and power availability.
Bitcoin Sales Fund Share Repurchases
Hut 8 funded share buybacks using Bitcoin sales. The company sold approximately 954 Bitcoin to repurchase $74.7 million of shares, followed by the sale of roughly 2,148 more Bitcoin to fund another $175.3 million in repurchases.
Post-quarter, the company raised its repurchase authorization to $1 billion and closed a $1.07 billion senior secured revolving credit facility. This facility provides committed borrowing capacity, distinct from cash revenue.
The company’s strategy redeploys mining-era assets, specifically Bitcoin, to support corporate actions. This reduces treasury exposure to Bitcoin while potentially increasing the proportional interest of remaining shareholders.
Frequently Asked Questions
What is the expected contract value of Hut 8’s AI data-center portfolio?
Hut 8 stated the expected aggregate base-term contract value is approximately $26.6 billion.
How much Bitcoin did Hut 8 sell to fund share buybacks?
Hut 8 sold approximately 954 Bitcoin for $74.7 million in buybacks during the quarter and roughly 2,148 additional Bitcoin for $175.3 million in subsequent repurchases.
