A former Bitcoin miner just landed one of the largest data center lease agreements in history. Nvidia has been identified as the undisclosed high-investment-grade tenant behind two 15-year leases at Hut 8’s Beacon Point AI campus in Nueces County, Texas, according to a Financial Times report published July 28, 2026.
The base value of the two leases combined sits at $19.6B. If renewal options are exercised, that number climbs to $50.2B.
What exactly was signed
The deal breaks down into two phases, each covering 352 megawatts of IT capacity, for a combined 704 MW across the full campus.
The first lease, valued at $9.8B, was signed on May 6, 2026. The second followed around July 20, 2026, with a matching structure and value.
Both agreements require Hut 8 to build infrastructure conforming to Nvidia’s DSX reference architecture, a design framework tailored specifically for hyperscale AI workloads including model training and inference at scale.
The end goal is a full 1 gigawatt data center campus.
Hut 8’s stock surged nearly 30% in mid-May following news of the first lease.
What this means for investors watching the space
A 15-year commitment from an investment-grade counterparty provides long-duration revenue visibility that reduces Hut 8’s exposure to crypto price cycles.
The potential $50.2B total value, inclusive of renewals, reframes how investors should think about asset valuations in the former mining sector. A company’s kilowatt-hour capacity and grid interconnect position are no longer just inputs to a mining profitability model but real estate assets with a legitimate claim to hyperscaler-grade tenants.
Construction execution risk is real. A 704 MW campus built to a specific proprietary architecture is an enormously complex undertaking, and delays or cost overruns would hit Hut 8 before they hit Nvidia.
There is also concentration risk. Two leases with one tenant means Hut 8’s Beacon Point revenue story lives or dies on that relationship.