Bitcoin mining company Hut 8 has signed a 15-year, $9.8 billion lease agreement for the first phase of its Beacon Point AI data center campus in Nueces County, Texas. The lease involves 352 MW of IT capacity and is with an undisclosed high-investment-grade company, aimed at supporting large-scale AI training and inference workloads. This agreement increases Hut 8's contracted AI data center capacity to 597 MW, with the total contract value for the base term reaching approximately $16.8 billion and an average annual net operating income of about $1.1 billion. AEP Texas has signed an interconnection agreement for the entire 1000 MW campus, with initial power expected by Q1 2027 and the first data hall delivery by Q3 2027.