Hut 8 Jumps Most Since 2021 on Texas AI Data Center Lease

Hut 8 Corp., a cryptocurrency miner that is shifting to developing artificial intelligence data center capacity, gained the most in five years after the company signed a lease worth at least $9.8 billion to provide computing power to a “high-investment-grade company.”

The data center developer declined to name the tenant for the new AI facility located at a campus called Beacon Point in Nueces County, Texas. The agreement may rise to a value of $25.1 billion over 15 years if the tenant exercises all three five-year extensions, Hut 8 said Wednesday in a statement.