Hut 8 Doubles Beacon Point Capacity with $9.8B Lease, Disputes PJM Cost Claims
HUT has more than doubled off its 52-week low of $18.68.
Summary
Hut 8 signed a second 15-year, 352 MW lease with a hyperscaler at its Beacon Point campus, doubling total capacity to 704 MW and bringing the total lease value to $9.8 billion. This follows the initial 352 MW lease announced in June and the $4.25 billion debt financing to fund the project. The company also pushed back against claims that PJM data centers would cause $6.3 billion in higher consumer bills, stating developers cover grid upgrade costs. Q1 results showed a net loss, and AI revenue may be delayed to 2027, but the lease signings mark a major commercial milestone.
At the time of this announcement, HUT was trading at $109.57 on NASDAQ in the Technology sector, with a market capitalization of approximately $12.3B. The 52-week trading range was $18.68 to $140.80. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.