Hut 8, IREN Secure Major AI Infrastructure Deals.

• Hut 8 fully commercialized its 1GW Beacon Point AI campus with a second $9.8B lease.
• IREN raised its AI cloud revenue target above $4B after securing $2.8B in contracts.
• Bitcoin miners continue shifting toward AI infrastructure for stable long-term revenue.

Hut 8 and IREN announced major artificial intelligence infrastructure agreements, highlighting the industry’s continued shift beyond Bitcoin mining. Hut 8 secured a second 15-year lease worth $9.8 billion, while IREN raised its AI cloud revenue target after signing $2.8 billion in new customer contracts.

Hut 8 Fully Commercializes Texas AI Campus

Hut 8 signed its second 15-year triple-net lease covering 352 megawatts of IT capacity at its Beacon Point campus in Texas. The agreement carries a contract value of approximately $9.8 billion and doubles the existing tenant’s committed capacity to 704 megawatts.

The latest contract fully commercializes the company’s one-gigawatt Beacon Point AI data center under its current development strategy. It also raises the campus’s combined base-term contract value to approximately $19.6 billion through two long-term agreements.

$HUT +12% *HUT 8 GETS SECOND 15-YEAR 9.8B TRIPLE-NET LEASE FOR 352 MW OF IT CAPACITY$IREN +8% *IREN RAISES YEAR-END CLOUD ARR TARGET TO OVER $4B FROM $3.7B
*SIGNS $2.8B IN NEW MULTI-YEAR CUSTOMER CONSTRACTS

— matthew sigel, recovering CFA (@matthew_sigel) July 20, 2026

The customer remains undisclosed, although Hut 8 described the tenant as a high-investment-grade counterparty with significant financial strength. The company expects the long-term lease structure to provide predictable income throughout the agreement period.

Beacon Point now forms the largest part of Hut 8’s expanding artificial intelligence infrastructure portfolio across North America. Combined with the River Bend facility, contracted IT capacity now reaches approximately 949 megawatts across multiple locations.

The company’s AI portfolio now carries an estimated base-term contract value of about $26.6 billion across existing customer agreements. Hut 8 also expects average annual net operating income exceeding $1.75 billion from these long-term infrastructure contracts.

Renewal options attached to the Beacon Point leases could significantly increase the overall contract value during future operating periods. If exercised, the campus could generate potential contract value exceeding $50 billion across the extended lease terms.

IREN Expands AI Cloud Business With New Contracts

IREN announced $2.8 billion in new multi-year AI cloud agreements with several leading artificial intelligence developers across global markets. Consequently, the company increased its year-end 2026 annualized run-rate revenue target from $3.7 billion to more than $4 billion.

Management stated that roughly 85% of the revised revenue target is already supported through signed customer commitments. The contracts also include advance payments covering about 45% of related GPU deployment costs, reducing future capital requirements.

IREN’s customer base includes Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fireworks AI, Fal AI, Hume AI, Fluidstack, and other enterprise clients. The company said these partnerships support expanding demand for cloud infrastructure serving advanced artificial intelligence workloads.

Over the past year, IREN expanded self-built AI cloud capacity from approximately three megawatts toward 480 megawatts scheduled during 2026. The company also targets 1.2 gigawatts of AI cloud capacity by 2027 through continued infrastructure development.

Both announcements reinforce a broader transformation across publicly listed Bitcoin miners seeking stable long-term revenue beyond cryptocurrency mining operations. 

Companies with established power infrastructure increasingly attract AI customers requiring large-scale computing capacity and reliable electricity connections.