Bitcoin mining company Hut8 announced a 15-year, $9.8 billion lease agreement to provide capacity for the first phase of its 352-megawatt AI data center at its Beacon Point, Texas campus. Following the news, Hut8's stock price surged 33% to $107, a record high. The IT capacity covered by the agreement will support hyperscale AI training and inference workloads. Hut8 currently has a total contracted AI data center capacity of 597 megawatts, with a total contract value of approximately $16.8 billion and projected annual net operating income of approximately $1.1 billion. The campus is expected to begin power supply in the first quarter of 2027 and deliver its first data hall in the third quarter of the same year.