Hut 8 shares surged over 32% after announcing a $9.8 billion AI data center lease agreement.

Huoxun Finance reports that shares of Bitcoin mining company Hut 8 surged over 32% after the company signed a $9.8 billion lease agreement for an AI data center campus designed with Nvidia's computing power architecture. This deal marks the first phase of Hut 8's commercialization of its Beacon Point data center campus in Nuces County, Texas. Hut 8 stated that tenants will use the computing infrastructure to support AI training and "hyperscale inference workloads." Hut 8 stated, "The site was initially underwritten on a speed-to-power logic basis to serve Hut 8's associated client, American Bitcoin Corp (ABTC), but has been repositioned as power demand has accelerated and customer needs have expanded. Hut 8 has shifted Beacon Point from its original commercialization path with ABTC to deliver an AI data center campus with contractual, investment-grade cash flow, marking the first phase of value creation at the asset level." Hut 8 also reported first-quarter earnings on Monday, recording a net loss of $253 million, an 89% increase from the $134 million loss in the same period last year. On the positive side, quarterly revenue rose to $71 million, primarily driven by $66 million in computing power-related revenue.