Hut 8 Files $399 Million Building Project at Beacon Point AI Campus
Hut 8 (NASDAQ: HUT) has registered a nearly $399 million AI data center building project at its Beacon Point campus near Corpus Christi, Texas, adding construction details to a development backed by $4.25 billion in first-phase financing and leases carrying $19.6 billion in combined base-term value.
The filing, registered Sept. 9 with the Texas Department of Licensing and Regulation, came days after Hut 8 announced that the campus had received conditional Base Load status under ERCOT’s Batch Zero grid-interconnection process.
The filing lists a 657,130-square-foot building in Nueces County and adds construction details to a campus supported by $4.25 billion in first-phase financing and two 15-year leases carrying $19.6 billion in combined base-term value. Work is scheduled to begin Sept. 28, 2026, with completion listed for Nov. 5, 2027.
The scope includes a sprinkler-equipped data center, guardhouse, fire-water tank and pump, and exterior mechanical and electrical structures. The record names Beacon Point DC LLC, also identified as Lon Hill Infrastructure LLC, as owner and Jacobs Project Management Co. as the design firm.
The estimate covers the work described in that filing, rather than establishing a total budget for the broader campus. Hut 8’s financing disclosures encompass computing infrastructure and a substation, along with debt-service reserves and transaction expenses.
Two leases underpin the campus
Hut 8 announced its first Beacon Point lease on May 6: a 15-year agreement covering 352 megawatts of computing capacity, with a base-term value of about $9.8 billion. A second agreement announced July 20 added another 352 megawatts for the same tenant on a further 15-year lease, doubling the campus’s contracted capacity to 704 megawatts and combined base-term value to $19.6 billion.
The agreements include 3% annual rent increases. Hut 8 describes them as triple-net, take-or-pay leases, structures that shift property operating costs to the tenant and require payment for contracted capacity. The company projects average annual net operating income of about $1.3 billion across the campus.
Beacon Point has been linked to a major computing agreement involving Anthropic, Lambda and Nvidia. The Wall Street Journal reported Aug. 31, citing people familiar with the transaction, that Anthropic had signed a $35 billion cloud-computing deal with Nvidia-backed Lambda involving the data center Hut 8 is developing in Nueces County. Nvidia holds the facility lease, according to the report.
Beacon Point DC closed a $4.25 billion offering of senior secured notes on June 9. The debt carries a 6.129% annual interest rate and matures Nov. 30, 2042. Proceeds finance the first phase’s 352 megawatts of computing capacity and associated substation infrastructure, as well as reserves and financing costs.
Rent from the project is expected to provide the principal cash flow for servicing the bonds. The notes are secured by project assets and equity interests in the project company, and are not guaranteed by Hut 8 or the tenant. Hut 8 said in its August quarterly filing that it was pursuing financing for Phase 2.
