Hut 8 Skyrockets Following $19.6B Beacon Point AI Deal with Nvidia
Former Bitcoin miner Hut 8 Corp. (NASDAQ: HUT) is making waves in 2026 with its successful transition to AI infrastructure. This shift has led to a staggering 200% surge in the company’s stock year-to-date, fueled by a series of high-profile data center leasing agreements. These agreements have repositioned Hut 8 as a significant contender in the rapidly expanding AI compute market.
The primary catalyst for this growth has been the identification of Nvidia as the investment-grade hyperscale tenant behind Hut 8’s enormous Beacon Point campus in Texas. Hut 8 has inked two 15-year, 352-megawatt IT leases at the site, fully commercializing its 1-gigawatt campus. These deals have a combined base-term contract value of $19.6 billion, with renewal options potentially elevating this figure to $50.2 billion.
Additionally, Hut 8 has secured a milestone $7 billion, 15-year capacity agreement with AI behemoth Anthropic and infrastructure provider Fluidstack at its River Bend campus in Louisiana. This agreement includes options to scale to 2.295 gigawatts of total capacity. According to CEO Asher Genoot, the company now boasts approximately $27 billion in contracted AI revenue and roughly $1.75 billion in annualized EBITDA — a remarkable turnaround from virtually zero contracted AI revenue just a year prior.
Several analysts have issued Buy ratings for the stock, with Needham maintaining a $138 price target and Morgan Stanley initiating coverage with an Overweight rating and a $263 price objective.
Source: Yahoo Finance – Hut 8 Stock Surges Up to 200% in 2026 as Bitcoin Mining Unit Struggles