The sellable unit in hyperscale AI infrastructure is IT load capacity, measured in megawatts at the server rack. Utility power is the ceiling; contracted IT megawatts generate the revenue. At Hut 8's Beacon Point campus, a second 15-year lease covering 352 MW of IT capacity closes out the 1 GW campus and brings base-term contract value to $19.6 billion, with a single high-investment-grade tenant now holding 704 MW of contracted capacity at the site.
What the second lease does to the Beacon Point stack
The new agreement doubles this tenant's position at Beacon Point from 352 MW to 704 MW. The second lease carries a 15-year base term. Concentrating that much capacity with one counterparty reduces operational complexity at the campus level. It also concentrates credit exposure in equal measure. Hut 8 describes the tenant as high-investment-grade, the designation that allows these contracts to support long-duration project financing. At 15 years, the lease term exceeds most corporate debt cycles, which means the quality of that single credit rating carries more weight than it would in a diversified lease book.
Portfolio numbers after the deal
Across Hut 8's full AI data center portfolio, total contracted IT capacity reaches 949 MW, supported by 1,330 MW of utility capacity. The 381 MW difference between those figures represents the spread between available utility capacity and contracted IT load at the portfolio level. Aggregate base-term contract value across the portfolio comes to $26.6 billion. Beacon Point's $19.6 billion accounts for the majority; the balance comes from Hut 8's other contracted AI data center assets.
Reading the base-term figure
The $19.6 billion campus number is a base-term contract value, aggregating contractual revenue over the full lease terms at face value. It does not reflect a discounted present value. That distinction matters at this scale: a long-duration lease booked at face value looks larger than the same cash flows discounted at a project finance rate. The figure also carries the credit concentration of a single tenant holding all 704 MW of Beacon Point's contracted IT capacity.