Hut 8 Closes Senior Secured Notes for Its Beacon Point Data Center Project

Hut 8, which calls itself an energy infrastructure platform, has closed a sale of notes for its Beacon Point data center project. It said so in a release on the Beacon Point notes, dated June 9, 2026. Parts of the release follow, not the whole.

The Notes

The notes total $4.25 billion. They carry a rate of 6.129% and are due in 2042. A wholly owned subsidiary of Hut 8, Beacon Point DC LLC, issued them.

The release reports that the notes are rated Baa2 by a rating agency. It says that is one notch above the BBB− that two agencies assigned to Hut 8's River Bend financing in April 2026. The notes priced at T+165 basis points, the release says, 20 basis points inside the spread of the River Bend notes.

What the Money Is For

At the date of the release, the subsidiary intended to use the proceeds for three things. The first is to finance the development and construction of a turnkey data center, and the construction of the substation located on the property. The data center is to comprise six data halls with a combined 352 megawatts of critical IT capacity. It is to be built on a property in Nueces County, Texas. The second use is to fund debt service reserves. The third is to pay fees and expenses "in connection with the Offering."

The release says the data center facility will be leased to a tenant under a data center lease agreement. It describes the tenant as a company rated AA− or higher as of the release's date. It does not name the tenant.

The Company's Own Words, and Its Cautions

In its own highlights, the company says the notes are the second use of a financing model that is non-recourse to Hut 8 and fully funded at the project level. And it says the fully amortizing structure eliminates refinancing risk at the project level.

The company says the notes' terms establish the sale as "the largest, tightest-priced, and highest-rated investment-grade bond issued to date in a single-sponsor data center construction financing." That is the company's own description.

The release also carries a cautionary note on forward-looking statements. It lists risks that may cause actual results to differ materially. Among them are risks relating to the construction of new data centers, including cost overruns, delays, supply chain issues, permitting or regulatory hurdles, unexpected technical challenges, and dependency on contractors.