Hut 8 Says a Second IT Lease With Its Phase 1 Tenant Fully Commercialized Its Beacon Point Campus

On November 4, 2026, Hut 8 reported its results for the third quarter of 2026 in a release on its own site. The company calls itself "an energy infrastructure platform integrating power, digital infrastructure, and compute at scale." Its two AI data center campuses, River Bend and Beacon Point, run through the release. Parts of it follow, not the whole.

A Second Lease, and Capacity Under Construction

Hut 8 says it fully commercialized the Beacon Point campus, "signing a second 352 MW IT lease with the Phase 1 tenant," which the release calls the Phase 2 lease. It calls Beacon Point "the Company's first gigawatt-scale AI data center campus." In the chief executive's words, the tenant at Beacon Point is "doubling its contracted capacity at the campus."

Following execution of the Phase 2 lease, the release says, Hut 8 advanced 500 MW of utility capacity at Beacon Point into what it counts as Energy Capacity Under Construction, increasing that total to 1,330 MW, "comprising 330 MW at the River Bend campus and 1,000 MW at the Beacon Point campus."

Delivery Targets and Progress

Each campus has a delivery target. Initial data hall delivery is targeted for the second quarter of 2027 at River Bend, the third quarter of 2027 at Beacon Point Phase 1, and the second quarter of 2028 at Beacon Point Phase 2.

Progress during the quarter, the release says, at River Bend "included completion of structural steel and building foundations across all four data halls and initial energization of the campus substation." At Beacon Point it included "commencement of construction of the campus substation, foundation work and underground utility work at Phase 1, and civil design for Phase 2."

The chief executive says construction at both campuses "remains on track to meet our delivery targets." The same remarks call each project "an obligation" to those the company has committed to, and say the first of those obligations "comes due with the delivery of the first data hall at River Bend in the second quarter of 2027."

The Pipeline, the Texas Sites and the Release's Cautions

As of September 30, 2026, the release says, Hut 8's development pipeline totaled approximately 7,859 MW, including 3,300 MW of Energy Capacity Under Diligence, 3,180 MW Under Exclusivity, 49 MW Under Development and the 1,330 MW Under Construction. One of the notes under it says the count excludes 1,000 MW of potential expansion capacity at River Bend, "subject to the expansion of power at the site."

Hut 8 also says it entered into definitive agreements to acquire two energized sites in Texas "with up to 230 MW of utility capacity at full energization, subject to final power approvals and infrastructure development," through a Chapter 11 sale process. Closing, it says, is expected as early as the fourth quarter of 2026.

The release calls the two Texas sites energized, and puts their utility capacity at full energization behind final power approvals and infrastructure development. Energized is not the same as full energization.

The release's cautionary note says known and unknown risks may cause actual results to be materially different from those its forward-looking information expresses or implies, including "construction delays and cost overruns, contractor availability, and equipment availability," and "risks related to power requirements, including the ability to secure regulatory approvals and the timing thereof."