Nvidia is reportedly the undisclosed tenant behind two 15-year leases worth $19.6 billion at Hut 8's Beacon Point data center campus in Texas, according to the Financial Times. The leases span 704 megawatts of AI computing capacity, and the deal's total value could reach $50.2 billion if renewal options are exercised. Neither company has confirmed the tenant's identity.
The Financial Times identified Nvidia Corporation as the undisclosed tenant behind Hut 8 Corp.'s Beacon Point leases on July 28, 2026, citing five people familiar with the arrangement. Nvidia discussed its work with infrastructure partners but neither confirmed nor denied it was the customer, and Hut 8 has not named the tenant either.
The lease math behind Beacon Point
Hut 8 signed the first lease, worth $9.8 billion, on May 6, 2026. It then disclosed a second 15-year lease for 352 megawatts of capacity on July 20, doubling the tenant's footprint to 704 megawatts.
Combined, the two leases carry $19.6 billion of base-term contract value. The often-quoted $50.2 billion figure would only apply if the tenant exercises renewal options, so it is not guaranteed revenue.
Nvidia's chips, not just its cash
Nvidia's public response to the report emphasized DSX, its architecture for designing, building, and operating large AI factories with ecosystem partners, without confirming the lease. Both Beacon Point leases require infrastructure built to that same DSX standard, aimed at hyperscale AI workloads including model training and inference.
The Financial Times also reported that Nvidia could sublease the site to neocloud partners that buy its GPUs and resell AI computing services, though no sublease has been announced. Hut 8's build-out target for the full campus stands at one gigawatt of capacity.
What it means for Hut 8
Hut 8 closed $4.25 billion of non-recourse, investment-grade senior secured notes for Beacon Point in June. It expects the first Phase 2 data hall in Q2 2028. Its stock had already surged nearly 30% in mid-May after news of the first lease.
A 15-year commitment from an investment-grade tenant gives Hut 8 long-duration revenue that reduces its exposure to crypto price cycles. But the arrangement concentrates risk: two leases with one tenant mean the campus's fortunes rest on that single relationship, and construction delays would hit Hut 8 before they hit Nvidia.
Sources: Insider Monkey, Crypto Briefing
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