Hut 8's stock price surged over 32% after announcing a $9.8 billion AI data center lease agreement.

BlockBeats News, May 6th, the stock price of Bitcoin mining firm Hut 8 surged over 32% after the company signed a $9.8 billion lease agreement for an AI data center campus designed around NVIDIA’s computing architecture. The transaction marks the first commercialization phase by Hut 8 for the Beacon Point data center campus in Nueces County, Texas. Hut 8 stated that the tenant will utilize the computing infrastructure to support AI training and "hyperscale inference workloads."

Hut 8 stated: "The site was initially conceived in a speed-to-power logic underwriting to serve Hut 8 affiliated customer American Bitcoin Corp (ABTC), but as power demands accelerated and customer needs expanded, it has been repositioned as an AI infrastructure. Hut 8 has pivoted Beacon Point from its original commercialization path with ABTC to deliver an AI data center campus with contracted, investment-grade cash flows, marking the first phase of asset-level value creation for the campus."

Hut 8 also released its first-quarter financial report on Monday, recording a $253 million net loss, an 89% increase from the $134 million loss in the same period last year. On the positive side, quarterly revenue rose to $71 million, primarily driven by $66 million in computing-related revenue.