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Substantial expansion of contracted capacity, high-quality counterparties, and a large base-term value support earnings visibility; long-dated leases and renewal upside provide multi-year upside, potentially driving multiple expansion.
What happened, with direct paths to the underlying reporting
Hut 8 disclosed the second 352 MW lease at Beacon Point, boosting contracted IT capacity at the campus to 704 MW and the total Hut 8 AI data center capacity to 949 MW. The base-term value stands at $26.6B with expected NOI above $1.75B annually, and renewal options could push campus value to $50.2B. Phase 2 data hall delivery is planned for 2028, supported by a 1,000 MW utility capacity interconnection with AEP Texas.
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