Skip to navigationSkip to main contentSkip to right columnBlockspace StaffThu, June 4, 2026 at 5:44 PM GMT+2 2 min readHut 8 (NASDAQ: HUT) is offering $4.25 billion in senior secured notes as project-level financing for its Beacon Point AI data center campus in Nueces County, Texas, as the company scales its infrastructure development model beyond its first debt-funded project, according to an SEC filing.The company commercialized the first phase of the 1 GW Beacon Point campus on May 6, announcing a 15-year lease for 352 MW of IT capacity with a base-term contract value of $9.8 billion. In that release, Hut 8 said it “intends to support the development of Beacon Point with project-level financing that aims to optimize cost of capital at the asset level while maintaining disciplined long-term leverage metrics at the corporate level.”The Beacon Point lease includes a 3% annual base rent escalator and is expected to generate $9.8 billion in cumulative net operating income over the base term. The deal brought Hut 8’s total contracted AI data center capacity to 597 MW, with an aggregate base-term contract value of roughly $16.8 billion.AI and Bitcoin’s daily show: Subscribe to the Blockspace Podcast here, on Apple, Spotify, or anywhere you listen to podcasts.The new financing for Beacon Point, which was originally reported by the Energy Mag, follows closely on the heels of Hut 8 closing a $3.25 billion offering of investment-grade senior secured notes for its River Bend data center project in Louisiana in late April. Those notes, priced at 6.192% and maturing in 2042, funded the development and construction of a 245 MW turnkey data center and related substation. The debt was non-recourse to Hut 8 and issued through a project-level entity, Hut 8 DC LLC.The River Bend deal was described as the first single-sponsor data center project to access the investment-grade construction bond market. Hut 8 CEO Asher Genoot said at the time that the financing reflected “decisions made long before we engaged the capital markets: how we originate power, the counterparties we contract with, and the structural protections we require across every component of a project.”Beacon Point is the second campus commercialized under what Hut 8 calls its “power-first, greenfield development model.” Jacobs, which also served as EPCM lead on River Bend, was awarded the contract to deliver Beacon Point. The campus is designed to support 1,000 MW of total utility capacity, with key interconnection and site approvals already secured. Initial energization and commissioning are targeted for 2027.“Beacon Point is the second campus we have commercialized under our power-first development model, and the second time we have selected Jacobs as EPCM lead,” Genoot said. “Repeatable, risk-mitigated execution at this scale requires Tier 1 counterparties who meet our standard for technical rigor and execution certainty.”Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info