The bitcoin mining company Hut 8 has secured a lease agreement for the Beacon Point campus in Texas valued at $9.8 billion. The firm’s shares rose by more than 35%.
The tenant, whose name remains undisclosed, will utilize Hut 8’s facilities to train neural networks based on NVIDIA architecture. Should the partner exercise all available extension options, the total contract value could exceed $25 billion.
Hut 8’s CEO, Asher Genut, noted that the company is transforming from a miner into an energy infrastructure platform, with access to electricity becoming a key competitive advantage in the tech industry.
In the first quarter of 2026, the company reported a net loss of $253 million, compared to $134 million the previous year. Revenue increased to $71 million, driven almost entirely by computing services. By the end of the quarter, Hut 8 held cash and bitcoins worth $1.3 billion.
Capacity Expansion
Another major player, Core Scientific, has acquired competitor Polaris DS LLC from Oklahoma for $421 million. The deal will provide the buyer with access to 440 MW of capacity.
The company will direct these new resources towards developing artificial intelligence infrastructure. The 40-acre Polaris facility is located near Core Scientific’s existing data center in Muskogee.
The transaction is set to close in the third quarter of 2026, pending regulatory approval. Following the news, Core Scientific’s shares (CORZ) rose by 11% to $24.63.
Company head Adam Sullivan stated that the acquisition will help scale capacity to the gigawatt level. Core Scientific is constructing a new 82.5 MW facility in Muskogee. The project’s goal is to increase the campus’s total capacity to 1 GW for AI leasing needs.
American Bitcoin’s Results
Hut 8-affiliated company American Bitcoin (ABTC), co-founded by Eric Trump, has released its financial report for the first quarter of 2026. The net loss amounted to $81.8 million, compared to $59.5 million in the previous period.
Mining revenue fell to $62.1 million. The primary cause of the losses was the impairment of digital assets by $117.2 million due to a 22% drop in bitcoin prices. Operating expenses reached $150.7 million.
CEO Mike Ho described the loss as “paper”: according to him, excluding asset revaluation, the core business remains profitable. The company did not sell any coins during the quarter.
Key metrics:
- 817 BTC mined (a company record);
- 803 BTC purchased for reserves;
- Total assets increased to 7021 BTC;
- “Satoshis per share” rose by 20%.
The cost of mining one bitcoin decreased by 23% to $36,200. The company increased production volumes while maintaining fixed costs and controlling electricity expenses. The mining gross margin remained above 50%.
ABTC shares responded to the report with a 1.63% increase to $1.25.
In May, the American startup Panthalassa, which is developing autonomous floating data centers powered by wave energy, raised $140 million at a valuation of around $1 billion.