Hut 8 secured long-term data center leases with Nvidia for its 1-gigawatt Texas facility. The deal could reach a total value of $50 billion. The contract spans a 30-year term. This agreement signals a strategic transition from Bitcoin mining to AI infrastructure provision.
The company also announced the full commercialization of its Beacon Point AI campus. A second 15-year lease was signed for the facility. Total contracted capacity now reaches 704 megawatts.
Wall Street analysts responded with significant price target increases. Piper Sandler raised its target to $143. Morgan Stanley initiated coverage with an Overweight rating and a $263 target. Deutsche Bank also disclosed a new stake in the company valued at $13.26 million.
Separately, Hut 8 proposed a $2.35 million class-action settlement. The settlement covers securities purchased starting February 13, 2023. The eligibility period ends January 18, 2024.