Hut 8 advances 1,300 megawatts of energy capacity as AI campuses await delivery

Hut 8 has customers committed to its Beacon Point AI campus, but construction is still ahead of delivery. In its November 4 third-quarter results, the company reported advancing another 1,300 megawatts of energy capacity to exclusivity. Its AI portfolio carries about $26.6 billion in expected contract value, with initial data-hall deliveries targeted for 2027.

Beacon Point’s leases came before this update

The quarterly announcement described Beacon Point as fully commercialized. That is a leasing milestone, not a declaration that the campus is operating. Hut 8 had announced the second lease on July 20: a 15-year agreement covering 352 megawatts of IT capacity, doubling the existing tenant’s contracted capacity to 704 megawatts.

The dollar figures also cover different scopes. Hut 8’s July announcement assigned Beacon Point alone $19.6 billion in base-term contract value. The roughly $26.6 billion cited in the quarterly update covers its broader AI data-center portfolio. Both describe commitments over the initial contract terms, not revenue or cash already received.

NewsBTC’s account of the results identifies power availability, construction, testing, financing and customer readiness as dependencies between a signed commitment and delivered infrastructure.

Power figures mark different stages

The update’s capacity totals are not interchangeable. Some measure an energy-development pipeline, another measures utility capacity under construction, and a third describes capacity contracted for computing equipment.

• Energy capacity in exclusivity: Hut 8 advanced an additional 1,300 megawatts, taking this category to 3,180 megawatts. Exclusivity is a development milestone, not an operating facility or a guaranteed utility connection.
• Utility capacity under construction: the company reported 1,330 megawatts across its major AI projects, according to NewsBTC.
• Contracted IT capacity: July’s lease announcement put the AI portfolio at 949 megawatts, supported by 1,330 megawatts of utility capacity. IT capacity refers to the computing-equipment side of the development.

River Bend’s expansion remains conditional

A note in Hut 8’s results identifies another 1,000 megawatts of potential expansion capacity at River Bend, subject to expanding power at the site. Fluidstack holds a right of first offer on that capacity under its lease—not an unconditional order for the expansion. The note excludes this conditional capacity from the figure it qualifies.