Hut 8 Corp. (NASDAQ:HUT) shares soared Wednesday after the company reported first-quarter results and announced another major AI data center lease, extending a rally that has swept through bitcoin miners pivoting into high-performance computing infrastructure.
- HUT stock is soaring. See the chart and price action here.
Hut 8’s New Lease Shines
HUT was up about 32%, according to Benzinga Pro data, after Hut 8 said it commercialized the first phase of its Beacon Point AI data center campus through a 15-year lease for 352 megawatts of IT capacity with a confidential, high-investment-grade tenant.
The deal carries $9.8 billion in base-term contract value and could reach $25.1 billion if all three five-year renewal options are exercised, according to the company’s release.
Hut 8 said the tenant will deploy dedicated compute infrastructure for AI training and inference workloads.
The company also said the project will be designed around Nvidia‘s DSX reference architecture and supported by counterparties including American Electric Power, Vertiv Holdings Co. and Jacobs.
The lease expands Hut 8’s total contracted AI data center capacity to 597 MW across two campuses and brings aggregate base-term contract value to approximately $16.8 billion.
The company also posted first-quarter results on Wednesday morning with revenue of $71 million, driven largely by $66 million in Compute revenue.
Hut 8 posted a Q1 net loss of $253.1 million that included unrealized losses on digital assets.
Cipher Digital Signs Third Lease
Hut 8’s rally follows a similar move in Cipher Digital (NASDAQ:CIFR) on Tuesday.
CIFR closed up 23.5% at $22.10 after the company reported first-quarter results and highlighted momentum in AI and HPC data centers, according to Benzinga Pro.
Cipher said it signed its third AI data center campus lease with an investment-grade hyperscale tenant during the quarter.
Under that 15-year agreement, Cipher will develop and deliver a new HPC data center at one of its existing sites.
The Takeaway
The back-to-back rallies suggest investors are increasingly rewarding crypto-linked infrastructure names that can convert power access into long-duration AI data center revenue.
For Hut 8 and Cipher, the market reaction shows the Street is focused less on legacy mining volatility and more on contracted capacity, hyperscale demand and the economics of AI infrastructure buildouts.
HUT Price Action: Hut 8 shares were up 34.80% at $108.52 at the time of publication on Wednesday. The stock is trading at a new 52-week high, according to Benzinga Pro data.
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