Hut 8 and IREN Announce a New Hundred-Billion-Scale AI Infrastructure Contract, With Both Stocks Jumping More Than 16%

Deep Tide TechFlow news. On July 20, according to The Block, Bitcoin mining company Hut 8 (HUT) and IREN both announced major AI infrastructure deals in succession, with their share prices rising more than 16% on the day.

Hut 8 signed a second 15-year, $9.8 billion lease agreement for the Beacon Point campus in Nueces County, Texas, to fully commercialize the 1GW site. The contract doubles the signed capacity of existing tenants to 704MW, and raises the campus contract total value to $1.96 billion. Adding River Bend’s 245MW, Hut 8’s entire AI data center portfolio has signed IT capacity totaling 949MW. The contract base-period total value is $2.66 billion, with expected average annual net operating income of over $19.6B. If it exercises three renewal options, Beacon Point’s potential contract value could be as high as $26.6B.

IREN, meanwhile, after signing a new $50.2B multi-year cloud computing contract, raised its annualized AI cloud revenue target by the end of 2026 from $3.7B to more than $4B. Currently, about 85% of the target is already covered under contract guarantees. Customers include top-tier organizations such as Microsoft, NVIDIA, Perplexity, and Figure AI. In the new contract, customer upfront payments cover about 45% of the related GPU capital expenditures. As of June 30, IREN held about $7.6B in cash and cash equivalents.