Hut 8 Applies for $399M AI Data Center Construction in Texas

Hut 8 (HUT) has applied for a $399 million construction project for an AI data center campus at Beacon Point near Corpus Christi, Texas. The project involves building one new facility with construction beginning on September 28 and expected to complete by November 2027.

The campus is part of the larger Beacon Point AI data center development in Nueces County, Texas. Hut 8 stated that the entire site has secured 1,000MW of power capacity and plans to develop the data centers in multiple phases. The facility will be designed as an AI computing center rather than a cryptocurrency mining operation.

Beacon Point already has two 15-year lease agreements totaling 704MW of IT capacity with contracted values of $19.6 billion (approximately 2.64 trillion won). Hut 8 announced in July that it completed the commercialization of its 1,000MW campus through these contracts.

The first phase of construction has received $425 million in project financing, with Hut 8's subsidiary Beacon Point DC issuing a senior secured bond at an annual interest rate of 6.129% in June to fund the data center and substation construction. The company stated this financing is intended for the Beacon Point development.

The November 2027 completion date refers specifically to this new building, not the entire campus or all data halls. Hut 8 previously announced phased delivery schedules: initial data hall delivery in Q3 2027 and second phase initial delivery in Q2 2028.