Hut 8 Prices $4.25B Notes for 352MW Texas AI Campus

Hut 8 has priced $4.25 billion of 6.129% senior secured notes through its Beacon Point DC LLC unit to finance construction of a 352-megawatt AI data center campus in Nueces County, Texas. The offering is structured at the project level and is non-recourse to Hut 8’s parent company.

The notes, issued by Beacon Point DC LLC, mature on Nov. 30, 2042. Cash interest will be paid semiannually on May 30 and Nov. 30 beginning Nov. 30, 2026. Principal will fully amortize, with scheduled repayments beginning May 30, 2030. The transaction is expected to close on June 9, 2026, subject to customary conditions.

Beacon Point is planned on about 521 acres and will include six data halls with a combined critical IT capacity of 352 megawatts. The campus plan also calls for an on-site electrical substation. The project will be leased to a tenant rated AA- or higher as of the offering date; the tenant was not identified in the announcement.

Because the financing is non-recourse to the parent, noteholders will have claims only on the assets, cash flows and secured collateral of Beacon Point DC LLC. Proceeds will fund debt service reserves and pay fees and expenses related to the offering. The offering was structured as a private, investment-grade deal at the project company level.

Hut 8 described itself as an energy infrastructure platform combining power, digital infrastructure and compute for energy-intensive applications. The company has shifted away from primarily operating bitcoin-mining rigs toward developing power-backed digital infrastructure projects and managing large power loads and site buildouts.

Developers are increasing construction of high-capacity facilities as demand for AI and high-performance computing rises and access to large, reliable power sources becomes a limiting factor for new builds.