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AI compute shares jump on Hut 8 and IREN contract wins
Hut 8 said its Beacon Point campus in Texas will add 704 MW after a 15-year, $9.8 billion lease, while IREN lifted its year-end AI Cloud run-rate target to more than $4 billion.
Shares tied to AI compute rebounded after Hut 8 and IREN disclosed large new deals, easing investor concerns that demand for data center capacity may be slowing, according to CoinDesk.
Hut 8 shares rose as much as 17% on Monday after the company signed a 15-year, $9.8 billion lease for the second phase of its Beacon Point AI data center campus in Texas. CoinDesk reports the agreement doubles the tenant's footprint to 704 megawatts and fully commercializes the site’s 1 gigawatt of power capacity.
IREN climbed as much as 19% after announcing $2.8 billion in new multiyear cloud services contracts with AI developers. CoinDesk adds IREN raised its year-end AI Cloud annualized run-rate revenue target to more than $4 billion, saying about 85% of that revenue is now under contract.
The news lifted other high performance compute and crypto mining peers seen as repositioning as AI infrastructure providers, including Cipher Mining, TeraWulf, Riot Platforms, and MARA Holdings, as well as the CoinShares Bitcoin Miners ETF.
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