Hut 8 Beacon Point lease doubles beyond financed scope

Hut 8's public sequence now shows two different Beacon Point states. The May first-quarter filing tied the original lease to 352 MW, about $9.8 billion of 15-year base contract value, expected average annual NOI, and Q3 2027 initial delivery. The June financing record then scoped six data halls and 352 MW, followed by the completed $4.25 billion secured-note offering and a Phase 1 cash waterfall. On July 20, Hut 8 disclosed a second 15-year lease adding another 352 MW, doubling contracted Beacon Point capacity to 704 MW, with initial Phase 2 delivery in Q2 2028.

the contract state has moved ahead of the disclosed financed state. The closed record supports one financed and cash-modeled 352 MW phase plus one separately contracted 352 MW phase, not a 704 MW campus already shown as sharing the June debt scope or waterfall. That distinction matters because the June model is the company's disclosed conversion path from lease economics into debt service and levered cash flow, but it is attached to Phase 1 capacity. A professional reader should therefore underwrite Beacon Point in two layers: funded Phase 1 and contracted Phase 2 pending a new capital-stack or scope-expansion disclosure. The read breaks if another filing shows the June financing already covered both phases or was always intended for the full 704 MW campus.