Evidence trace

3 recorded steps, walked one at a time. Accepted research brief · from the archive. Single source family · SEC EDGAR.

Step 01 of 03Primary SEC record

Original 352 MW Beacon Point lease baseline

The first-quarter filing established the initial delivery and NOI baseline for the first phase, creating the reference case later tied to project financing.

Establishes
  • Phase 1 cash-conversion baseline
Does not establish
  • A Phase 2 capital stack.
  • That the original lease baseline applies to 704 MW.
Why step order matters

The financing scope and close predate the second lease. The accepted read is a disclosure-state sequence, not proof that later financing cannot arrive.

Source-family boundary

Single source family · SEC EDGAR. Five underlying SEC records support the sequence; the sixth receipt is a derived reconciliation with explicit lineage to those records.

If the trace breaks

A filed amendment or contemporaneous document shows the June financing already covered both 352 MW phases or scaled automatically to 704 MW; or a later filing states the previously closed Phase 1 notes and waterfall were always for the full 704 MW campus.

No.StepEstablishesDoes not establish
01Original 352 MW Beacon Point lease baselinePhase 1 cash-conversion baselineA Phase 2 capital stack.; That the original lease baseline applies to 704 MW.
02June Beacon Point financing scope and closeFunded Phase 1 project-finance stateThat closed financing covers the second 352 MW phase.; That Phase 2 financing is unavailable.
03July second Beacon Point leaseSeparate Phase 2 capital and delivery exposureFinancing distress, delay, dilution, or worse terms.; Consolidated earnings impact.
IDDocumentClassNote
Legacy display order 01Hut 8 doubled Beacon Point contracted IT capacity to 704 MWPrimary SEC recordEstablishes the second 352 MW lease, the 704 MW contracted total, the Q2 2028 Phase 2 delivery target, and the distinction between financed Phase 1 and contracted Phase 2.
Legacy display order 02Beacon Point is contracted beyond the scope of its disclosed closed financingDerived · explicit lineageSupports the state-machine reconciliation that contracted campus capacity now exceeds disclosed financed capacity by 352 MW, while explicitly holding out any claim of financing distress. · derived from 5 recorded IDs
Legacy display order 03Beacon Point closed $4.25 billion of 6.129% secured notesPrimary SEC recordShows the Phase 1 financing actually closed, turning the June scope into a completed capital-stack milestone.
Legacy display order 04The Beacon Point bond scope covered the first 352 MW phasePrimary SEC recordDefines the June financing perimeter as six data halls and 352 MW, which anchors the disclosed funded scope.
Legacy display order 05The disclosed Phase 1 model carries a complete debt and cash waterfallPrimary SEC recordProvides the Phase 1 debt and cash waterfall that should not be assumed to cover Phase 2 without a new disclosure.
Legacy display order 06The original Beacon Point lease paired 352 MW with a Q3 2027 delivery targetPrimary SEC recordSupplies the original 352 MW lease baseline, expected NOI, and Q3 2027 initial delivery for Phase 1.
Evidence trace · Convergence · ARCANE