Hut 8 (NASDAQ: HUT) said its subsidiary Beacon Point DC LLC priced $4.25 billion of 6.129% senior secured notes due November 30, 2042, to fund its Beacon Point data center project in Nueces County, Texas. The notes were priced on Thursday, June 4, 2026, and are expected to close on June 9, subject to market and other conditions.
The financing is structured as non-recourse to Hut 8, meaning the debt obligation sits at the project level rather than on the parent company’s balance sheet. The notes are fully amortizing, with principal payments beginning May 30, 2030. Interest payments are due semi-annually on May 30 and November 30, starting November 30, 2026.
The notes are secured by first-priority liens on substantially all assets of the issuer, plus a pledge of equity interests held by Beacon Point Holding LLC, the issuer’s direct parent. Hut 8 described the notes as investment-grade. The facility will be leased to an unnamed tenant that Hut 8 described as a high-investment-grade company rated AA- or higher.
Hut 8 said proceeds will fund the development and construction of a turnkey data center, construction of a substation on the property, debt service reserves, and fees related to the offering. The project includes six data halls with 352 MW of critical IT capacity on roughly 521 acres.
In early May, Hut 8 separately announced the commercialization of the first phase of Beacon Point through a 15-year, 352 MW IT lease with a base-term contract value of $9.8 billion. That lease could reach a total value of up to $25.1 billion if all renewal periods are exercised.
Beacon Point is Hut 8’s second AI data center campus developed under its power-first, greenfield model. The company said key interconnection and site approvals are secured for 1,000 MW of total capacity at the campus. Hut 8 said the first two phases together are expected to represent roughly $17 billion of capital investment, supporting about 1,900 construction jobs and 230 permanent operations roles.
With the pricing of the $4.25 billion offering and the disclosed 15-year lease, the first 352 MW phase of Beacon Point now has both committed project financing and contracted revenue within a South Texas campus that Hut 8 says can scale to 1 GW
