Hut 8 Corp. (NASDAQ: HUT) secured a second 352 MW AI data-center lease at its Beacon Point campus, prompting Needham to raise its price target to $145 from $128 while reiterating its Buy rating.
The 15-year agreement doubles the undisclosed investment-grade tenant’s capacity at the Nueces County, Texas, campus to 704 MW of critical IT load
Needham analyst John Todaro said the leases offer among the strongest colocation economics signed in 2026. Hut 8 shares closed at $100.93 on July 20, up 10.37% for the session. Needham’s previous reference price was $91.45 as of July 17.
Beacon Point adds second lease The second Beacon Point lease carries a $9.8 billion base-term contract value and substantially matches the first phase’s terms. Both are triple-net leases with annual base-rent increases of 3%. Together, the agreements give Beacon Point a base-term contract value of $19.6 billion.