Hut 8 Stock Soars After Nvidia Revealed as Tenant in $19.6B Data Center Deal

Hut 8 Corp. (HUT) stock surged more than 20% in midday trading Tuesday after the *Financial Times* identified Nvidia as the previously undisclosed anchor tenant for the company's massive new data center campus in Texas. The revelation of the chipmaker's involvement sent shares soaring as investors absorbed the strategic importance of the multi-billion dollar agreement.

The Landmark Lease Agreement

Hut 8 had announced the lease last week, describing the counterparty only as an "existing investment-grade customer." The deal is for its 1-gigawatt Beacon Point data center campus and carries significant financial weight:

• A base-term contract value of $19.6 billion over 15 years.
• A potential total value of $50.2 billion if all renewal options are exercised.

The naming of Nvidia, a central player in the artificial intelligence boom, provides a powerful validation of Hut 8's strategic shift from a Bitcoin mining operation to a key landlord for AI infrastructure.

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Wall Street Endorsements

The news was amplified by a recent high-profile initiation from Morgan Stanley, which rated Hut 8 as Overweight with a $263 price target. Analyst Stephen Byrd framed the company’s 2,680 megawatts of controlled capacity through a real-estate valuation lens, suggesting his target could be conservative based on Hut 8's own transaction history. Other firms, including Benchmark and Craig-Hallum, have also recently issued Buy ratings on the stock.

Market Context

The stock's rally was supported by a strong tailwind from the broader market, with the tech-heavy NASDAQ Composite gaining over 2%. While sector peers like MARA Holdings and Riot Platforms also saw gains amid enthusiasm for AI data center demand, Hut 8's performance far outpaced the group due to its company-specific catalyst. The combination of the Nvidia news and strong analyst ratings has rapidly forced a market revaluation of the company ahead of its Q2 earnings call, scheduled for August 4.