Nvidia Named as Tenant Behind Hut 8's $19.6B Texas Lease

The interesting bit of Hut 8's fully leased Texas campus was never the dollar figure, it was the missing name on the lease. That name is now Nvidia, according to reporting from the Financial Times citing five people familiar with the deal.

Hut 8 said last week that its 1-gigawatt Beacon Point campus in Texas has a base-term contract value of $19.6 billion over 15 years, rising to as much as $50.2 billion if renewal options are exercised. It described the counterparty only as an existing investment-grade customer. The FT's addition is that the customer is the same company selling the GPUs the site is being built to hold, and that the buildout is designed to Nvidia's own DSX reference architecture.

Why that reframe matters is the sublease piece. The FT says Nvidia could sublease the property to its 'neocloud' partners, the companies that buy Nvidia GPUs and turn around and rent them by the hour. If accurate, Nvidia is no longer just selling silicon into that market, it is taking down the power and floor space itself and then handing packaged capacity to the neoclouds it also supplies. That is a different relationship with those customers than the one they thought they had a year ago.

For Hut 8 the read is simpler. A former bitcoin miner has locked in an investment-grade anchor for an entire gigawatt-scale campus, with initial Phase 2 data hall delivery expected in Q2 2028, which is the kind of contract that reprices the whole company's cost of capital. A Reuters wire relaying the FT noted it could not immediately verify the identification, and that Hut 8 did not respond to a request for comment outside business hours.

The honest caveat is that Nvidia has not confirmed. The $50.2 billion headline is a maximum that assumes every renewal option is exercised across a 15-year base term, not a signed obligation. And the reporting does not tell us which neoclouds would take the sublet capacity, how the economics split between Nvidia and Hut 8, or whether the lease sits on Nvidia's balance sheet.

What is worth watching is the pattern more than the single deal. If Nvidia is willing to underwrite gigawatt-scale real estate to place its own chips, the next question is how many other anonymous investment-grade tenants at data-center builders turn out to be the same customer.