Hut 8 priced $4.25 billion of senior secured notes for its Beacon Point data center project, a 2042-due financing carrying a 6.129% coupon.
The notes will fund development and construction of a turnkey data center with six data halls and 352 megawatts of critical IT capacity on an approximately 521-acre site in Nueces County, Texas, along with the substation for the project. Hut 8 said the facility will be leased to a tenant rated AA* or higher.
The financing is fully amortizing, with semiannual interest payments starting Nov. 30, 2026 and amortization payments beginning May 30, 2030. The notes mature Nov. 30, 2042.
Compared with the company’s prior position on this project, the new figure is the key change: Hut 8 moved from a project in development to a priced $4.25 billion debt package. The company said the debt is non-recourse to Hut 8 Corp., with the issuer’s obligations secured by first-priority liens on substantially all of the issuer’s assets and a pledge of the issuer’s equity interests held by Beacon Point Holding LLC.
The offering is expected to close June 9, 2026. Following these announcements, the company's shares moved -12.97%, and are now trading at a price of $111.185. For more information, read the company's full 8-K submission here.
