Shares of Bitcoin miners turned AI infrastructure providers jumped Monday after Hut 8 (HUT) and IREN (IREN) announced billions of dollars in new contracts, easing fears of a slowdown in demand for AI computing capacity.
Hut 8 rose 17% after signing a 15-year, $9.8 billion lease for the second phase of its Beacon Point AI data center campus in Texas. The deal, with the same investment grade client that leased the first phase, doubles the tenant footprint to 704 megawatts (MW) and fully commercializes the site’s 1 gigawatt of electrical capacity.
IREN gained as much as 19% after announcing $2.8 billion in new multi-year cloud services contracts with AI developers. The company raised its annualized AI Cloud revenue target for the end of the year to more than $4 billion, saying about 85% of that revenue is now under contract.
The news spread to its peers in the high-performance computing sector. Mining (CIFR) gained 11% and TeraWulf (WULF) added 6.4%. Bitcoin miners Riot Platforms (RIOT) and MARA Holdings (MARA) rose 5% and 9%, respectively. The CoinShares Bitcoin Miners ETF (WGMI) rose 8.5%.
