Accepted Convergence record
The new 704 MW contract expands delivery commitments, but the closed financing and cash waterfall still map only to the first 352 MW.
Hut 8's public sequence now shows two different Beacon Point states. The May first-quarter filing tied the original lease to 352 MW, about $9.8 billion of 15-year base contract value, expected average annual NOI, and Q3 2027 initial delivery. The June financing record then scoped six data halls and 352 MW, followed by the completed $4.25 billion secured-note offering and a Phase 1 cash waterfall. On July 20, Hut 8 disclosed a second 15-year lease adding another 352 MW, doubling contracted Beacon Point capacity to 704 MW, with initial Phase 2 delivery in Q2 2028.
the contract state has moved ahead of the disclosed financed state. The closed record supports one financed and cash-modeled 352 MW phase plus one separately contracted 352 MW phase, not a 704 MW campus already shown as sharing the June debt scope or waterfall. That distinction matters because the June model is the company's disclosed conversion path from lease economics into debt service and levered cash flow, but it is attached to Phase 1 capacity. A professional reader should therefore underwrite Beacon Point in two layers: funded Phase 1 and contracted Phase 2 pending a new capital-stack or scope-expansion disclosure. The read breaks if another filing shows the June financing already covered both phases or was always intended for the full 704 MW campus.
Research watch · held. These are accepted packaged investigations, ordered as a reading path. The research watch is not a published Convergence issue.
Data centers are being built faster than they can be connected to the grid, prompting delays, moratoriums, and higher costs across the U.S.
The future power bill for AI is already set in advance, and the grid is running the calculation before the first rack is delivered.
US power transformer delivery times now exceed three years, with demand surging and equipment procurement cycles unable to keep pace with the AI buildout.
Data centers face delays as power supply, not chip availability, becomes the main constraint, shifting influence from manufacturers to electric utilities across the country.
The machines found the one utility business model America had left, and they are testing whether the people on it will keep paying for strangers' power.
Only a fully cleared issue enters this record. Hut 8 remains the sole accepted issue; the current file above is displayed separately so freshness never becomes fabricated certainty.
The new 704 MW contract expands delivery commitments, but the closed financing and cash waterfall still map only to the first 352 MW.