Shares of bitcoin miners turned AI infrastructure providers surged Monday after Hut 8 (HUT) and IREN (IREN) announced billions of dollars in new contracts, easing concerns that demand for AI computing capacity may be slowing.
Hut 8 rose as much as 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 agreement, with the same investment-grade customer that leased the first phase, doubles the tenant’s footprint to 704 megawatts (MW) and fully commercializes the site’s 1 gigawatt of power capacity.
IREN gained as much as 19% after announcing $2.8 billion in new multiyear cloud services contracts with AI developers. The company raised its year-end AI Cloud annualized run-rate revenue target to more than $4 billion, saying about 85% of that revenue is now under contract.
The news spilled over to peers across the high-performance compute sector. Mining (CIFR) gained 11% and TeraWulf (WULF) added 6.4%. Bitcoin miners Riot Platforms (RIOT) and MARA Holdings (MARA) advanced 5% and 9%, respectively. The CoinShares Bitcoin Miners ETF (WGMI) rose 8.5%.