According to The Block, Benchmark has raised its target price for Bitcoin mining company Hut 8 from $85 to $165, citing the company's acceleration in commercializing its AI data center business and securing a $16.8 billion long-term contract for AI infrastructure. Analyst Mark Palmer stated that the commercialization of Hut 8's Beacon Point AI data center park in Texas has increased the project's value. The current stock price of Hut 8 is about $97. The Beacon Point Park Phase I supports 352MW of IT capacity, with a lease base value of approximately $9.8 billion and an expected annualized net operating income of approximately $655 million. The River Bend data center lease signed between Hut 8 and Fluidstack is valued at approximately $7 billion, with a total base term value of $16.8 billion. If the 5-year renewal option is exercised, the potential total value is $42.8 million.
