Overview
- The Financial Times identified Nvidia as the likely undisclosed tenant for two 15‑year, take‑or‑pay leases that together cover 704 MW and carry a $19.6 billion base‑term value.
- Hut 8 signed the first matching 352 MW lease on May 6 and disclosed the second around July 20, with both contracts requiring buildings built to Nvidia’s DSX reference architecture.
- The project has secured major project financing, including $4.25 billion of non‑recourse senior secured notes closed in June, and Hut 8 expects the first Phase 2 data hall to be energized in Q2 2028.
- Neither Nvidia nor Hut 8 have publicly confirmed the tenant identity or any sublease plan, and Nvidia has emphasized its DSX architecture without acknowledging tenancy.
- Analysts warn that on‑schedule construction, cost control and the risk of relying on a single large tenant are the key near‑term variables that will determine whether the leases deliver the promised, long‑duration cash flows.