Hut 8 signs $9.8 billion AI data center lease agreement, IREN secures $2.8 billion cloud services contract
2026-07-20 17:29
Odaily News: Bitcoin mining company stocks rose in early Monday trading, with IREN, Cipher Digital, CleanSpark, Hut 8, and MARA Holdings all gaining at least 11%. The surge followed Hut 8's announcement of a 15-year, $9.8 billion AI data center campus lease agreement and IREN's disclosure of a $2.8 billion cloud services contract with an AI developer.
Both Hut 8 and IREN started in Bitcoin mining before accelerating their shift toward AI infrastructure and cloud computing as mining economics weakened. IREN expects its AI cloud business to generate over $4 billion in annual recurring revenue by the end of 2026.
The TEM AI Infrastructure Growth Index, which tracks 20 companies in the Bitcoin mining, neocloud, and AI infrastructure sectors, rose 1.4% on Monday and has gained over 12% in the past week. Blocksbridge Consulting estimates the industry still needs approximately $50 billion in funding to achieve its AI-related plans, with IREN facing a funding gap of around $21.1 billion.
Both Hut 8 and IREN started in Bitcoin mining before accelerating their shift toward AI infrastructure and cloud computing as mining economics weakened. IREN expects its AI cloud business to generate over $4 billion in annual recurring revenue by the end of 2026.
The TEM AI Infrastructure Growth Index, which tracks 20 companies in the Bitcoin mining, neocloud, and AI infrastructure sectors, rose 1.4% on Monday and has gained over 12% in the past week. Blocksbridge Consulting estimates the industry still needs approximately $50 billion in funding to achieve its AI-related plans, with IREN facing a funding gap of around $21.1 billion.
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