Woofun AI reports that Benchmark raised its price target for bitcoin miner Hut 8 from $85 to $165, driven by the commercialization of its AI data center business. The firm highlighted $16.8 billion in long-term contracts, noting that progress at the Texas-based Beacon Point campus has altered valuation logic.

The redesigned first phase of Beacon Point supports 352MW of IT capacity, a 57% increase over the original plan, with a base lease value of $9.8 billion. This combines with a $7 billion agreement for the River Bend data center. If renewal options are exercised, the total potential value reaches $42.8 billion.