3 recorded steps, walked one at a time. Accepted research brief · from the archive. Single source family · SEC EDGAR.
Step 01 of 03Primary SEC record
Original 352 MW Beacon Point lease baseline
The first-quarter filing established the initial delivery and NOI baseline for the first phase, creating the reference case later tied to project financing.
Establishes
Phase 1 cash-conversion baseline
Does not establish
A Phase 2 capital stack.
That the original lease baseline applies to 704 MW.
Why step order matters
The financing scope and close predate the second lease. The accepted read is a disclosure-state sequence, not proof that later financing cannot arrive.
Source-family boundary
Single source family · SEC EDGAR. Five underlying SEC records support the sequence; the sixth receipt is a derived reconciliation with explicit lineage to those records.
If the trace breaks
A filed amendment or contemporaneous document shows the June financing already covered both 352 MW phases or scaled automatically to 704 MW; or a later filing states the previously closed Phase 1 notes and waterfall were always for the full 704 MW campus.
The full trace, printed
No.StepEstablishesDoes not establish
01Original 352 MW Beacon Point lease baselinePhase 1 cash-conversion baselineA Phase 2 capital stack.; That the original lease baseline applies to 704 MW.
02June Beacon Point financing scope and closeFunded Phase 1 project-finance stateThat closed financing covers the second 352 MW phase.; That Phase 2 financing is unavailable.
03July second Beacon Point leaseSeparate Phase 2 capital and delivery exposureFinancing distress, delay, dilution, or worse terms.; Consolidated earnings impact.
Document index
IDDocumentClassNote
Legacy display order 01Hut 8 doubled Beacon Point contracted IT capacity to 704 MWPrimary SEC recordEstablishes the second 352 MW lease, the 704 MW contracted total, the Q2 2028 Phase 2 delivery target, and the distinction between financed Phase 1 and contracted Phase 2.
Legacy display order 02Beacon Point is contracted beyond the scope of its disclosed closed financingDerived · explicit lineageSupports the state-machine reconciliation that contracted campus capacity now exceeds disclosed financed capacity by 352 MW, while explicitly holding out any claim of financing distress. · derived from 5 recorded IDs