Can you give us a rundown of this Beacon Point deal and, you know, kind of what led to it? What y'all's plans are for this site, all that stuff? Just to give our listeners a rundown for those who might have forgotten or don't know.
Our first deal we announced in December was a $7 billion deal in Louisiana, and that was with Anthropic and Google as support, with Fluid Stack as well. The second deal we announced was in Texas, and that was a $9.8 billion deal, and so it was larger, almost by 50%, than the initial deal. It's a high-grade investment counterparty. We didn't share kind of the name of who, and I can kind of share why we are going through that on that strategy going forward, but it's phase one of a gigawatt campus, and it's really exciting because it's actually one of the most dense data center buildings in the world when it comes online. We have 500 megawatts of capacity in a single building. And so we work closely with Nvidia. They actually wanted us to share that they were a design partner on the campus because of how exciting and innovative it was. But we're really excited. That brings our total capacity of it megawatts almost to 600 megawatts. It brings our total contracted revenue almost to $17 billion. And that's really over the course of the last six months, from December till now.
So I had a quick side note here. When I was going through prep for this, you know, we were talking about CoreWeave doing a half bill financing and they're trying to build in Europe. And so that got me thinking, okay, well, let's get projections for Europe versus US for data center buildout. And when you look at the projections for the US, what is still kind of awe-inspiring to me is you have all of these Bitcoin miners that are going to make up a significant chunk of that when they're making these transitions. So you're just talking about the density of this data center, one gigawatt. Sometimes the numbers stop making sense to us in the sense that we just kind of become numb to it. But that's just absolutely freaking massive.
Yeah. And to go back, so to go back to the... I mean, just to put into perspective, like those two deals we announced without like a future expansion on Beacon Point or anything, because we have like a 3% escalator. So across the 15 years, it's about $1.1 billion a year in cash flow. And these are triple net leases where there's no real cost to operating them. So that's like all net operating income. It's like 99%. And so like it's really powerful. And to your point, like these are massive projects with massive numbers, and we think this is like a generational opportunity to go build like an infrastructure business. What I'm really excited for is we're not building a data center company. Like we didn't pivot from crypto to AI. Like we still have 700 megawatts through American Bitcoin that we manage. And so like in my mind, Hut 8 is the business that rethinks and builds infrastructure at scale that supports next-generation technologies. And AI is obviously the largest consumer and user, but over time there will be other consumptions. And if you look at like the history of humankind, our quality of life, our GDP has increased as our energy consumption has gone up. And so how do we build physical infrastructure at that intersection of power and technology? And like that's what I'm super excited for.
So going back to the tenant for this one, I mean, the press release said they're of hyperscale tier. It was undisclosed. What's the reason for that? Just confidentiality? They requested it? Because that's, I think, the first one that we've seen where a tenant has not been disclosed.
So yeah. So when we announced our deal in December, I think a couple things came up when we announced it. One was we were like, 'Holy, that was a great deal.' We thought it was like a market deal because a lot of the deals that transact are actually in the private markets, not on the public markets, right? The public markets are more kind of the old crypto companies and so forth, but most of the deals happen in the private market. So we thought it was like, hey, this is actually a pretty fair deal with like institutional blue-chip platforms that are data center developers. But I felt like we added unnecessary like eyeballs to our tenant because everyone went like, 'Oh, we like the Hut deal. We want the deal.' And so forth. We said our goal is to go get more and more sites done, and I don't want to add like unnecessary kind of friction to our tenants if not necessary.
Right. I see, because that does kind of paint not a target on them, but it does create a maybe competitive disadvantage when they're trying to sign other deals and they say, well, hey, this deal, why can't we get these terms?
Exactly. Exactly. That's right. And so I spoke to kind of the tenants at Riverbend. I'm like, hey, I have this idea. What do you think? Like, because... and then I spoke to some of our key largest shareholders. I said, 'Look, you care about like who's the credit who commits to this contract, right? Because that determines your confidence level that they will pay the bill over the 15 years and if they'll renew. So if we tell you the credit, is that good enough where like there's only a select handful of people in the world that have that credit and that profile, and so you have a general sense of who it is?' And they're like, 'Yeah, that makes a ton of sense.' Like, tell us that we can underwrite it and then just go get more deals done. And so I think it's optimizing towards our first deal was can we do this and can we build a data center platform, and then a lot of people said, well, was this like a one-time kind of striking luck or can you do it again? And a lot of people like were saying, oh, can't do it again, like this was a one-time thing, etc. And then our second deal was the same but bigger, and I would argue better. And so like same structure, same economics, but a bigger cycle. And so I think we've shown that repeatability, and as we grow now is like we've already I think shown the market what we can do. And now all we have to focus on is scaling and growing. And so then I think we can be a little bit less kind of forward-lean on disclosing every single thing. We wanted to do that to kind of show credibility with our shareholders and what we can do. And like we did that not because like, oh, I think we're going to get a higher valuation or we're going to go and like shareholders are going to love for that or we're going to get an investment-grade credit rating on construction phase, which allowed us to do like we did also like a kind of first-time type of financing, which I can go into later if you want. But we did it because the question I ask is, I see the data center business as an ability to build our foundation of the company with like reliable and strong cash flows. And I am a deep believer that AI, we're only at the early innings and will only continue to grow. But running a large-scale infrastructure business where we're deploying billions of dollars of capital, I have to prepare for what if like demand stops? What if demand pauses and where are we and what does that happen to our commitments, the obligations we make and so forth? Like the reliability of those contracts, those cash flows are critically important, right? Because I want us to compound and grow as a business. And I care less about like where we're going to be in like six months, a year. I care more about like where we're going to be in 10 years, right? And so like how do we make sure like we do the right things for that. And I think as a result, we got a really strong deal. We got one that was financed really well. And like we were the only company that was able to do a 16-and-a-half-year financing instead of a five-year financing because we got an investment-grade credit rating.
So that financing you're talking about specifically for Beacon Point or for the Louisiana site?
