Hut 8’s Texas power site sits inside Anthropic’s $35 billion AI deal

Hut 8 HUT$79.67·At close made its name building infrastructure to mine bitcoin BTC$78,003.01, and a site it is developing in Texas will now help power AI giant Anthropic’s latest computing contract.

Anthropic agreed to spend $35 billion buying computing capacity from Lambda, an AI cloud company backed by Nvidia, the Wall Street Journal reported late Monday.

Some of that capacity will run through Hut 8’s Beacon Point campus in Nueces County, Texas. NVIDIA holds the lease on the facility, Lambda will use NVIDIA chips there, and Anthropic will buy the resulting computing power.

HUT initially jumped when the news hit last night, but shares are now only marginally higher in pre-market trading.

Hut 8 had previously disclosed two 15-year leases at Beacon Point covering 704 megawatts of IT capacity without naming the tenant. The leases carry $19.6 billion of contracted value over their initial terms.

The site covers 525 acres, with access to up to 1 gigawatt of power and an existing grid connection.

CoinDesk has asked Hut 8 to confirm how much of Beacon Point’s 704 megawatts of leased capacity is tied to Lambda and Anthropic, and whether Nvidia is the previously undisclosed tenant behind both leases.

Why bitcoin miners keep appearing in AI deals

AI companies need enormous amounts of electricity, and getting hundreds of megawatts connected to the grid from scratch can take years. Bitcoin miners, meanwhile, already operate large sites built around cheap power and existing grid connections — exactly the kind of infrastructure AI developers are scrambling to secure.

Companies including Hut 8, TeraWulf, IREN and Bitdeer spent years securing power and building data centers for bitcoin mining. As CoinDesk reported in March, public miners had already signed more than $70 billion of AI and high-performance computing contracts as weak bitcoin-mining economics pushed capital toward data centers.

TeraWulf signed a long-term agreement in July to provide Anthropic with about 401 megawatts at a former industrial site in Kentucky, and is converting parts of its Lake Mariner mining campus in New York. In August, Bitdeer signed a 16-year agreement worth about $4.7 billion to lease 121 megawatts of its Tydal campus in Norway for Nvidia-powered computing, while still mining 1,190 bitcoin in July.

Microsoft signed a five-year deal worth about $9.7 billion last year for AI capacity from IREN’s Texas data centers, using roughly 200 megawatts. As such, the firm’s AI cloud revenue reached $70.5 million last quarter while its mining revenue fell.

Hut 8 reported quarterly revenue of $74.93 million in June, up 81% on the year. Its two Beacon Point leases cover 704 megawatts and carry $19.6 billion in contracted value over their initial 15-year terms, with the campus expected to generate an average of $1.31 billion in annual operating income once fully operational.