Hut 8 Corp. has been identified as the infrastructure partner behind part of a $35 billion cloud-computing agreement between Anthropic and Nvidia-backed Lambda. Under the deal structure, Nvidia holds the facility lease, Lambda supplies the chips, and Anthropic purchases the resulting compute capacity. Reuters reported that the Anthropic portion at Hut 8’s Beacon Point campus in Nueces County, Texas, is roughly 350 megawatts, about half of the 704 megawatts Hut 8 has leased at the site.
The 525-acre Beacon Point campus has access to up to 1 gigawatt of power and an existing grid connection. Hut 8 has signed two 15-year leases for 704 megawatts of IT capacity with a combined base-term value of $19.6 billion, potentially rising to $50.2 billion if all renewal options are exercised. The first lease, announced May 6, covered 352 megawatts and was valued at $9.8 billion over its base term; a second 352-megawatt lease was signed July 20. The agreements are triple-net leases, meaning the tenant pays tax, insurance, and maintenance on top of rent.
Hut 8 has not publicly named the tenant, describing it only as a high-investment-grade counterparty. Nvidia had previously signed leases worth up to $50 billion for the campus, according to a July 28 Financial Times report. A Nvidia spokesperson said the company is “working with ecosystem partners to accelerate the deployment of efficient AI infrastructure through the DSX AI factory architecture,” without confirming or denying the Lambda reports.
The arrangement highlights how bitcoin miners are converting power infrastructure into AI data center leases. Publicly traded miners have signed more than $70 billion in AI and high-performance computing contracts. TeraWulf signed a long-term deal to supply Anthropic with about 401 megawatts in Kentucky, IREN locked in a $9.7 billion deal with Microsoft in Texas, and Bitdeer signed a 16-year agreement worth $4.7 billion in Norway. Riot also announced a 20-year, 191-megawatt lease at its Rockdale, Texas site with a base-term value of $9.1 billion, and reports later linked the unnamed tenant to Anthropic.
Hut 8 posted revenue of $74.93 million last quarter, up 81% year-over-year. Management expects Beacon Point to generate an average of $1.31 billion in annual operating income once fully operational, providing revenue stability that does not move with bitcoin prices. HUT initially jumped on the news before paring gains, closing down 0.98% at $78.64 on Monday and slipping to $77.57 on Tuesday. Analysts tracked by TipRanks maintain a Strong Buy consensus rating with an average 12-month price target of $166.50, implying roughly 112% upside.
