Hut 8 Campus Powers $35 Billion Anthropic Deal
Part of Hut 8’s Beacon Point campus in Texas is being used for AI compute through Lambda, Nvidia, and Anthropic. The deal highlights how bitcoin miners are increasingly renting out data center capacity.
Key Takeaways
- Hut 8 sees part of its Beacon Point campus in Texas being used for an Anthropic deal worth $35 billion through Lambda.
- Nvidia is leasing the site, Lambda is using Nvidia chips, and Anthropic is buying the compute that comes out of it.
- The move fits a trend where bitcoin miners rent out capacity for AI and high-performance computing.
Hut 8 is once again playing a role in the shift from bitcoin mining to AI infrastructure. The company sees part of its Beacon Point campus in Texas being used for a new Anthropic deal, with Anthropic spending $35 billion (€30.2 billion) on compute through AI cloud company Lambda.
Beacon Point Gets an AI Role
According to The Wall Street Journal, the agreement runs through Lambda, which is backed by Nvidia. Part of the capacity at Beacon Point in Nueces County will be used there. Nvidia is leasing the site, Lambda is using Nvidia chips there, and Anthropic is then buying the compute that results from it.
Hut 8 had already announced two 15-year lease agreements for Beacon Point, together totaling 704 megawatts of IT capacity. In the initial term, those contracts represent a value of $19.6 billion (€16.9 billion). The campus covers 525 acres, has access to up to 1 gigawatt of power, and is already connected to the grid.
Why Miners Are Getting Attention
The move fits a broader trend in which bitcoin miners are increasingly renting out capacity for AI and high-performance computing. Companies like TeraWulf, IREN, and Bitdeer have closed or announced similar deals in recent months because they already have large sites with power connections and data center capacity in place. That makes them attractive to AI companies that need a lot of power fast.
Demand for AI compute is putting even more pressure on the competition for cheap power. In the sector, people are already bracing for major delays in new data center projects, because grid connections, equipment, and local pushback are increasingly slowing expansion. That helps explain why existing bitcoin mining sites are especially interesting to AI companies.
What This Means for Hut 8
For Hut 8, the main point is that the market no longer sees the company only as a bitcoin miner. The HUT stock jumped briefly after the news, but in premarket trading it is only slightly higher. The company reported quarterly revenue of $74.93 million in June, up 81% from a year earlier, while Beacon Point could eventually generate an average of $1.31 billion (€1.1 billion) in operating profit per year if the campus is fully up and running, according to earlier estimates.
CoinDesk asked Hut 8 how much of the 704 megawatts of leased capacity is tied specifically to Lambda and Anthropic, and whether Nvidia is the previously unnamed tenant behind both leases. Those questions are still unanswered for now.
