Hut 8’s Texas Power Campus Tied to Anthropic’s $35 Billion AI Computing Deal

Hut 8, a company originally built around bitcoin mining infrastructure, is now playing a role in one of the largest AI computing agreements to date. Anthropic has agreed to spend $35 billion on computing capacity from Lambda, an AI cloud provider backed by Nvidia, with part of that capacity running through Hut 8’s Beacon Point campus in Nueces County, Texas. Under the arrangement, Nvidia holds the lease on the facility, Lambda supplies computing power using Nvidia chips, and Anthropic purchases the resulting capacity.

Massive Leases Dwarf Hut 8’s Current Revenue

Hut 8 had previously disclosed two 15 year leases at Beacon Point covering 704 megawatts of IT capacity, though the tenant wasn’t named at the time. Combined, the leases carry $19.6 billion in contracted value, a figure more than 260 times the company’s most recent quarterly revenue of roughly $74.9 million.

The Beacon Point site spans 525 acres and has access to up to 1 gigawatt of power through an existing grid connection. Shares of Hut 8 rose initially after the news broke but have since settled to only slightly higher levels in early trading.

Why Bitcoin Miners Keep Landing AI Contracts

AI firms need massive amounts of electricity, and building new grid connections from the ground up can take years. Bitcoin mining companies already operate large facilities with cheap power and established grid access, making them attractive partners for AI developers. Miners including Hut 8, TeraWulf, IREN, and Bitdeer have spent years building this kind of infrastructure, and public mining companies have collectively signed more than $70 billion in AI and computing contracts as mining profitability has weakened.

Other Miners Making Similar Moves

TeraWulf signed a deal earlier this year to supply Anthropic with about 401 megawatts from a site in Kentucky, while also converting part of its New York mining campus. Bitdeer signed a 16-year, $4.7 billion agreement to lease power from its Norway campus for Nvidia-based computing. Microsoft previously struck a $9.7 billion, five year deal with IREN for AI capacity in Texas. Hut 8’s Beacon Point campus is expected to generate an average of $1.31 billion in annual operating income once fully running.