Hut 8’s Texas AI campus tied to Anthropic’s $35 billion computing deal

Anthropic, a leading AI company, has agreed to spend $35 billion on computing capacity from Lambda, an AI cloud provider backed by Nvidia. Part of this deal will use infrastructure at Hut 8’s Beacon Point campus in Texas, a site originally built for bitcoin mining.

Hut 8, a company known for its bitcoin mining operations, has two 15-year leases at Beacon Point covering 704 megawatts of power. These leases have a total contracted value of $19.6 billion, far exceeding the company’s latest quarterly revenue of $74.93 million. The Texas campus spans 525 acres and has access to up to 1 gigawatt of power.

The deal reflects a growing trend where bitcoin miners, with their large sites and existing power connections, are shifting toward AI infrastructure to meet rising demand for computing capacity.

Key details of the deal

• Anthropic’s $35 billion agreement with Lambda will partly use Hut 8’s Beacon Point campus in Nueces County, Texas.
• Nvidia holds the lease on the facility, Lambda will use Nvidia chips, and Anthropic will buy the computing power.
• Hut 8’s two leases at Beacon Point cover 704 megawatts and are valued at $19.6 billion over 15 years.
• The campus is expected to generate an average of $1.31 billion in annual operating income once fully operational.

Why bitcoin miners are moving into AI

AI companies need large amounts of electricity and computing power, which can take years to set up from scratch. Bitcoin miners already have the infrastructure—large sites, abundant power, and grid connections—that AI developers need. Companies like Hut 8, TeraWulf, IREN, and Bitdeer have signed over $70 billion in AI and high-performance computing contracts as they transition from mining to data centers.

What is still unclear

CoinDesk has asked Hut 8 to confirm how much of Beacon Point’s 704 megawatts of leased capacity is tied to the Anthropic deal and whether Nvidia is the previously undisclosed tenant behind both leases. This information has not yet been confirmed.

Sources

• CoinDesk