TLDR
- Anthropic agreed to spend $35 billion on computing capacity from Nvidia-backed Lambda, with some of it running through Hut 8’s Beacon Point campus in Texas.
- Hut 8’s 525-acre Beacon Point site in Nueces County has two 15-year leases covering 704 megawatts, carrying $19.6 billion in contracted value.
- Under the deal structure, Nvidia holds the facility lease, Lambda provides the chips, and Anthropic buys the resulting compute power.
- Hut 8 posted $74.93 million in revenue last quarter, up 81% year-over-year, with Beacon Point expected to generate $1.31 billion in annual operating income once fully operational.
- The deal reflects a wider trend of bitcoin miners converting power infrastructure into AI data center leases, with over $70 billion in such deals signed across the sector.
Hut 8 (HUT) stock edged higher in early trading after reports confirmed its Texas campus is part of Anthropic’s $35 billion computing deal with Nvidia-backed cloud provider Lambda.
HUT initially jumped on the news before paring gains. The stock was trading marginally higher in pre-market.
Anthropic will buy computing power generated at Hut 8’s Beacon Point campus in Nueces County, Texas. Nvidia holds the facility lease, Lambda supplies the hardware, and Anthropic purchases the output.
Hut 8 had previously disclosed two 15-year leases at Beacon Point covering 704 megawatts of IT capacity but had not named the tenant. The combined lease value stands at $19.6 billion over their initial terms.
The 525-acre site has access to up to 1 gigawatt of power and an existing grid connection, making it attractive to AI companies that need large amounts of electricity fast.
Building new power infrastructure from scratch can take years. Bitcoin miners like Hut 8 already have large sites with cheap power and live grid connections, giving them a head start in supplying AI developers.
Miners Cashing In on AI Demand
This deal is part of a broader shift across the crypto mining sector. Publicly traded bitcoin miners have signed more than $70 billion in AI and high-performance computing contracts as weak mining economics pushed capital toward data centers.
TeraWulf signed a long-term deal to supply Anthropic with around 401 megawatts at a site in Kentucky. IREN locked in a $9.7 billion deal with Microsoft for AI capacity in Texas. Bitdeer signed a 16-year agreement worth $4.7 billion to lease capacity in Norway.
Hut 8 reported $74.93 million in revenue for the most recent quarter, up 81% year-over-year.
Beacon Point’s Revenue Potential
Once Beacon Point is fully operational, Hut 8 management expects the 704-megawatt campus to generate an average of $1.31 billion in annual operating income. That would dwarf the company’s current quarterly run rate.
Multi-year AI leases provide fixed income that does not move with bitcoin prices, giving Hut 8 more revenue stability than pure mining operations.
IREN’s AI cloud revenue reached $70.5 million last quarter while its mining revenue fell, showing how the shift can reshape a miner’s income mix.
According to TipRanks, HUT carries a Strong Buy consensus rating from 16 analysts. The average 12-month price target sits at $166.50, implying roughly 112% upside from current levels.
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