Hut 8’s Texas Energy Assets Gain Importance in Anthropic’s $35B AI Deal

Hut 8’s Texas campus is becoming part of the growing AI infrastructure boom, with its Beacon Point facility expected to support computing capacity included in Anthropic’s $35 billion deal.

The Bitcoin mining infrastructure company has secured two 15-year leases at Beacon Point with a combined contracted value of $19.6 billion. That is more than 260 times Hut 8’s most recent quarterly revenue, underscoring the rapidly increasing value of power and data-center capacity.

Hut 8 is best known for building infrastructure for Bitcoin mining, but its Beacon Point development in Nueces County, Texas, is now expected to support Anthropic’s AI computing requirements.

Anthropic has agreed to spend $35 billion on computing capacity from Lambda, an AI cloud provider backed by Nvidia, the Wall Street Journal reported Monday.

Some of that computing capacity will reportedly be delivered through Hut 8’s Beacon Point campus. Nvidia holds the lease for the facility, Lambda is expected to operate Nvidia-powered hardware there, and Anthropic will purchase the resulting computing capacity.

Hut 8 shares initially climbed after the report emerged but later surrendered most of the gains, leaving the stock only modestly higher in premarket trading.

Hut 8 had previously disclosed the two 15-year Beacon Point leases, which cover 704 megawatts of IT capacity. At the time, the company did not identify the tenant. The contracts represent $19.6 billion in value over their initial terms.

The Beacon Point property spans 525 acres and has access to as much as 1 gigawatt of power, along with an existing grid connection. Those characteristics make it particularly attractive for energy-intensive AI computing.

CoinDesk has reached out to Hut 8 for details on how much of the 704 megawatts is associated with Lambda and Anthropic, as well as whether Nvidia is the previously unnamed tenant connected to both leases.

Bitcoin Miners Find a New Role in AI

AI developers are racing to secure enormous amounts of electricity and data-center capacity. Building a new facility and obtaining hundreds of megawatts of grid-connected power can take years. Bitcoin miners already possess much of that infrastructure, giving them a head start as AI companies look for sites that can come online faster.

Hut 8, TeraWulf, IREN and Bitdeer spent years acquiring power and constructing facilities for Bitcoin mining. With mining economics becoming less attractive, many of these companies have begun shifting their infrastructure toward AI and high-performance computing.

CoinDesk reported in March that publicly traded Bitcoin miners had already signed more than $70 billion in AI and HPC contracts.

TeraWulf agreed in July to provide approximately 401 megawatts of capacity to Anthropic through a long-term deal involving a former industrial property in Kentucky. The company is also converting portions of its Lake Mariner mining facility in New York for AI use.

Bitdeer signed a 16-year agreement worth about $4.7 billion in August to lease 121 megawatts at its Tydal campus in Norway for Nvidia-powered computing. At the same time, the company continued its Bitcoin mining operations, producing 1,190 BTC in July.

Microsoft signed a five-year agreement worth roughly $9.7 billion last year to secure AI computing capacity from IREN’s Texas data centers. The deal involves approximately 200 megawatts. IREN’s AI cloud revenue reached $70.5 million in its latest quarter, while its mining revenue declined.

Hut 8 reported quarterly revenue of $74.93 million in June, an 81% increase from the previous year. Its two Beacon Point leases cover 704 megawatts and carry $19.6 billion in contracted value across their initial 15-year terms.

Once fully operational, the Beacon Point campus is expected to generate around $1.31 billion in average annual operating income for Hut 8.