Hut 8’s Texas data-center project is gaining new significance after becoming part of Anthropic’s planned $35 billion computing agreement, underscoring how valuable power capacity has become as AI companies compete for infrastructure.
The Bitcoin mining infrastructure company has two 15-year leases at its Beacon Point campus in Texas worth a combined $19.6 billion. That contracted value is more than 260 times Hut 8’s most recent quarterly revenue.
Hut 8 originally built its business around infrastructure for Bitcoin mining, but its Beacon Point site in Nueces County is now expected to support Anthropic’s growing AI computing needs.
Anthropic has agreed to purchase $35 billion worth of computing capacity from Lambda, an AI cloud provider supported by Nvidia, the Wall Street Journal reported Monday.
Some of that capacity is expected to operate from Hut 8’s Beacon Point campus. Nvidia holds the lease for the facility, while Lambda will deploy Nvidia hardware at the site. Anthropic will then purchase the resulting computing capacity.
Hut 8 shares initially climbed following the report but later pared most of the gain, leaving the stock only slightly higher in premarket trading.
The company had previously announced two 15-year Beacon Point leases covering 704 megawatts of IT capacity without disclosing the tenant. The agreements represent $19.6 billion in contracted revenue over their initial terms.
Beacon Point occupies 525 acres and has access to as much as 1 gigawatt of power, supported by an existing connection to the electrical grid.
CoinDesk has contacted Hut 8 to determine how much of the 704 megawatts is associated with Lambda and Anthropic and whether Nvidia is the previously undisclosed tenant behind the two leases.
Why Bitcoin Miners Are Attracting AI Deals
The AI boom is creating enormous demand for electricity and data-center capacity. Building new facilities and securing hundreds of megawatts of grid-connected power can take years, giving Bitcoin miners an advantage because they already control large sites with established power infrastructure.
Companies such as Hut 8, TeraWulf, IREN and Bitdeer spent years acquiring electricity and developing data centers for Bitcoin mining. As mining economics became more challenging, these companies increasingly turned toward AI and high-performance computing opportunities. CoinDesk reported in March that publicly traded Bitcoin miners had already signed more than $70 billion in AI and HPC agreements.
TeraWulf agreed in July to supply roughly 401 megawatts of capacity to Anthropic under a long-term deal involving a former industrial site in Kentucky. It is also repurposing sections of its Lake Mariner mining facility in New York.
Bitdeer signed a 16-year, roughly $4.7 billion agreement in August to lease 121 megawatts of capacity at its Tydal campus in Norway for Nvidia-powered computing. Despite expanding into AI infrastructure, Bitdeer continued mining Bitcoin and produced 1,190 BTC in July.
Microsoft signed a five-year agreement last year worth approximately $9.7 billion for AI computing capacity from IREN’s Texas facilities, using around 200 megawatts. IREN’s AI cloud revenue subsequently rose to $70.5 million in its latest quarter as mining revenue declined.
Hut 8 reported $74.93 million in quarterly revenue in June, an 81% year-over-year increase. Its two Beacon Point agreements cover 704 megawatts and carry $19.6 billion in contracted value over their initial 15-year periods.
Once fully operational, Beacon Point is expected to generate approximately $1.31 billion in average annual operating income for Hut 8.
