On September 1, AI company Anthropic signed a $35 billion compute procurement deal with Lambda, an Nvidia-backed AI cloud provider, and part of that compute will be supplied by bitcoin miner Hut 8's Beacon Point campus in Nueces County, Texas.
Hut 8 previously disclosed two 15-year leases covering 704MW of IT capacity at the site, worth a combined $19.6 billion over the contract term, but it never named the tenant. The campus spans 525 acres, has up to 1GW of power access, and is already connected to the grid. Based on the deal structure revealed so far, Nvidia holds the facility's lease, Lambda will deploy Nvidia chips, and Anthropic will buy the resulting compute. Hut 8 hasn't confirmed how much of that 704MW is tied to Lambda and Anthropic — or whether Nvidia is the previously unnamed tenant.
As AI data centers devour power and compute, bitcoin miners with ready-made electricity and grid access are racing to pivot into AI infrastructure. Hut 8, TeraWulf, IREN, and Bitdeer have all jumped into the AI data center market by selling or leasing their compute and power capacity.
Hut 8's second-quarter revenue came in at $74.93 million, up 81% year over year. Its two Beacon Point leases are worth $19.6 billion combined, and once the campus is fully operational, it's expected to generate roughly $1.31 billion in annual operating profit.