Anthropic agrees to $35 billion cloud deal in Nvidia-backed arrangement

A Bitcoin mining company just landed in the middle of one of the biggest AI infrastructure deals on record. Hut 8’s Beacon Point campus in Nueces County, Texas, is a core piece of Anthropic’s $35 billion cloud-computing agreement with Lambda, backed by Nvidia.

The deal channels approximately 350 megawatts of IT capacity through the Hut 8-developed site.

From mining rigs to AI racks

Hut 8 is building out Beacon Point to an ultimate utility capacity target of 1 gigawatt. Power energization at the campus is anticipated by Q1 2027, with the first data halls expected to deliver by Q3 2027.

Hut 8 first announced an initial 352 MW lease at Beacon Point on May 6, 2026, carrying a base value of $9.8 billion that could grow to $25.1 billion with renewals. Then in July 2026, the company expanded its lease commitments, effectively doubling capacity and raising the total contracted value to $19.6 billion. With options factored in, the ceiling sits at $50.2 billion.

Anthropic’s compute hunger meets Hut 8’s power play

The relationship between Hut 8 and Anthropic predates this headline-grabbing deal. Back in December 2025, the two companies partnered alongside Fluidstack in an arrangement that initially encompassed 245 MW, with scalable potential up to 2.295 GW across various sites.

The $35 billion agreement reported in late August to early September 2026 represents the main course, with Nvidia actively involved in leasing aspects and chip provision.

Hut 8’s strategic positioning within ERCOT, the Texas power grid operator, gives it access to some of the most competitive electricity pricing in North America.

What Bitcoin mining built

The company’s leases are with investment-grade counterparties. Long-term contracts with creditworthy tenants provide predictable revenue streams, a stark contrast to the volatility-dependent economics of Bitcoin mining.

Implications for the AI infrastructure race

Nvidia’s involvement in the deal extends beyond selling GPUs. The chipmaker is actively participating in the real estate and leasing side of AI infrastructure, ensuring that its hardware ends up in facilities with the power and cooling to run it effectively.

For competing data center developers, the $19.6 billion in contracted value at Beacon Point sets a benchmark. Companies with existing power interconnections, grid agreements, and shovel-ready sites will command premium valuations as the race to build AI infrastructure accelerates.

Building a 1 GW campus on schedule is a monumental engineering challenge. Supply chain constraints on electrical equipment, transformers, and cooling systems have delayed data center projects across the industry. Hut 8 will need to deliver on its Q1 and Q3 2027 milestones to justify the extraordinary contract values it has secured.

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