Anthropic agrees to $35 billion AI deal through Hut 8's Texas campus

Anthropic agreed to spend $35 billion buying computing capacity from Lambda. The Wall Street Journal reported the agreement late Monday. Some of the capacity will run through Hut 8's Beacon Point campus in Nueces County, Texas. Nvidia holds the lease on the facility. Lambda will use Nvidia chips there. Anthropic will buy the resulting computing power. Hut 8 previously disclosed two 15-year leases at Beacon Point. The leases cover 704 megawatts of IT capacity. The leases carry $19.6 billion of contracted value over their initial terms. The site covers 525 acres. The site has access to up to 1 gigawatt of power. The site also has an existing grid connection. Hut 8 shares were marginally higher in pre-market trading after initially jumping on the news. Bitcoin miners are attracting AI infrastructure deals because they operate large sites with substantial power and existing grid connections.