The infrastructure landscape of artificial intelligence continues to change rapidly, and now the spotlight has turned to Hut 8's Beacon Point campus in Texas. It is here that the computing capacity will be deployed that Anthropic is purchasing from cloud provider Lambda as part of a deal estimated at approximately $35 billion. The lessee of this capacity is Nvidia, which, in turn, will provide the site for installing accelerators and subsequently delivering services to Anthropic.
Based on my data, the project involves utilizing about 350 MW of electricity in Texas, underscoring the scale of Anthropic's ambitions in the race for leadership in generative AI. The $35 billion figure specifically pertains to the agreement between the developer and Lambda, and it is one of the largest cloud deals in the sector's history. Significantly, Hut 8's shares moved into the "red zone" amid this news, dropping to $76.22, reflecting mixed investor sentiment regarding the transformation of mining companies into AI providers.
Hidden details and market reaction
Earlier, Hut 8 announced two long-term contracts for leasing capacity at Beacon Point, but the counterparties were not disclosed. Now it is becoming clear that at least one of these agreements involves the participation of Nvidia, Lambda, and Anthropic. The company still does not comment on the details, but this deal structure—where a chip manufacturer leases infrastructure from a miner, and a cloud provider acts as an intermediary—is becoming an increasingly common model.
This is not an isolated case: in August, IREN already reported that revenue from AI cloud services exceeded income from bitcoin mining for the first time. Miners with access to cheap energy and large-scale data centers are turning into key players in the AI economy, and the Hut 8 deal is a vivid confirmation of this trend.
My assessment: such agreements signal a fundamental shift in the business models of bitcoin miners, who no longer rely solely on cryptocurrency market volatility. However, the bet on AI also carries risks: dependence on large corporate clients and tech giants could make revenues less predictable than shareholders would like.