A large-scale infrastructure deal in the artificial intelligence market has taken concrete shape. The computing power that Anthropic is acquiring from cloud provider Lambda under a multi-billion-dollar agreement will be deployed at Hut 8's Beacon Point campus in Texas. Nvidia, which appears to be the key technology partner in this chain, will lease these capacities from the mining firm.
Lambda will install its accelerators at the site and directly serve Anthropic's needs. The project is estimated at roughly $35 billion and involves utilizing about 350 MW of energy capacity in Texas. It is important to emphasize: this amount pertains exclusively to the agreements between the AI developer and the cloud provider, while the financial terms of the Hut 8 and Nvidia contract remain undisclosed.
The market reaction was swift: at the time of writing, Hut 8 shares moved into the "red zone," falling to $76.22. Investors were evidently expecting more transparent details regarding how this deal will impact the miner's financial performance, especially in light of its active diversification toward high-performance computing.
Earlier, Hut 8 had already announced two long-term capacity lease contracts at Beacon Point but deliberately did not disclose the counterparties' identities. Now the picture is becoming clearer: the involvement of Lambda and Anthropic confirms that classic bitcoin miners are turning into significant players in the AI infrastructure market. However, the company has still not clarified which of the two agreements this scheme pertains to, leaving room for further questions.
This case is yet another confirmation of a tectonic shift in the industry. Previously, IREN reported that revenue from AI cloud services exceeded income from bitcoin mining for the first time. Miners, who possess unique energy resources and data center management expertise, are becoming a critically important link for AI giants.
My analysis: The deal with Nvidia as the tenant is not just a way to load idle capacity but a strategic move that reorients Hut 8's business model from volatile mining to stable long-term contracts. However, the stock decline signals that the market is not yet confident that margins from AI services will compensate for the loss of a "pure" mining profile. In the coming quarters, EBITDA dynamics will be the key indicator — if it rises steadily, skeptics will be forced to acknowledge the soundness of the diversification strategy.