Anthropic has signed a $35 billion cloud-computing deal with Lambda, an Nvidia-backed provider, covering a Texas data center. Nvidia already holds the lease on that campus, which Hut 8 is building in Nueces County, and some of the capacity will sit at Hut 8's Beacon Point campus. Reuters put the Anthropic portion at roughly 350 megawatts—about half of the 704 megawatts Hut 8 has leased there.

The structure—where the chipmaker holds the lease, a cloud provider installs the GPUs, and the AI lab buys the compute—illustrates how AI infrastructure financing has evolved into multi-party arrangements, with chip supply, power, and capital each carried by different players in the stack.

Hut 8 has never named the tenant on 704 megawatts

Hut 8 is building out the site and has identified its tenant only as a high-investment-grade counterparty. Under the arrangement, Lambda will install the chips and Anthropic is the buyer.

Nvidia signed leases worth up to $50 billion for the campus, the Financial Times reported on July 28, citing five people familiar with the deal—five weeks before the Anthropic agreement surfaced. The Wall Street Journal, which first broke the Lambda deal, said Nvidia would supply the chips and hold the lease, citing people familiar with the matter.

"Nvidia is working with ecosystem partners to accelerate the deployment of efficient AI infrastructure through the DSX AI factory architecture," a spokesperson said, without confirming or denying the report.

Beacon Point spans 525 acres with access to up to 1 gigawatt of power and an already-built grid connection. Connecting hundreds of megawatts to the grid from scratch takes years, whereas miners already operate large sites on cheap power with completed interconnections. That existing power infrastructure is why bitcoin miners like Hut 8 and Riot Platforms have repositioned parts of their portfolios toward AI hosting, where long-term, credit-backed leases can replace volatile mining revenue.

HUT popped on the news before pulling back, closing down 0.98% at $78.64 on Monday, August 31, and slipping further to close at $77.57 on Tuesday, September 1.

Riot withheld a tenant name on 191 megawatts too

On May 6, Hut 8 announced the first Beacon Point lease, a 15-year, 352-megawatt agreement with a base-term value of $9.8 billion. If all renewal options are exercised, that figure could rise to $25.1 billion, the company said. The commitment brought the miner's total contracted AI capacity to 597 megawatts and roughly $16.8 billion in total base-term value.

A second 352-megawatt lease was signed on July 20, doubling the same tenant's campus capacity to 704 megawatts. It lifted the campus base-term value to $19.6 billion, or as much as $50.2 billion if renewals are exercised. The arrangement is a triple-net lease, meaning the tenant pays tax, insurance, and maintenance on top of rent.

In August, Riot announced a 20-year, 191-megawatt lease at its Rockdale, Texas site. The base term is worth $9.1 billion, and two five-year extensions would lift it to $16.1 billion. Riot initially refused to identify the tenant, describing it only as "one of the world's leading frontier AI labs," before the link was made to Anthropic, Cryptopolitan reported. Riot expects as much as 96 megawatts to be available at Rockdale by December 2027 and fully deployed by June 2028.