Anthropic’s $35 Billion AI Deal Taps Hut 8’s Texas Campus

Training and running generative AI models requires vast data-center capacity, advanced chips and power, making access to compute a central battleground for leading developers. Anthropic has been expanding its infrastructure footprint as it competes with OpenAI, while UK startup Nscale is building large-scale AI data centers. The agreement also underscores the strategic importance of Nvidia’s Vera Rubin platform in the next wave of model development.

Anthropic agreed to spend about $45 billion with Nscale to secure computing resources powered by Nvidia’s latest Vera Rubin chips. Support under the agreement is expected to begin by the end of 2027, giving Anthropic additional capacity for training and serving its AI systems. The deal is the latest step in the company’s compute-buying push and marks a significant escalation in its cloud and data-center spending.

Canada-founded Hut 8 began primarily as a bitcoin miner but has shifted in recent years toward using its power assets to support large-scale computing facilities. Deploying the first phase of its Beacon Point campus in Texas for AI extends its revenue model beyond cryptocurrency cycles into long-term infrastructure contracts. It also gives the company an entry into the high-density AI computing market through the NVIDIA DSX architecture.

Hut 8 said on May 6, 2026, that it had signed a 15-year lease for its Beacon Point campus in Nueces County, Texas. The agreement covers 352 MW of IT capacity and has a total base-term contract value of $9.8 billion, with annual rent increases of 3%. Hut 8 shares rose as much as about 36% in U.S. premarket trading after the announcement.

Hut 8 was originally focused on Bitcoin mining but has begun redirecting its power and data center assets toward AI computing in recent years as cryptocurrency price volatility, energy costs and pressure on mining profitability weighed on the business. The company spun off its mining operations into American Bitcoin Corp, allowing the parent company to focus on high-performance computing infrastructure. The move reflects a broader shift among miners seeking more stable, long-term revenue.

Hut 8 has signed a long-term data center lease worth a total of $7 billion with AI cloud platform Fluidstack and plans to begin providing infrastructure services for Anthropic in 2027. Despite posting a net loss of $240 million last year, management is betting on power supply, campus development and rental income from long-term contracts to transform Hut 8 from a Bitcoin miner into an AI data center developer.