Anthropic’s $35B Lambda Deal Connects Nvidia to Hut 8’s Texas AI Data Center
Anthropic has reportedly agreed to spend $35 billion for cloud-computing capacity from Nvidia-backed Lambda, linking the Claude developer’s surging demand for processing power to a Texas data center being built by Hut 8 (NASDAQ: HUT).
The six-year agreement covers about 350 megawatts of capacity at a site in Nueces County, according to people familiar with the transaction. The Wall Street Journal, which first reported the deal Monday, said Nvidia will hold the lease on the facility.
The arrangement creates a four-company chain behind the project. Hut 8 is developing the data center and leasing the space to Nvidia, according to the Journal. Lambda will install chips purchased from Nvidia and sell the resulting computing capacity to Anthropic. The amount Lambda will pay Nvidia for access to the facility hasn’t been disclosed.
The structure gives Nvidia a larger role than that of a chip supplier. By securing the data-center lease, the company is helping Lambda obtain capacity without having to contract directly with the developer. Lambda, in turn, provides Anthropic with access to Nvidia systems. Nvidia participated in Lambda’s $480 million funding round in February 2025, according to the cloud provider.
Hut 8 shares rose almost 5% in overnight trading following the report. The stock had closed Monday down 1% at $78.64, while Nvidia gained 1.5% to $220.78 before slipping in premarket trading Tuesday.
The agreement also provides the clearest account yet of the demand behind Hut 8’s Beacon Point campus.
Hut 8 said on July 20 that an unidentified, investment-grade technology company had signed a second 15-year lease for 352 megawatts of information-technology capacity at the site. That contract doubled the same tenant’s commitment to 704 megawatts and fully leased the campus, which has one gigawatt of utility capacity.
The two Beacon Point leases have a combined base-term value of $19.6 billion, including 3% annual rent increases, Hut 8 said in a regulatory filing. Three five-year renewal options on each lease could lift the campus-level value to $50.2 billion. Hut 8 projects average annual net operating income of $1.31 billion once the two phases are stabilized.
The Financial Times subsequently identified Nvidia as the tenant, citing five people familiar with the arrangement.
The roughly 350 megawatts covered by the Anthropic-Lambda transaction closely matches one of Beacon Point’s two 352-megawatt phases. The available reports, however, don’t establish whether Anthropic will use only that phase or eventually take capacity elsewhere on the campus.
The various headline values also represent different contracts and shouldn’t be added together as if they were a single revenue stream. Anthropic’s reported $35 billion commitment is for computing services from Lambda. Hut 8’s $19.6 billion figure represents rent payable under two 15-year leases by its still-undisclosed tenant, which the FT and Journal identified as Nvidia. Lambda’s payment to Nvidia remains unknown.
The difference in contract lengths is also material. Anthropic’s reported commitment runs for six years, while Nvidia’s reported leases with Hut 8 extend for 15 years before renewal options. The companies haven’t disclosed how the residual capacity risk is allocated after Anthropic’s contract expires.
Hut 8 has financed construction of Beacon Point’s first phase with $4.25 billion of 6.129% senior secured notes due in 2042. The debt is secured by project assets and is non-recourse to the parent company, according to Hut 8’s second-quarter filing. Initial energization is scheduled for the first quarter of 2027, while delivery of the first Phase 2 data hall is expected in the second quarter of 2028.
The Texas project is separate from Hut 8’s existing partnership with Anthropic and Fluidstack at the River Bend campus in Louisiana. Hut 8 signed a 15-year, $7 billion lease with Fluidstack there for 245 megawatts, with Google providing a financial backstop. That project is scheduled to begin delivering capacity in the second quarter of 2027, according to Hut 8’s filings.
Across Beacon Point and River Bend, Hut 8 now reports 949 megawatts of contracted AI data-center capacity with an aggregate base-term contract value of $26.6 billion. The company expects the portfolio to produce more than $1.75 billion in average annual net operating income after stabilization, though those projections remain dependent on construction, power delivery and tenant commencement milestones.
