Hut 8's Texas Campus Lands Major Computing Deal with Nvidia-Backed Lambda

Hut 8's Texas campus is part of a major computing deal worth $35 billion between Nvidia-backed Lambda and Anthropic. The deal involves Hut 8's 525-acre Beacon Point site in Nueces County, which has two 15-year leases covering 704 megawatts of IT capacity.

The combined lease value stands at $19.6 billion over the initial terms, with Nvidia holding the facility lease and Lambda supplying the hardware. Anthropic purchases the resulting compute power from Hut 8's campus.

This deal is part of a broader trend in the crypto mining sector, where publicly traded bitcoin miners have signed over $70 billion in AI and high-performance computing contracts due to weak mining economics pushing capital toward data centers.

Hut 8 reported $74.93 million in revenue last quarter, up 81% year-over-year, with Beacon Point expected to generate an average of $1.31 billion in annual operating income once fully operational.