Key points
- WSJ reports Anthropic signed a $35B cloud deal with Nvidia-backed Lambda, running on Hut 8's (HUT) Texas campus.
- Hut 8 had leased out all 704MW at Beacon Point for $19.6B over 15 years without naming the tenant.
- HUT rose more than 4% after hours. It is Anthropic's second giant compute deal in five days.
Anthropic has signed a $35 billion cloud computing deal with Nvidia-backed Lambda, the Wall Street Journal reported Monday evening. Under the structure the Journal describes, Nvidia (NVDA) will supply the chips and is leasing the underlying data-center campus in Texas from Hut 8 (HUT), while Lambda provides the compute to Anthropic. Hut 8 shares rose more than 4% after hours on the report.
The report answers a question Hut 8 left open in August. The company disclosed 15-year leases covering all 704 megawatts of IT capacity at its Beacon Point campus in Texas, worth $19.6 billion over their base terms and up to $50.2 billion if renewal options are exercised, but it never named the tenant. The Financial Times reported the tenant was Nvidia, citing five people familiar with the deal, and Nvidia declined to confirm it.
Beacon Point sits on 525 acres with a full gigawatt of utility capacity secured through an interconnection agreement with AEP Texas, and Hut 8 says it is being built to Nvidia's DSX reference architecture for gigawatt-scale AI data centers.
The Lambda agreement is Anthropic's second giant compute deal in five days. On August 26, the company agreed to pay UK-based Nscale about $45 billion over six years for around 460 megawatts of capacity at a West Virginia data center that is expected to come online at the end of 2027, running Nvidia's Vera Rubin chips. Both Lambda and Nscale count Nvidia among their investors.
The spending lands weeks before Anthropic's expected market debut. The company filed confidentially for an IPO in June, and investors have discussed a valuation of $2 trillion or more for an October listing.
Nvidia closed Monday's regular session at $220.88, up 1.5%. Hut 8 closed at $78.59, down 1%, then traded near $82.80 after the Journal's report, as of 7:50 p.m. ET.
