Hut 8’s Texas power campus is set to play a role in Anthropic’s $35 billion AI computing deal, highlighting the growing importance of power-ready data-center sites as artificial intelligence companies expand.

The Bitcoin mining infrastructure firm has two 15-year leases at its Beacon Point campus with a combined value of $19.6 billion. That amount is more than 260 times the company’s latest quarterly revenue.

Hut 8 originally developed the Texas site as part of its broader infrastructure strategy, but Beacon Point is now expected to support computing capacity purchased by Anthropic.

Anthropic agreed to spend $35 billion on computing capacity from Lambda, an AI cloud provider backed by Nvidia, according to a Wall Street Journal report published Monday.

Part of that capacity will reportedly operate from Hut 8’s Beacon Point campus in Nueces County. Nvidia holds the lease for the facility, Lambda will deploy Nvidia chips at the site, and Anthropic will purchase the resulting computing capacity.

Hut 8 shares initially jumped after the report but later gave up most of the advance, leaving the stock only slightly higher in premarket trading.

Hut 8 had previously disclosed two 15-year leases at Beacon Point covering 704 megawatts of IT capacity without revealing the tenant. The agreements carry a combined $19.6 billion in contracted value over their initial terms.

The 525-acre campus has access to as much as 1 gigawatt of power and is already connected to the electrical grid, making it well positioned to serve power-intensive AI workloads.

CoinDesk has contacted Hut 8 for clarification on how much of the 704 megawatts is connected to Lambda and Anthropic and whether Nvidia is the undisclosed tenant behind the two leases.

Why AI Companies Are Turning to Bitcoin Miners

AI data centers require massive amounts of electricity, while developing new sites and securing hundreds of megawatts of grid capacity can take years. Bitcoin miners already have much of this infrastructure in place, having spent years building large facilities near inexpensive power sources and securing grid connections.

That existing infrastructure is increasingly attracting AI companies.

Hut 8, TeraWulf, IREN and Bitdeer are among the miners that invested heavily in power and data-center facilities for Bitcoin mining. As mining economics became more challenging, the companies began shifting more resources toward AI and high-performance computing. CoinDesk reported in March that publicly traded Bitcoin miners had already secured more than $70 billion in AI and HPC contracts.

TeraWulf agreed in July to provide Anthropic with around 401 megawatts under a long-term deal at a former industrial facility in Kentucky. The company is also converting sections of its Lake Mariner campus in New York for AI workloads.

Bitdeer signed a 16-year agreement worth about $4.7 billion in August to lease 121 megawatts at its Tydal campus in Norway for Nvidia-powered computing. Despite its AI expansion, Bitdeer continued mining Bitcoin and produced 1,190 BTC in July.

Microsoft signed a five-year agreement worth roughly $9.7 billion last year for AI computing capacity from IREN’s Texas data centers, requiring around 200 megawatts. IREN’s AI cloud revenue subsequently climbed to $70.5 million in the latest quarter, while its Bitcoin mining revenue declined.

Hut 8 reported $74.93 million in quarterly revenue in June, up 81% year over year. Its two Beacon Point leases cover 704 megawatts and carry $19.6 billion in contracted value over their initial 15-year terms.

The company expects Beacon Point to generate average annual operating income of about $1.31 billion once the campus is fully operational.