Anthropic has reached a $35 billion cloud-computing agreement with Lambda, a provider backed by Nvidia, to secure substantial processing capacity at a data center campus under development in Texas. The arrangement centers on roughly 350 megawatts of capacity at Hut 8’s Beacon Point facility in Nueces County, representing about half of the 704 megawatts under long-term lease at the site.

Neither Anthropic nor Lambda has issued a public confirmation of the terms. Details emerged from accounts by people familiar with the matter. The structure places Nvidia in a central position: the chipmaker holds the lease on the campus, supplies the processors that Lambda will install, and maintains an investment stake in the cloud provider.

Campus Details and Lease Structure

Beacon Point spans 525 acres and offers access to as much as one gigawatt of power through an already established grid connection. Hut 8, a company that has shifted from bitcoin mining toward high-performance computing and artificial-intelligence infrastructure, is constructing the facility. Initial energization is targeted for the first quarter of 2027.

Hut 8 announced its first lease at the site on May 6 for 352 megawatts under a 15-year triple-net agreement. The base-term value stood at $9.8 billion, with potential to reach $25.1 billion if renewal options are exercised. That transaction brought the company’s total contracted artificial-intelligence capacity to 597 megawatts and approximately $16.8 billion in base-term value.

A second 352-megawatt lease followed on July 20 with the same tenant, doubling contracted capacity at Beacon Point to 704 megawatts. The combined base-term value rose to $19.6 billion, or as much as $50.2 billion including renewals. Hut 8 has described the counterparty only as a high-investment-grade entity and has not publicly identified it. Under the triple-net terms, the tenant assumes responsibility for taxes, insurance, and maintenance in addition to rent.

Lambda will deploy Nvidia chips inside the facility and deliver the resulting compute services to Anthropic. The precise payment Lambda will make to Nvidia for access to the leased space has not been disclosed.

Nvidia’s Multi-Layered Role

Nvidia’s involvement extends across multiple layers of the transaction. Beyond supplying the processors and holding the real-estate lease, the company is an investor in Lambda. This configuration allows Lambda to secure a large customer contract without independently arranging the underlying data-center space. It also enables Anthropic to obtain capacity at a time when demand for its Claude models has created pressure on existing infrastructure.

A spokesperson for Nvidia stated that the company is working with ecosystem partners to accelerate deployment of efficient artificial-intelligence infrastructure through its DSX AI factory architecture, without confirming or denying specific reports about the Texas campus.

Broader Pattern of Capacity Commitments

The Lambda agreement forms part of a series of large-scale compute contracts Anthropic has pursued. Earlier arrangements include a $45 billion, six-year commitment with Nscale for approximately 460 megawatts at a West Virginia facility expected to come online by the end of 2027 and to run on Nvidia Vera Rubin chips. Anthropic has also committed more than $100 billion over a decade to Amazon Web Services for five gigawatts of capacity, along with a $9.1 billion, 20-year lease covering 191 megawatts at Riot Platforms’ Rockdale, Texas site.

Riot initially described its tenant only as one of the world’s leading frontier artificial-intelligence laboratories before the connection to Anthropic became known. Riot anticipates up to 96 megawatts available at Rockdale by December 2027, with full deployment by June 2028.

Additional packages involve Google, Broadcom, and a $10 billion arrangement with the newer provider Volta. Early discussions have also been reported concerning roughly $10 billion of capacity from Meta.

These multi-year obligations remain future commitments rather than amounts already expended. They rest on expectations that revenue growth from Anthropic’s products will support the contracted spending. The company’s annualized revenue run rate has been reported to have surpassed $30 billion earlier this year, and it has confidentially filed for an initial public offering while engaging prospective investors around a valuation cited near $965 billion.

Texas Infrastructure Advantages

Texas continues to attract large artificial-intelligence data-center projects because of relatively low land costs, an independent power grid, and permitting timelines shorter than those in many other states. Former mining operators such as Hut 8 and Riot already control substantial power interconnections and land parcels assembled over years—assets that new entrants would require considerable time to replicate. Conversion of these sites into artificial-intelligence facilities has become a notable shift in the sector.

Hut 8 shares rose briefly after the Lambda reports surfaced before closing lower on August 31 and declining further the following session.

The layered Texas arrangement illustrates how chipmakers, specialized cloud providers, and former mining companies are coordinating to deliver large blocks of capacity to leading artificial-intelligence developers amid persistent supply constraints.