Hut 8 Transforms into AI Powerhouse with $7B Anthropic Data Center Agreement
Former bitcoin mining firm Hut 8 Corp. (Nasdaq: HUT) is making headlines this week. Its shares have seen a significant surge, thanks to renewed investor focus on its landmark $7 billion AI infrastructure partnership with Anthropic and cloud compute provider Fluidstack. This move is one of the most audacious shifts from crypto to artificial intelligence in the industry.
As part of the agreement, Hut 8 is set to develop and deliver between 245 and 2,295 megawatts (MW) of AI data center infrastructure for Anthropic. The location for this development is the River Bend campus in Louisiana. Fluidstack will take on the role of developer and operator of the facility, utilizing high-performance computing clusters. Google is stepping in as a financial backstop for the 15-year lease. The total contract value could potentially escalate to $17.7 billion if all renewal options are exercised.
Construction is slated to commence in 2026, with the first data hall projected to be operational by Q2 2027. Hut 8 CEO Asher Genoot has expressed that the company’s power-first model places it in a prime position to “deliver next-generation AI and high-performance computing infrastructure at scale.” Benchmark analysts uphold a Buy rating with a price target of $78–$85. They highlight the Google-backed financial structure and embedded expansion options as key value drivers. This deal signifies a fundamental shift for Hut 8, transforming it from a crypto miner into a pivotal player in the burgeoning AI data center economy.
Source: PR Newswire – Hut 8 Announces AI Infrastructure Partnership