Hut 8 Taps Anthropic and Fluidstack to Build Gigawatt-Scale AI Data Centers
- Hut 8 is partnering with Anthropic and Fluidstack to develop up to 2.3 gigawatts of AI data center capacity, marking a major strategic pivot from Bitcoin mining to hyperscale AI infrastructure.
- The deal is anchored by a $7 billion, 15-year lease at Hut 8’s River Bend campus in Louisiana, with Google providing a financial backstop for all lease payments and renewal options potentially reaching $17.7 billion.
- Following the announcement, Hut 8 shares surged over 25% as the company secured underwriting from JPMorgan and Goldman Sachs to finance the project’s initial phase, scheduled for completion in Q2 2027.
Hut 8 shares rose more than 25% in pre-market trading on Wednesday, reaching about US$46 (AU$69.75) versus Tuesday’s US$36.85 (AU$55.87) close, after the popular miner announced it partnered with Anthropic and Fluidstack.
The partnership seeks to build large-scale AI data center capacity in the United States, expanding its development pipeline beyond BTC mining.
Under the deal, Hut 8 will develop and deliver at least 245 megawatts (MW) and up to 2,295 MW of AI data center capacity for Anthropic, according to the press release.
The compute clusters will be operated by Fluidstack, and the first phase will be built at Hut 8’s River Bend campus in Louisiana.
Moreover, Hut 8 and Fluidstack plan to develop 245 MW of IT capacity, supported by 330 MW of utility power. Later phases include a right of first offer for up to 1,000 MW of additional capacity at River Bend, plus potential joint development of up to 1,050 MW across Hut 8’s wider site pipeline.
Through our partnership with Anthropic and Fluidstack, we are aligning power, data center design, and compute deployment into an integrated platform capable of delivering at gigawatt scale.
Asher Genoot, CEO of Hut 8.
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A US$7 Billion Deal
Alongside the partnership, Hut 8 said it signed a 15-year triple-net lease with Fluidstack for the initial 245 MW at River Bend, valued at US$7 billion (AU$10.7 billion) over the base term. Triple-net means the tenant covers costs like property tax, insurance, maintenance, and operating expenses in addition to rent.
The lease has three five-year renewal options that could raise the total value to about US$17.7 billion (AU$27 billion).
The initial data center is scheduled for completion in the second quarter of 2027, with more facilities expected later in 2027. Hut 8 said it plans to finance the build with up to 85% loan-to-cost funding, with JPMorgan expected to be the lead underwriter and Goldman Sachs also underwriting, subject to final agreements.
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