Hut 8 AI Data Center Deal With Anthropic
Hut 8 AI data center deal with Anthropic and Fluidstack outlines a multi-tranche plan for gigawatt AI capacity and accelerates its power-first pivot.
KEY TAKEAWAYS
- Multi-tranche partnership creates a path to deliver up to 2,295 MW of AI IT capacity.
- River Bend Tranche 1 includes 245 MW IT supported by 330 MW utility; completion expected early 2027.
- Secondary reports cite a $7 billion 15-year triple-net River Bend lease and a reported Google backstop.
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Hut 8 Corp. (HUT) announced on Dec. 17, 2025, a multi-tranche partnership with Anthropic and Fluidstack to accelerate delivery of large-scale AI capacity, reinforcing the company’s pivot from bitcoin mining toward a power-first infrastructure platform.
Deal Structure and Capacity
Hut 8 said in a press release that the agreement creates a pathway to deliver up to 2,295 megawatts of AI data-center IT capacity for Anthropic across its U.S. development pipeline. The initial project is at Hut 8’s River Bend campus in Louisiana, where the company and Fluidstack will develop 245 megawatts of IT capacity supported by 330 megawatts of utility capacity. Fluidstack will operate the high-performance compute clusters for Anthropic, while Hut 8 will handle site development. Construction of the initial data halls is expected to finish by early 2027.
The deal includes options for expansion. Fluidstack holds a right of first offer for up to 1,000 megawatts of additional IT capacity at River Bend, contingent on power expansion. Hut 8 and Anthropic may also jointly evaluate and develop up to 1,050 megawatts of optional capacity across Hut 8’s broader pipeline.
Financial Terms and Strategic Context
Secondary reports value the River Bend lease’s base term at about $7 billion, structured as a 15-year triple-net lease. Renewal options could raise the aggregate contract value to roughly $17.7 billion. Alphabet’s Google is reported to provide a financial backstop covering lease payments and certain operating obligations for the River Bend lease.
Hut 8 described the agreement as central to its shift toward an integrated, power-first energy and AI data-center infrastructure platform. The company said its footprint includes 1,020 megawatts of energy capacity under management, 330 megawatts under construction, and 1,230 megawatts under development across 19 sites. Asher Genoot, Hut 8’s chief executive, said, “Scaling frontier AI infrastructure is, at its core, a power challenge.”
The press release included standard forward-looking risk disclosures citing construction costs, permitting and regulatory hurdles, financing access, power availability, and competition as execution risks, directing readers to Hut 8’s SEC and Canadian filings for further details.
