Shares of Nasdaq-listed Hut 8 rose sharply after the company announced a major expansion into AI data center infrastructure through a partnership with Anthropic and Fluidstack. The agreement positions Hut 8 to develop between 245 and 2,295 megawatts of AI-focused capacity, beginning at its River Bend campus in Louisiana.
Alongside the partnership, Hut 8 disclosed a 15-year, $7 billion triple-net lease with Fluidstack covering the initial phase of development. Google will provide a financial backstop for lease obligations, while the project is expected to be financed primarily through debt led by JPMorgan, with Goldman Sachs also participating.
The move highlights a broader industry trend as Bitcoin miners seek to repurpose power and data center assets for AI workloads amid rising demand for compute. For Hut 8, the deal diversifies revenue beyond crypto mining and aligns the company with institutional AI infrastructure spending.
