Hut 8 shares rose as much as 4% in premarket trading Tuesday after the company emerged as a key infrastructure player in a new $35 billion cloud-computing deal between Anthropic and Nvidia-backed Lambda.
According to a report from the Wall Street Journal, Hut 8 is developing the data center in Nueces County, Texas, that will be leased by Nvidia as part of the agreement. The deal adds to a growing list of long-term contracts the company has secured as it moves away from its origins as a bitcoin miner toward becoming one of the larger AI data center operators in North America.
The Nueces County facility is already at the center of one of Hut 8's biggest contracts. In May, the company signed a 15-year, $9.8 billion lease at its Beacon Point campus there, covering 352 megawatts of AI factory capacity. That deal includes three five-year renewal options that could push the total contract value to $25.1 billion.
Before that, in December 2025, Hut 8 signed a 15-year, $7 billion lease with cloud infrastructure provider Fluidstack for 245 megawatts of capacity at its River Bend campus in Louisiana. Google is acting as a financial backstop for the entire term of that contract.
CEO Asher Genoot spoke about the company's project pipeline in late August on Yahoo Finance's Opening Bid. "We have many projects that we are at late stage on," he said. "We have early-stage [projects] across the whole pipeline. We have 11 that we've disclosed publicly. That doesn't include any behind-the-meter opportunities that we're working on. That doesn't include any M&A opportunities. So we have a ton of projects we're working on."
Benchmark analyst Mark Palmer, who covers Hut 8, published a note this week connecting the company's recent contract activity to a broader strategy its CEO has laid out. "We regard HUT's execution on its pipeline, including its recent announcement of a new contract for Phase II of its Beacon Point AI data center project, as validation of the 'Power First' thesis that CEO Asher Genoot has articulated, in which the company's core competency is the repeatable conversion of scarce power into long-duration, contracted, financeable infrastructure," Palmer wrote.
Palmer rates Hut 8 shares a Buy with a price target of $195, which would represent roughly 143% upside from current levels. All 18 sell-side analysts who cover the stock rate it a Buy, according to Yahoo Finance AlphaSpace analysis.
