Anthropic has signed a reported $35 billion cloud deal with Lambda for about 350 megawatts of Nvidia capacity at a Texas data center developed by Hut 8.
Key Points:
- The agreement is valued at $35 billion and covers about 350 megawatts in Nueces County, Texas.
- Nvidia holds the site lease, while Lambda is expected to deploy Nvidia systems for Anthropic.
- The deal broadens Anthropic’s supplier list but still leaves substantial dependence on Nvidia hardware.
Anthropic Cloud Deal
Reuters confirmed the agreement Aug. 31, citing a person familiar with the matter, after The Wall Street Journal first reported it. Anthropic, Nvidia, Lambda and Hut 8 had not publicly commented on the transaction.
Hut 8, a former Bitcoin (BTC) miner, is developing the Texas project as part of its shift toward AI infrastructure. The Wall Street Journal said Nvidia holds the data-center lease, while Lambda will use Nvidia systems to provide computing capacity for Anthropic’s Claude models.
The commitment follows Anthropic’s $45 billion, six-year agreement with Nscale for 460 megawatts of West Virginia capacity using Nvidia’s Vera Rubin systems. Anthropic also has an Amazon agreement worth more than $100 billion over 10 years for up to five gigawatts of AWS capacity.
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Nvidia Hardware Concentration
The structure gives Nvidia several roles because it backs Lambda, holds the Texas lease and supplies the hardware. Analysts cited by Barron’s said similar arrangements can reinforce demand for Nvidia products while limiting financial risk, although they also pointed to transparency concerns around the financing relationships.
Anthropic’s supplier diversification is therefore clearer at the cloud-provider level than at the hardware level.
Former crypto miners such as Hut 8 are also becoming important to AI expansion because they already control scarce power connections, land and energy infrastructure that can be repurposed for data centers.
The Lambda agreement extends a compute expansion that accelerated earlier in 2026. By April, Anthropic said its annual revenue run rate had passed $30 billion while it secured additional capacity from Google and Broadcom, before adding larger commitments with Amazon, Nscale and other infrastructure providers.
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