TLDR
- Hut 8 signed a 15-year lease for 245 MW of AI data center capacity at River Bend campus valued at $7 billion
- Google is providing a financial backstop covering obligations for the entire 15-year base lease term
- The contract could reach $17.7 billion if all renewal options are exercised
- Hut 8 partnered with Anthropic and Fluidstack to deliver GPU-based infrastructure for AI models
- Major financial and technology firms including J.P. Morgan, Goldman Sachs, Vertiv, and Jacobs are involved in project execution
Hut 8 announced on December 17, 2025, that it has secured a 15-year lease agreement for 245 megawatts of AI data center capacity at its River Bend campus. The deal carries an estimated total contract value of $7 billion over the base term.
The agreement marks a major shift for Hut 8, which has historically focused on Bitcoin mining operations. The company is now positioning itself as a digital infrastructure provider serving the growing AI computing market.
Google will provide a financial backstop that covers obligations for the entire 15-year base lease term. This arrangement adds a layer of security to the massive infrastructure project.
If all renewal options are exercised, the total contract value could climb to $17.7 billion. That figure represents more than double the base term value.
Blue-Chip Partners Involved in Execution
Hut 8 said it will implement what it calls an “institutional-grade execution model” for the project. The company has lined up several major corporations to help deliver the data center.
The partner list includes energy provider Entergy, investment banks J.P. Morgan and Goldman Sachs, infrastructure company Vertiv, and engineering firm Jacobs. All five are publicly traded companies with established track records.
The River Bend site will support high-performance computing and AI workloads. The facility is designed to handle the intensive power requirements that come with training and running large AI models.
Hut 8 also disclosed a separate partnership with AI research company Anthropic and cloud infrastructure provider Fluidstack. This collaboration will focus on delivering GPU-based infrastructure specifically for AI applications.
The Anthropic deal aims to leverage Hut 8’s existing data center footprint and power access. Anthropic, known for developing the Claude AI assistant, requires substantial computing resources for its operations.
Revenue Diversification Strategy
The moves represent a deliberate strategy by Hut 8 to diversify revenue streams beyond cryptocurrency mining. Bitcoin mining revenues can fluctuate based on cryptocurrency prices and mining difficulty adjustments.
Long-term data center leases provide more predictable recurring revenue. A 15-year agreement offers revenue visibility that mining operations typically cannot match.
The 245 MW capacity at River Bend represents a substantial power allocation. For context, that amount of electricity could power tens of thousands of homes.
Hut 8 did not disclose the identity of the primary tenant for the River Bend lease in its announcement. The company also did not specify when the facility is expected to become operational.
The financial backstop from Google suggests the tech giant may have a direct interest in the project’s success. Google has been rapidly expanding its own AI infrastructure to support products like Gemini and other machine learning applications.
The partnership with Anthropic adds another major AI player to Hut 8’s customer base. Fluidstack will serve as the cloud infrastructure layer connecting Hut 8’s physical infrastructure to Anthropic’s AI development needs.
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