Anthropic signs $35 billion Lambda cloud deal: WSJ

Anthropic signs $35 billion Lambda cloud deal: WSJ

Tue, September 1, 2026 at 5:41 PM GMT+3 2 min read

The Wall Street Journal reported Monday that Anthropic signed an agreement with Nvidia-backed Lambda valued at $35 billion for cloud computing. The arrangement is intended to bring Nvidia capacity online for Anthropic's Claude models.

The project involves Hut 8's (NASDAQ: HUT) Beacon Point data center campus in Nueces County, Texas. Nvidia (NASDAQ: NVDA) would hold the facility lease, while Lambda would provide compute capacity to Anthropic, the Journal reported.

The reports did not disclose the agreement's term, GPU count, payment schedule or computing capacity. They also did not specify how the contractual obligations are divided among Anthropic, Lambda, Nvidia and Hut 8.

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Lambda's financing

Lambda closed a $926 million senior secured term loan B on August 27 to fund GPU infrastructure for an investment-grade offtaker's committed deployment. Lambda did not identify that customer in its announcement.

The Baa2-rated loan priced at SOFR plus 300 bps and 99.5% of principal, with maturity on December 31, 2030. It fully amortizes against contracted cash flows and is secured by the funded GPU servers, related infrastructure and cash flows from those assets.

"Closing this Facility puts capital straight to work, funding infrastructure to which our customer is already committed," Lambda CEO Michel Combes said. Morgan Stanley led the financing, with MUFG serving as joint bookrunner.

Hut 8 commercialized Beacon Point's second phase in July through a 15-year, triple-net lease covering 352 MW of IT capacity. The lease carries $9.8 billion of base-term value and a 3% annual base-rent escalator.

The second lease doubled the same unnamed tenant's contracted IT capacity at Beacon Point to 704 MW. Hut 8 said both phases carry $19.6 billion of aggregate base-term contract value, while renewal options could lift the campus total to $50.2 billion.

Hut 8 financed the first 352 MW phase with $4.25 billion in senior secured notes that are non-recourse, carry a 6.129% coupon and mature in 2042. The campus has 1,000 MW of utility capacity under an AEP Texas interconnection agreement, as detailed in Blockspace's coverage of the project financing and ERCOT review.

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Hut 8 expects initial Beacon Point energization in the first quarter of 2027 and the first Phase 2 data hall in the second quarter of 2028. Site preparation is underway, and the operator said it has procured long-lead critical equipment.