Key points

  • Anthropic has agreed to a six-year cloud contract worth about $35 billion with Lambda, a San Jose company that rents out Nvidia chips, The Wall Street Journal reported on August 31, citing people familiar with the deal.
  • Nvidia holds the lease on the Texas data center that will house the capacity, and Lambda will pay Nvidia for access. The amount Lambda pays has not been disclosed.
  • Neither Anthropic nor Lambda has announced the contract, and Nvidia has not confirmed that it is the tenant on the underlying lease.

The site is Beacon Point, a data center campus in Nueces County, Texas, developed by Hut 8 Corp. (HUT), a bitcoin miner and data center developer. Hut 8 has disclosed the leases but has never named the counterparty.

In a July 20 release, Hut 8 said it had signed a second 15-year lease covering 352 megawatts of IT capacity, doubling the tenant's contracted capacity at the campus to 704 megawatts. It put the base-term value of the two leases at $19.6 billion, rising to $50.2 billion if all renewal options are exercised, and described the tenant only as a "high-investment-grade company." Initial energization remains scheduled for the first quarter of 2027, with the first Phase 2 data hall expected in the second quarter of 2028.

The Financial Times reported in late July, citing five people familiar with the arrangement, that Nvidia is that tenant. Neither Nvidia nor Hut 8 has confirmed it.

Nvidia has a stake on both sides of the contract. In November 2025 it said it would invest up to $10 billion in Anthropic alongside up to $5 billion from Microsoft, and Anthropic committed to buy $30 billion of Microsoft Azure capacity.

Nvidia is also an investor in Lambda and one of its customers. Lambda is preparing a US listing and has projected more than $1.5 billion of revenue for 2026. The Journal described the structure as another instance of Nvidia using its financial strength to support a customer.

The Lambda contract follows a six-year, $45 billion agreement Anthropic signed in August with London-based Nscale for capacity in West Virginia. Anthropic's compute commitments announced or reported during 2026 now total at least $135 billion.

What the insider record shows

According to SEC Form 4 filings reviewed by InsiderBuying.com, there has been no open-market insider buying at Nvidia in the past 90 days. Two insiders sold a combined $299.3 million over that period, the largest of them director Mark A. Stevens. At Hut 8, chief financial officer Sean Glennan sold about $508,000 of stock in late August, and no insider there has made an open-market purchase in the last 90 days.

None of that is a verdict on the contract. Insider selling at both companies is routine and much of it is scheduled, and the two firms disclosing the deal economics are not the ones whose insiders would be expected to trade on it: Anthropic and Lambda are both private.

Twenty-one analyst price targets on Nvidia average $343.95, against a share price of $220.78 on September 1.

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