Alphabet Commits $7B to Hut 8’s 592 MW River Bend AI Data Center Lease
Alphabet signed a 15-year, $7 billion lease with Hut 8 for AI data-center capacity at the River Bend campus in Louisiana. Cantor Fitzgerald raised Hut 8’s price target to $80 from $68 and maintained an overweight rating after the stock rose 42% in five trading sessions.
1. Lease Agreement Details
Alphabet signed a 15-year, $7 billion lease with Hut 8 for AI data-center capacity at the River Bend campus in Louisiana, involving startup Anthropic alongside the tech giant.
2. River Bend Campus Specs
The River Bend facility spans 300 acres and features 592 megawatts of power capacity in a $10 billion investment aimed at supporting both Bitcoin mining and AI workloads.
3. Analyst Upgrade Reaction
Cantor Fitzgerald raised its price target on Hut 8 to $80 from $68 and maintained an overweight rating after the stock climbed 42% over five trading sessions.
4. Implications for Alphabet
The long-term lease underscores Alphabet’s commitment to securing external AI infrastructure capacity, diversifying beyond its own data centers, and strengthening its partnership with Anthropic.