Hut 8 rises on report of role in Texas data center for Anthropic cloud deal

Shares of crypto miner-turned-AI infrastructure provider Hut 8 (HUT.O) rose 1.7% to $80 in premarket trading.

Anthropic has signed a cloud-computing deal worth $35 billion with Nvidia-backed Lambda for a Texas data center, Reuters reported on Monday citing a source familiar with the matter.

The data center is being developed by Hut 8 and has a capacity of about 350 MW, the report said.

According to the Wall Street Journal, which first reported the deal, Nvidia will hold the lease on the data center.

All 20 brokerages rate Hut 8 "buy" or higher; the median price target is $140, according to LSEG data.

As of the last close, Hut 8 shares were up 71.2% year to date.