Data center firm Hut 8 has announced the sale of $3.25 billion in investment-grade bonds to fund the development of its 245MW River Bend campus in Louisiana.

River Bend is an AI data center campus in West Feliciana Parish, Louisiana, which Hut 8 claims has the potential to scale past 1GW of utility capacity.

The project has involvement from both Google and Anthropic in the form of an agreement, backed by Google, to lease the campus to AI cloud firm Fluidstack. The deal is part of a wider partnership with Fluidstack and Anthropic.

Proceeds from the sale will be used to finance the development and construction of the data center, as well as its relevant substation. Hut 8 will also be reimbursed for a portion of its prior equity contributions used for capital expenditures relating to the project.

The sale of the secured bonds is due in 2042. According to Bloomberg, citing sources with knowledge of the matter, initial discussions put the bond at a yield of 2.13 percentage points above the benchmark, which is generally a comparable 10-year US Treasury bond.

The offering is expected to close on April 30, 2026, subject to market and other conditions.

Hut 8 secured the 592-acre campus location in Louisiana early last year, with plans for Bitcoin mining and AI workloads.

In December, the company announced a 15-year 245MW lease with Fluidstack for capacity at the campus, a deal valued at $7bn, potentially rising to $17.7bn if all options are exercised. At the time, Hut 8’s CEO, Asher Genoot, said the company was expecting to “deliver next-generation AI and high-performance computing infrastructure at scale.”

As part of the wider partnership with Fluidstack and Anthropic, Hut 8 will develop and deliver up to 2.295GW of AI data center infrastructure for Anthropic using clusters operated by Fluidstack. The River Bend campus is acting as the first 245MW leg of this agreement.

Hut 8 has around a dozen data centers in operation or development, including six bitcoin mining facilities and five colocation data centers.

The company describes itself as an energy infrastructure platform first, specializing in industrial-scale energy and data center infrastructure.