AI Compute
Hut 8, a bitcoin mining and AI compute firm, has replaced its Coinbase Credit facility with a cheaper $200 million bitcoin-backed deal from FalconX. The refinancing lowers the interest rate to 7% from 9% and frees up 3,300 BTC worth about $260 million. The move boosts liquidity as the company expands into AI infrastructure.
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xAI has acquired a third building to expand its AI infrastructure, boosting total training compute to nearly 2 gigawatts. This setup includes a $400 million Tesla Megapack energy storage system and will pair with over $30 billion in GPUs once fully built. The project positions it as the most powerful AI compute facility globally, though future developments may dwarf it.