Bitdeer lands $4.7B Norway AI deal as stock jumps 8%

Bitdeer's $4.7 billion Norway AI lease with Volta puts the Bitcoin miner on track to generate roughly $290 million a year from a single data center contract.

Bitdeer Technologies Group signed a 16-year colocation agreement worth approximately $4.7 billion for 121 megawatts of AI computing capacity at its Tydal campus in Norway, marking the Bitcoin miner's largest infrastructure deal to date.

The agreement, announced Aug. 4, assigns the full 121 MW to Volta Tydal AS, which plans to support a leading AI laboratory using Nvidia graphics processors, with Dell Technologies as technology provider, according to Bitdeer's announcement. Bloomberg reported that Anthropic is the unnamed AI lab, having agreed to buy $10 billion of computing capacity over six years from Volta Infrastructure.

The lease averages about $202 per kilowatt each month during the base term, with electricity costs reimbursed by the tenant and 3% annual payment increases. Bitdeer estimates average annual revenue of $2.4 million per IT megawatt and a project net operating income margin of roughly 90% — a company-defined, non-GAAP measure that excludes financing costs, depreciation and corporate expenses. An eight-year renewal option could raise the total contract value to about $8 billion over 24 years.

The deal advances Bitdeer's plan to shift part of its power portfolio from Bitcoin mining toward AI colocation, a strategy increasingly common among miners including IREN and HIVE. Bitdeer shares rose about 8% to $11.37 following the announcement, though the project still requires roughly $500 million of capital expenditure and depends on a $1.3 billion letter-of-credit package arranged by J.P. Morgan affiliates and another global financial institution.

Tydal Conversion Targets 180 MW Campus

Bitdeer hired Data Center Installations AS in March to convert the Tydal site into a 180 MW gross facility built around Nvidia reference designs. The Volta contract uses 133 MW of that planned gross capacity, with two additional halls totaling 47 MW earmarked for other AI and high-performance-computing customers in the second half of 2027.

The project will be delivered in two approximately equal phases across four data halls, with the first targeted to begin service by Dec. 31, 2026, and the second by March 31, 2027. The facility will run entirely on renewable hydropower, making it one of Norway's largest AI data centers upon completion.

Bitdeer retains full ownership of the site and issued no shares or warrants in connection with the Volta transaction. The company's June operations update showed 73 EH/s of self-mining capacity, 990 Bitcoin produced during the month and about $76 million in AI cloud annualized run-rate revenue at 95% utilization.

Financing and Execution Risks Temper the Headline Value

The project still requires about $500 million of capital expenditure, or approximately $4 million per contracted IT megawatt. Bitdeer plans to raise additional debt to finance construction and other infrastructure projects, with leading financial institutions engaged but borrowing costs, maturity and final structure not yet disclosed.

Volta's obligations are expected to receive about $1.3 billion in letters of credit arranged by affiliates of J.P. Morgan and another global financial institution, subject to customary conditions. Bitdeer may terminate the agreement if Volta misses specified milestones tied to that credit package. The tenant also holds a no-fee termination right after ten years, despite the stated 16-year base term.

The financing requirement is substantial relative to Bitdeer's balance sheet. The company reported $297.7 million in cash and restricted cash and $1.9 billion in borrowings at March 31, with a first-quarter net loss of $159.5 million on revenue of $188.9 million.

Volta, founded in 2026 and valued at about $2.4 billion, is backed by investors including Andreessen Horowitz, Altimeter Capital, Nvidia and Michael Dell. The startup must coordinate financing, equipment procurement and computing services while Bitdeer completes the underlying facility — a test for a newly formed intermediary that Anthropic is effectively relying on to deliver capacity at scale.

Anthropic has increasingly spread its computing requirements across multiple suppliers as demand for its Claude models grows. Its existing relationships include Amazon, Google, Broadcom, Microsoft and SpaceX. In April, Anthropic said it would spend more than $100 billion over 10 years on Amazon Web Services technology, securing as much as five gigawatts of capacity. The company also arranged about 3.5 gigawatts of next-generation Google tensor-processing-unit capacity through Broadcom beginning in 2027, with its annualized revenue run rate surpassing $30 billion in April.

Bitdeer will report second-quarter results on Aug. 10 before an 8 a.m. Eastern Time conference call. Investors will be watching for financing details, construction progress and any update on when Tydal revenue can begin entering reported results. BTDR shares, trading near $11.37, have rallied on the long-duration AI infrastructure contract, though the stock remains exposed to construction and financing risk.

This article is for informational purposes only and does not constitute investment advice.