Bitdeer Lands $4.7B, 16-Year AI Lease for Norway Campus

Bitdeer announced that its Tydal Data Center unit signed a 16-year agreement to provide Volta with 121 megawatts of computing capacity at the company’s Norway campus. The contract carries a headline value of $4.7 billion and requires completion of roughly $500 million in additional construction before the lease begins generating revenue.

Under the agreement Volta will occupy four data halls at the Tydal campus and install Nvidia chips, with Dell Technologies supplying the computing systems. The arrangement is structured as a long-term lease for capacity; the $4.7 billion figure reflects scheduled payments over the full 16-year term rather than revenue immediately available to recognize. Payments are expected to increase about 3% annually.

Bitdeer provided an average revenue estimate of about $2.4 million per megawatt, which translates to roughly $290 million a year across the 121-megawatt project. Volta can terminate the contract without a fee after 10 years. An eight-year extension beyond the initial term could raise the total contract value to about $8 billion.

The facility will open in two equal phases. The company plans the first half to be operational by Dec. 31, 2026 and the remaining capacity by March 31, 2027. Delivering the first phase on that schedule requires roughly $500 million in additional capital spending, or about $4 million per megawatt.

Bitdeer has engaged financial institutions to lead debt financing and expects to raise new loans to fund the construction and its broader AI infrastructure plans. The company indicated the financing had not closed and did not disclose the final size of the debt package, but suggested the eventual loan could provide more capital than the Norway project itself requires. Bitdeer will retain full ownership of the Tydal campus and did not issue shares or warrants as part of the lease transaction.

Volta’s payment obligations are expected to be supported by about $1.3 billion of letters of credit arranged by affiliates of JPMorgan and another major financial institution. Those guarantees are subject to customary conditions, and Bitdeer reserved the right to terminate the agreement if Volta fails to meet milestones tied to the credit support.

Bitdeer has been primarily known as a Bitcoin miner. The Tydal lease represents an expansion into providing infrastructure for artificial intelligence computing. The company described the end customer as a leading AI laboratory, and some reports have identified that laboratory as Anthropic.