Bitdeer lands $4.7 billion AI infrastructure lease in Norway, but financing and buildout remain the next test

Bitdeer has signed a 16-year agreement through its Tydal Data Center subsidiary to provide Volta with 121 megawatts of computing capacity at its Norway campus, marking a major expansion beyond Bitcoin mining into AI infrastructure. The company said the deal carries a headline value of $4.7 billion over the initial term, with average annual revenue of about $2.4 million per megawatt, or roughly $290 million a year across the full project, and payments rising 3% annually. Bitdeer said Volta will install Nvidia chips across four data halls and Dell Technologies will provide the computing systems, while the end customer was described as a leading AI laboratory that media reports have identified as Anthropic. The first half of the facility is scheduled to begin operating on Dec. 31, 2026, with the remaining capacity targeted for March 31, 2027. To meet that timeline, Bitdeer said it must spend about $500 million more on construction and intends to raise new debt to fund the Norway buildout and its broader AI expansion. The company said it will retain full ownership of the Tydal campus and did not issue shares or warrants as part of the deal, while Volta's payment obligations are expected to be backed by about $1.3 billion of letters of credit arranged by JPMorgan affiliates and another major financial institution, subject to customary conditions. Volta can terminate without a fee after 10 years, and an eight-year extension could lift the total contract value to about $8 billion.