Bitdeer secures $4.7 billion AI infrastructure lease with Volta
Bitdeer Technologies Group has secured a long-term lease with Volta, an AI infrastructure platform, for its Tydal site in Norway. The 16-year lease, valued at approximately $4.7 billion, covers 121 IT megawatts of capacity. An optional eight-year extension could increase the total value to $8 billion. The deal is priced at an average of $202 per kW per month, with a 3% annual escalator.
The lease is intended for an unnamed leading AI lab, widely speculated to be Anthropic. The site will run NVIDIA GPUs configured with Vera Rubin hardware across four dedicated data halls. The capacity is part of a separate $10 billion compute partnership between Volta and the AI lab, though neither company has been confirmed as the end customer.
Volta will back its obligations with approximately $1.3 billion in letters of credit, supported by J.P. Morgan and another financial institution. Bitdeer retains full ownership of the site and the right to terminate the lease if key milestones are missed. Volta can exit without fees after 10 years. The site, previously used for Bitcoin mining, will now host high-density AI workloads and is powered by 100% renewable hydropower.
Construction of the Tydal site is expected to require an additional $500 million and aims for completion by March 31, 2027. Bitdeer also operates an 84 MW Bitcoin mining site in Molde. Shares of Bitdeer rose sharply in premarket trading following the announcement, with several analysts raising their price targets on the stock.