Bitdeer Technologies Group has signed a 16-year lease agreement with AI infrastructure platform Volta for its Tydal data center in Norway. The deal covers 121 IT megawatts of capacity and is valued at approximately $4.7 billion, with an optional eight-year extension that could bring the total value to $8 billion.
The Tydal facility, previously used for Bitcoin mining, is being repurposed for high-density AI workloads. The site utilizes 100% renewable hydropower and targets a Power Usage Effectiveness of 1.1. Bitdeer plans to complete construction in phases by December 31, 2026, and March 31, 2027, requiring an additional investment of $500 million.
Volta, which recently raised $300 million in venture funding at a valuation of $2.4 billion, will back its obligations with $1.3 billion in letters of credit supported by J.P. Morgan and another institution. The infrastructure is intended for an unnamed AI lab, widely speculated to be Anthropic, and will feature NVIDIA Vera Rubin hardware.
The contract includes a base pricing of $202 per kW per month with 3% annual escalators. Bitdeer retains ownership of the site and did not issue equity for the deal. The company continues to operate an 84 MW Bitcoin mining site in Molde, Norway, while monitoring construction milestones at Tydal to avoid potential contract termination.
