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Bitdeer signs 16-year AI data center lease worth $4.7 billion in Norway
The deal requires Bitdeer to build a $500 million project before revenue starts, with the first phase targeting operations by Dec. 31, 2026.
Bitdeer announced a 16-year agreement through its Tydal Data Center subsidiary to supply Volta with 121 megawatts of computing capacity at a Norway campus, with the company positioned to expand beyond Bitcoin mining into AI infrastructure, according to CryptoSlate.
The arrangement calls for Volta to install Nvidia chips across four data halls, while Dell Technologies will provide the computing systems. Bitdeer described Volta as a leading AI laboratory, and the article notes that media reports have identified the end customer as Anthropic.
Financially, Bitdeer said it expects average annual revenue of about $2.4 million per megawatt delivered, which implies roughly $290 million per year across the full project, with payments increasing 3% annually. The $4.7 billion headline reflects scheduled payments over the full 16-year term, not revenue Bitdeer can immediately recognize, and Volta can end the agreement without a fee after 10 years.
Construction and timing are key to the start of cash generation. Bitdeer said it must complete a $500 million build before the contract starts generating revenue, with the first half scheduled to begin operating on Dec. 31, 2026 and the remaining capacity targeted for March 31, 2027.
To fund construction, Bitdeer said it plans to raise new debt and hired financial institutions to lead the financing, but did not disclose whether financing has closed or the size of the planned borrowing. The payment obligations are expected to be supported by about $1.3 billion in letters of credit arranged by JPMorgan affiliates and another major financial institution, subject to customary conditions.
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