Bitdeer secured a $4.7 billion AI lease but must complete a $500 million build before the contract starts generating revenue.
On Aug. 4, the Bitcoin miner announced that its Tydal Data Center subsidiary signed a 16-year agreement to provide Volta with 121 megawatts of computing capacity at its Norway campus.
Volta will install Nvidia chips across four data halls, while Dell Technologies will provide the computing systems. Bitdeer described the end customer as a leading AI laboratory, although media reports have identified it as Anthropic.
The agreement marks a major step in Bitdeer’s expansion beyond Bitcoin mining and into AI infrastructure, where long-term leases can offer steadier revenue than crypto production.
Under the deal, Bitdeer expects average annual revenue of about $2.4 million for each megawatt delivered. That works out to approximately $290 million a year across the full project, with payments increasing 3% annually.
The $4.7 billion headline represents payments scheduled over the full 16-year term rather than revenue Bitdeer can immediately recognize. Volta can also end the agreement without paying a fee after 10 years.
An eight-year extension could increase the total contract value to approximately $8 billion.
Bitdeer targets first delivery by Dec. 31
Bitdeer plans to open the facility in two equal phases. The first half is scheduled to begin operating on Dec. 31, 2026, while the remaining capacity is targeted for March 31, 2027.
Reaching those deadlines will require approximately $500 million of additional spending, or about $4 million for each megawatt of computing capacity.
Bitdeer said it intends to raise new debt to support construction at Tydal and its broader AI expansion. The company has hired financial institutions to lead the financing and expects the eventual loan to provide more capital than the Norway project requires.
However, Bitdeer did not say the financing had closed or disclose how much debt it plans to raise.
The company will retain full ownership of the Tydal campus and did not issue shares or warrants as part of the Volta agreement. This allows Bitdeer to pursue the project without immediately diluting existing shareholders.
Meanwhile, Volta’s payment obligations are also expected to be supported by approximately $1.3 billion of letters of credit arranged by JPMorgan affiliates and another major financial institution.
Those guarantees remain subject to customary conditions. Bitdeer can terminate the agreement if Volta fails to meet milestones connected to the credit support.
Ultimately, the new AI lease gives Bitdeer a potential multibillion-dollar revenue stream outside Bitcoin mining. Its immediate test is whether it can complete the financing and deliver the first half of the project by Dec. 31.
