Bitdeer Technologies Group (NASDAQ: BTDR) signed a 16-year colocation lease worth approximately $4.7 billion with AI infrastructure platform Volta at its Tydal campus in Norway, the company announced on August 4, 2026.

The agreement, executed through subsidiary Tydal Data Center AS with Volta Tydal AS, covers 121 IT megawatts of capacity being repurposed from Bitcoin mining to high-density AI workloads. An optional eight-year extension could lift the contract's value to roughly $8 billion, according to the announcement.

What does the deal change for Bitdeer?

The Tydal site previously operated as a Bitcoin mining facility. It is now being refitted to host NVIDIA GPUs configured with Vera Rubin hardware across four dedicated data halls, supplied to an unnamed AI lab that industry observers widely expect to be Anthropic. Bitdeer did not identify the end customer in its release.

Pricing under the lease averages around $202 per kilowatt per month, with 3% annual escalators. At full deployment, Bitdeer's research projects average annual revenue of about $2.4 million per IT megawatt, implying roughly $290 million per year at the Tydal site. A post on X circulating the announcement cited an annual revenue figure of $260 million.

Volta has reportedly committed approximately $1.3 billion in letters of credit to back its obligations, with J.P. Morgan and a second financial institution supporting the credit facility. The company launched alongside the Bitdeer deal with a $300 million venture round co-led by Andreessen Horowitz and Altimeter, which valued Volta at $2.4 billion.

What does the deal leave open?

The end customer remains undisclosed. Anthropic maintains a reported separate $10 billion compute agreement with Volta outside this lease, but neither company has confirmed that the Tydal site serves that relationship.

Volta may terminate the agreement without fees after year 10, an exit clause that limits Bitdeer's exposure to the full $4.7 billion baseline. The $1.3 billion in letters of credit softens counterparty risk but does not cover the entire contract value. Bitdeer retains the right to walk away if Volta misses key milestones.

Bitdeer issued no equity and no warrants as part of the deal and retains full ownership of the Tydal campus.

What is the build timeline?

The Tydal site runs on 100% renewable hydropower and targets a Power Usage Effectiveness of roughly 1.1. Bitdeer has set two construction deadlines: initial completion by December 31, 2026, and full build-out by March 31, 2027. Finalizing the work requires an additional investment of about $500 million.

Bitdeer also operates an active 84 MW Bitcoin mining site in Molde, Norway, which continues to run as a crypto operation. Investors are likely to track whether the company pursues similar conversions across the rest of its portfolio, with Molde the most obvious candidate.

Shares of Bitdeer rose sharply in premarket trading following the announcement. Needham was among the brokerages raising its price target on the stock.

The milestones that will test the lease are straightforward: construction progress against the December and March targets, formal disclosure of the end customer, and any portfolio-wide expansion of the AI hosting model that would determine whether the $4.7 billion contract translates into the $290 million annual revenue line Bitdeer's analysts have modeled.