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Bitdeer Technologies has signed a 16-year colocation lease and services agreement covering 121 IT megawatts at its Tydal campus in Norway, representing about $4.7 billion in contracted payments.
The agreement with Volta Tydal AS converts part of the Bitcoin miner’s Norwegian infrastructure into long-term artificial intelligence and high-performance computing capacity. An eight-year renewal option could increase the potential contract value to approximately $8 billion over 24 years.
Volta Leases 121MW for An Unnamed AI Laboratory
Volta plans to use the full contracted capacity for Nvidia GPU infrastructure serving an unidentified leading AI laboratory. Dell Technologies will provide the computing technology, while Bitdeer affiliates will retain full ownership of the Tydal campus.
The modified gross arrangement carries an average payment rate of about $202 per kilowatt each month during the initial term. Electricity costs will be reimbursed by the tenant, while lease and service payments will increase 3% annually.
Volta may terminate the agreement without a fee after 10 years. Bitdeer’s stated $4.7 billion value represents scheduled lease and service payments assuming full performance, not revenue recognized under U.S. accounting rules.
Four Data Halls Will Launch by March 2027
Bitdeer plans to deliver the capacity across four data halls in two equal phases. The first phase is scheduled to commence on December 31, 2026, followed by the second on March 31, 2027.
The contracted load will require about 133 MW of total site capacity. Bitdeer is also developing two additional halls with 47 MW of gross capacity for future AI and HPC use during the second half of 2027, but those halls are not included in the Volta agreement.
The campus is expected to run on renewable electricity, including local hydropower, and achieve a power usage effectiveness ratio of approximately 1.1.
Bitdeer Needs $500M to Complete Contracted Capacity
Bitdeer estimates another $500 million of capital expenditure is required to complete the contracted infrastructure, equivalent to about $4 million per IT megawatt. The company intends to raise additional debt to help finance construction.
Bitdeer estimates a project-level net operating income margin of approximately 90%. The non-GAAP measure excludes corporate expenses, depreciation, amortization and share-based compensation.
Volta’s obligations are expected to receive about $1.3 billion in credit support through letters of credit arranged by affiliates of J.P. Morgan and another major financial institution. The support remains subject to conditions, and Bitdeer may terminate the agreement if specified milestones are missed.
No Bitdeer shares or warrants were issued through the transaction. The next scheduled project milestones are the two phase commencements in December 2026 and March 2027.
