Bitdeer inks $4.7B long-term AI capacity deal in Norway; shares jump 12%

Bitdeer Technologies said it has signed a long-term agreement to supply 121 megawatts of AI computing capacity at its Tydal campus in Norway, a deal the company values at about $4.7 billion over 16 years. The bitcoin miner's pivot toward AI infrastructure helped lift its shares 12% on Tuesday, Aug. 4. The contract was signed by Bitdeer's Norwegian unit, Tydal Data Center AS, with Volta Tydal AS. Volta is part of an Nvidia Cloud Partner and will provide the capacity to an unnamed leading AI laboratory. The build-out will deliver 121 MW of IT load, backed by roughly 133 MW of total power, with the computing fleet configured for Nvidia GPUs. Dell Technologies will supply the equipment. The agreement includes an eight-year renewal option that could raise total contract value to roughly $8 billion over 24 years. The tenant also has the right to terminate without a fee after 10 years. Bitdeer expects the Tydal site to become one of Norway's largest AI data centers. The campus is designed to run entirely on renewable power, including local hydropower, and to achieve a power usage effectiveness (PUE) of about 1.1. CFO Michael Potter called the deal a key milestone in Bitdeer's transformation into a global AI infrastructure platform. Construction is slated to be delivered in two equal phases across four data halls. The first phase is scheduled to begin operations by Dec. 31, 2026, with the second following on March 31, 2027. Bitdeer is also developing two additional halls totaling 47 MW of gross capacity for future AI and high-performance computing workloads in the second half of 2027. Financial terms include average payments of about $202 per kilowatt per month during the initial term. Power costs will be reimbursed by the tenant, while lease and services payments will escalate 3% annually. Bitdeer projects average annual revenue of $2.4 million per IT megawatt and a net operating income margin of about 90%. Volta's obligations are expected to be supported by about $1.3 billion in letters of credit arranged by affiliates of JPMorgan and another major financial institution. Bitdeer said it can terminate the agreement if required credit milestones are not met. The company estimates it will need an additional $500 million to complete the project and plans to raise debt to fund construction and support further AI development. The deal underscores a broader trend of crypto miners redirecting power-secured sites toward longer-duration AI infrastructure revenue as demand for electricity-intensive computing accelerates.