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Bitdeer inks $4.7 billion 16-year lease for Norway AI data center campus

AI Market Summary
Bitdeer's 16-year Norway AI/HPC data-center lease and services agreement implies ~$4.7B in contracted revenue (up to ~$8B with renewal), under a modified gross lease with power costs reimbursed by the tenant and targeted ~90% NOI margin. Security via ~$1.3B letters of credit arranged by J.P. Morgan reduces counterparty risk. The NVIDIA GPU-configured 121MW buildout supports longer-duration cash-flow visibility, with delivery risk concentrated around 2026–2027 commissioning.
Impact level
● Medium
AI InsightAI Insight
▲ Bullish
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Bitdeer Technologies Group (NASDAQ: BTDR) said it has signed a 16-year colocation leasing and services agreement via its subsidiary, Tydal Data Center AS, with Volta Tydal AS for an AI/HPC data center campus in Tydal, Norway. Bitdeer estimates contract revenue at about $4.7 billion. If Volta exercises an eight-year renewal option, the total contract value could reach as much as $8 billion. The deal covers 121 IT MW of capacity and is described as fully configured with NVIDIA GPUs to support a leading AI laboratory. Dell Technologies will serve as the technology provider. The lease is structured as a modified gross lease with an average rate of roughly $202 per kW per month over the 16-year term, featuring a 3% annual escalator. Power costs will be fully reimbursed by the tenant. Bitdeer expects an NOI margin of about 90% and estimates average annual revenue per IT MW at approximately $2.4 million. Volta's obligations are expected to be backed by letters of credit totaling around $1.3 billion, arranged by J.P. Morgan and another top-tier global financial institution. Delivery is planned in two phases. Phase 1 is targeted to go live on December 31, 2026, with Phase 2 targeted for March 31, 2027.
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