Bitdeer jumps 23% after signing $4.7B Norway AI data center colocation lease

Bitdeer Technologies is accelerating its shift from Bitcoin mining toward AI infrastructure. The Singapore-based firm said it has signed a colocation lease for an AI data center in Tydal, Norway, lifting its NASDAQ-listed shares about 23%. The agreement was executed June 29 through its subsidiary Tydal Data Center AS and is valued at roughly $4.7 billion. The Tydal project targets about 180 megawatts of gross installed capacity and is slated to begin operations by December 2026. Construction will be carried out by Data Center Installations AS, a subsidiary of Sparc Group AB. Bitdeer has been laying the groundwork for the move. In March 2026, the company said it would convert the Tydal facility and align the buildout with Nvidia technology. The new colocation lease turns that plan into a binding commitment. The company's AI Cloud business is already contributing meaningful revenue, reaching annualized recurring revenue of around $76 million with utilization at 95%, supported by deployments of Nvidia GPUs. To finance the transition, Bitdeer sold its entire Bitcoin treasury earlier in 2026 and raised an additional $325 million via a convertible notes offering. The company is also working to repurpose mining sites beyond Norway, including facilities in Texas and Washington. Investors appear to be treating the Norway agreement as a major inflection point in Bitdeer's transformation. Earlier catalysts, including the launch of a manufacturing facility in Nevada, previously drove moves of up to 15%, while some premarket sessions showed more modest gains near 5%. The larger reaction to the Norway lease signals the market views the AI pivot as increasingly substantive.