Bitdeer signs a $4.7 billion lease agreement with Volta Infra Holdings for AI data center capacity in Norway.
Anthropic has agreed to purchase $10 billion of computing capacity over six years from Volta Infrastructure, with a significant portion expected to be delivered from a Norwegian data center operated by Bitdeer (NASDAQ: BTDR) Technologies Group. Bitdeer's Tydal subsidiary has signed a colocation lease and services agreement with Volta covering 121 megawatts of critical IT capacity, with approximately $4.7 billion in scheduled payments over an initial 16-year term. An eight-year renewal option could bring the total commitment to approximately $8 billion.
The arrangements involve separate agreements with different counterparties and terms. Anthropic is purchasing computing services from Volta, while Volta's Norwegian subsidiary is leasing data-center capacity from Bitdeer. Anthropic's commitment to Volta spans six years, while Volta can terminate the 16-year Bitdeer agreement without penalty after year 10. The companies have not disclosed how much of Anthropic's $10 billion commitment will be fulfilled at Tydal, whether Volta will use additional facilities, or what customer arrangements support contract periods beyond Anthropic's reported six-year commitment.
Volta plans to install Nvidia graphics processors at Tydal, with Dell Technologies serving as the technology provider. Neither Anthropic nor Volta publicly confirmed the $10 billion contract in their official disclosures, though Bloomberg reported these figures.
Volta was founded in 2026 and recently emerged from stealth. The company has been valued at approximately $2.4 billion and is backed by investors including Andreessen Horowitz, Altimeter Capital, Nvidia, and Michael Dell. This agreement represents a significant test for the new infrastructure provider, requiring coordination of financing, equipment procurement, and computing services while Bitdeer completes construction—a scale of challenge that can strain even established cloud operators.
The Bitdeer lease is structured as a modified-gross arrangement averaging approximately $202 per kilowatt monthly during the base term, with electricity costs reimbursed by the tenant. Rent and service payments carry 3% annual increases. Bitdeer estimates average annual revenue of $2.4 million per IT megawatt and a net operating income margin of approximately 90%, equating to roughly $290 million in average annual payments based on contracted capacity. This margin excludes corporate expenses, depreciation, financing costs, and share-based compensation, and assumes full contract performance.
Volta's obligations are supported by approximately $1.3 billion in letters of credit arranged by affiliates of JPMorgan Chase and another global financial institution, subject to conditions. Bitdeer retains the right to terminate if Volta fails to meet specified credit-support milestones.
Bitdeer plans to deliver capacity in two approximately equal phases across four data halls, with the first targeted to begin service by December 31, 2026, and the second by March 31, 2027. Two additional halls representing 47 megawatts of gross capacity are being developed for other AI and high-performance-computing customers in the second half of 2027. The full Tydal campus is expected to reach 180 megawatts of gross capacity.
Approximately $500 million in construction and fit-out spending remains, equivalent to roughly $4 million per contracted IT megawatt. Bitdeer intends to raise additional debt to finance Tydal and other infrastructure projects and issued no shares or warrants in connection with the Volta transaction, retaining full campus ownership.
The financing requirement is substantial relative to Bitdeer's balance sheet. As of March 31, the company reported $297.7 million in cash and equivalents against $1.9 billion in borrowings, with a first-quarter net loss of $159.5 million on revenue of $188.9 million. The Anthropic contract helps explain Volta's infrastructure commitment and could support project financing, though it does not eliminate risks surrounding the credit package, Volta's execution, or Bitdeer's construction schedule.
Anthropic has increasingly distributed its computing requirements across multiple suppliers as demand for Claude models accelerates. Existing relationships include Amazon, Google, Broadcom, Microsoft, and SpaceX. In April, Anthropic committed to spending more than $100 billion over ten years on Amazon Web Services technology, securing up to five gigawatts of capacity, with Amazon investing $5 billion immediately and potentially another $20 billion subsequently. Anthropic has also arranged approximately 3.5 gigawatts of next-generation Google tensor-processing-unit capacity through Broadcom beginning in 2027.
The agreement further diversifies Anthropic's supply chain while introducing exposure to a recently formed intermediary. It reflects a broader shift in the AI market: access to power, data-center sites, and project financing has become nearly as critical as access to advanced chips.
Bitdeer's AI cloud annualized revenue run rate reached approximately $76 million in June, with 95% GPU utilization. Its core mining business produced 990 Bitcoin during the month, while its global portfolio included approximately three gigawatts of operating and planned power capacity. Bitdeer shares increased 12% on Tuesday following the announcement.