Bitdeer Technologies shares jumped 12% after the bitcoin miner signed a 16-year, $4.7 billion agreement to supply AI computing capacity from a Norway data center. The deal could grow to roughly $8 billion if an eight-year extension option is exercised, and it deepens Bitdeer's shift from bitcoin mining toward AI infrastructure.
Bitdeer Technologies shares surged 12% on Tuesday, Aug. 4, after the bitcoin miner turned AI infrastructure provider announced a long-term data center agreement. The deal is valued at about $4.7 billion. The company's Norwegian subsidiary, Tydal Data Center AS, signed the colocation and services contract with Volta Tydal AS, part of an Nvidia Cloud Partner that will pass the capacity to an unnamed leading AI laboratory.
Norway Campus to Deliver 121 MW for Nvidia GPUs
The project will supply 121 megawatts of IT capacity, backed by about 133 MW of total power, with the entire contracted load configured for Nvidia graphics processing units and Dell Technologies serving as equipment provider. The initial term runs 16 years, and an eight-year renewal option could lift the total value to roughly $8 billion over 24 years. The tenant, however, can exit without a fee after 10 years.
Bitdeer expects the Tydal campus to become one of Norway's largest AI data centers. The site will run entirely on renewable energy, including local hydropower, and is designed to reach a power usage effectiveness ratio of about 1.1.
Construction will proceed in two equal phases across four data halls, with the first phase due by Dec. 31, 2026 and the second by March 31, 2027. Bitdeer is also developing two further halls with 47 MW of gross capacity for AI and high-performance computing workloads in the second half of 2027.
Deal Carries High Margins but Needs More Capital
The lease averages about $202 per kilowatt each month over the initial term, with the tenant reimbursing electricity costs and lease payments rising 3% annually. Bitdeer expects average yearly revenue of $2.4 million per IT megawatt and a net operating income margin of about 90%.
Volta's obligations are expected to be backed by approximately $1.3 billion in letters of credit arranged by affiliates of JPMorgan and another major financial institution, and Bitdeer can terminate the agreement if the required credit milestones aren't met. The company still needs another $500 million to complete the project and plans to raise debt to finance construction. According to Bitcoin.com: "This agreement is a key milestone in Bitdeer's evolution as a global AI infrastructure platform," said Chief Financial Officer Michael Potter.
As demand for electricity-intensive AI computing grows, miners with secured power and data center sites are increasingly seeking longer and more predictable infrastructure revenue.
Source: Bitdeer
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