Bitdeer secures $4.7 billion multi-year AI data center lease, pivoting bitcoin-mining capacity to AI workloads.

Bitdeer Technologies (NASDAQ: BTDR) has secured a $4.7 billion U.S. artificial intelligence data centre lease, marking a major expansion beyond its origins as a Bitcoin miner. The company's Tydal Data Centre subsidiary signed a 16-year lease agreement to provide 121 megawatts of computing capacity at its Norway campus, with Nvidia supplying microchips and processors and Dell Technologies providing the necessary computing systems.

Media reports identify the customer as Anthropic, a privately held AI startup, though Bitdeer management has not publicly confirmed the customer's identity. The lease represents a strategic shift toward AI infrastructure, where long-term agreements provide predictable revenue streams.

Bitdeer expects to generate approximately $2.4 million U.S. in annual revenue per megawatt, totaling roughly $290 million U.S. per year, with payments increasing 3% annually. The $4.7 billion figure represents the full value over the lease's 16-year term rather than immediate revenue recognition. A potential eight-year extension could increase the total contract value to $8 billion U.S.

The facility will be deployed in two phases, with the first phase scheduled for completion by December 31, 2026. Bringing the data centre operational on schedule will require Bitdeer to invest approximately $500 million U.S., or about $4 million U.S. per megawatt of computing capacity.

Bitdeer stock has declined 18% over the past 12 months and trades at $10.64 U.S. per share.