Bitdeer lands $4.7 billion AI lease deal with Anthropic delivery obligation by year-end 2026.
Bitdeer's Bitcoin mining subsidiary, Tydal Data Center, has secured a landmark 16-year artificial intelligence infrastructure lease with Volta, valued at $4.7 billion over the full contract term. The agreement centers on providing 121 megawatts of computing capacity at Bitdeer's Norway campus, marking a significant expansion beyond cryptocurrency mining into the higher-margin AI infrastructure market.
Volta will deploy Nvidia processors across four data halls at the facility, with Dell Technologies supplying the computing systems. The end customer, described by Bitdeer as a leading AI laboratory, has been identified by media reports as Anthropic.
The financial structure is designed to provide steady, long-term revenue. Bitdeer expects to generate approximately $2.4 million per megawatt annually, translating to roughly $290 million per year across the full deployment. Annual payments will increase by 3 percent, compounding over time. It is important to note that the $4.7 billion figure represents the total value of payments scheduled across all 16 years, not immediate revenue recognition. Volta retains the option to exit the agreement without penalty after 10 years, though an eight-year extension could potentially increase the total contract value to approximately $8 billion.
The project will be deployed in two phases: the first 60.5 megawatts are scheduled to become operational by December 31, 2026, with the remaining capacity targeted for March 31, 2027. Completing these milestones will require approximately $500 million in additional capital expenditure, or roughly $4 million per megawatt of capacity.
To fund this expansion, Bitdeer has engaged financial institutions to arrange new debt financing. The company has not disclosed the loan amount but indicated that it expects the facility to require less capital than the total financing package being assembled, suggesting proceeds will also support broader AI infrastructure initiatives. As of the announcement, the financing had not yet closed.
Bitdeer retains full ownership of the Tydal campus and avoided equity dilution by structuring the deal without share issuance or warrant grants. To secure Volta's payment obligations, JPMorgan affiliates and another major financial institution have arranged approximately $1.3 billion in letters of credit. These guarantees remain conditional on customary milestones, and Bitdeer has the right to terminate the agreement if Volta fails to maintain the required credit support.
The transaction represents a substantial opportunity for Bitdeer to establish a multibillion-dollar revenue stream outside cryptocurrency mining, contingent on successful completion of construction financing and on-time delivery of the first phase by year-end.