Bitdeer secured a $4.7 billion deal for AI colocation services in Norway.
Bitdeer Technologies Group's subsidiary Tydal Data Center AS has signed a 16-year colocation lease and services agreement with Volta Tydal AS for 121 IT megawatts at its Tydal AI campus in Norway. The agreement represents an estimated US$4.70 billion in contracted revenue, with electricity costs passed through to the tenant. The deal is backstopped by approximately US$1.30 billion in letters of credit from major financial institutions. Bitdeer retains full ownership of the Tydal campus and plans to fund approximately US$500 million of remaining capital expenditure largely through new debt.
The agreement locks in long-duration, renewable-powered AI infrastructure demand for the company, directly addressing near-term revenue visibility—a critical question for an enterprise attempting to reposition itself from a Bitcoin mining operation to an AI and high-performance computing infrastructure provider. However, the deal also highlights an immediate risk: Bitdeer's ability to layer on new debt for the remaining US$500 million of capex without overextending an already pressured balance sheet.
The timing of Bitdeer's August 3, 2026 decision to replace MaloneBailey with Deloitte & Touche as its independent auditor takes on additional significance in light of this long-duration, US$4.70 billion lease. With such a substantial contract now central to the company's narrative, investors may scrutinize revenue recognition, debt financing, and derivative impacts more closely, particularly given that the business has recently swung between sizeable net income and net losses.
The new agreement may prompt investors to reconsider competing investment theses. Before this deal, the most optimistic analysts were assuming approximately 52 percent annual revenue growth and a US$315.4 million earnings swing by 2029—a bolder view than the cautious consensus that focused on mining volatility and financing risk. The Tydal contract shifts the calculus considerably, offering concrete, long-term visibility into AI infrastructure demand that extends well beyond historical mining narratives.