Bitdeer Technologies just signed what might be the clearest signal yet that the Bitcoin mining-to-AI pipeline is very real, and very expensive. The Singapore-based company inked a colocation lease for an AI data center in Tydal, Norway, sending its NASDAQ-listed shares up 23%.

The deal, executed on June 29 through subsidiary Tydal Data Center AS, is valued at approximately $4.7 billion.

What Bitdeer is actually building

The Tydal site is targeting roughly 180 megawatts of gross installed capacity. The facility is scheduled to be operational by December 2026. Construction is being handled by Data Center Installations AS, a subsidiary of Sparc Group AB.

This isn’t Bitdeer’s first move into AI territory. The company announced back in March 2026 that it would convert the Tydal facility and align it with Nvidia technology. The colocation lease formalizes what had been, until now, more of a strategic roadmap than a signed commitment.

Bitdeer’s AI Cloud services are already generating results. The division has reached an annualized recurring revenue of around $76 million at a 95% utilization rate, driven by successful deployment of Nvidia GPUs.

The full pivot: selling all the Bitcoin

The company liquidated its entire Bitcoin treasury earlier in 2026 to fund the expansion into AI data center infrastructure.

To further fuel the transition, Bitdeer raised $325 million through a convertible notes offering. The pivot extends well beyond Norway. Bitdeer has ongoing efforts to convert existing mining sites across multiple locations, including facilities in Texas and Washington.

Why miners keep choosing AI

Although market data showed some earlier trading sessions where Bitdeer’s stock moved more modestly, around 5% in premarket trading, the broader reaction to the Norway lease announcement suggests the market is taking the AI pivot seriously.

Previous catalysts, like the establishment of a manufacturing facility in Nevada, had driven spikes of up to 15%. The fact that this deal prompted an even larger move suggests investors view the Norway colocation agreement as a more material step in Bitdeer’s transformation.