Bitdeer secures long-term lease with Volta for Tydal site

Bitdeer just signed up a single tenant for 16 years at a Norwegian site that used to mine Bitcoin.

The deal is valued at approximately $4.7 billion. The tenant is Volta, a newly launched AI infrastructure platform. The end user is reportedly one of the most closely watched AI labs on the planet.

On August 4, 2026, Bitdeer Technologies Group (NASDAQ: BTDR) announced that its subsidiary, Tydal Data Center AS, had signed a colocation lease with Volta Tydal AS. The agreement covers 121 IT megawatts of capacity at the Tydal campus in Norway.

The numbers behind the lease

The base contract runs 16 years and is worth roughly $4.7 billion. An optional eight-year extension could push the total value to $8 billion.

Pricing averages around $202 per kW per month, with 3% annual escalators built in.

The research projects average annual revenue of about $2.4 million per IT megawatt, or approximately $290 million per year. The post on X that circulated the news put the Tydal site’s annual revenue at $260 million.

The capacity is intended for an unnamed leading AI lab. The lab is widely speculated to be Anthropic. It would run NVIDIA GPUs configured with Vera Rubin hardware across four dedicated data halls.

Anthropic is reported to have a separate $10 billion compute partnership with Volta. That arrangement sits outside this lease. Neither company has been confirmed as the end customer in the Bitdeer announcement itself.

Who carries the risk

Volta is expected to back its obligations with approximately $1.3 billion in letters of credit. J.P. Morgan and another financial institution are supporting that credit.

Bitdeer also keeps the right to walk away if key milestones are missed. On the flip side, Volta can terminate without fees after 10 years.

Volta itself launched alongside the deal with $300 million in venture funding. The round was co-led by a16z and Altimeter and valued the company at $2.4 billion.

Bitdeer retains full ownership of the site. It did not issue equity or warrants as part of the arrangement.

From hashing to hosting

Tydal was previously a Bitcoin mining operation. It is now being repurposed for high-density AI workloads.

The site runs on 100% renewable hydropower and targets a Power Usage Effectiveness, or PUE, of about 1.1.

Construction is phased. Bitdeer is targeting completion by December 31, 2026, and March 31, 2027. Finishing the build is expected to require an additional investment of around $500 million.

Tydal is one piece of Bitdeer’s Norway footprint. The company also operates an active 84 MW mine in Molde, which continues to run as a crypto operation.

Shares of Bitdeer rose sharply in premarket trading after the announcement. Several analysts raised their price targets on the stock, including Needham.

What this means for Bitdeer and the miners

The $1.3 billion in letters of credit softens Volta’s credit exposure but does not cover the full contract value.

The 10-year fee-free exit for Volta is another detail worth watching. If the full 16-year term is not honored, investors modeling the full $4.7 billion should keep that clause in mind.

Bitdeer needs to spend around $500 million and hit two construction deadlines within roughly the next eight months. Missing milestones would hand both sides termination options.

The key items to track are construction progress against the December and March targets, any confirmation of the end customer, and whether Bitdeer pursues similar conversions elsewhere in its portfolio. The Molde site, still mining at 84 MW, is the obvious place to look next.