Bitdeer has signed a $4.7 billion AI lease agreement with Volta, with the end customer reportedly being Anthropic. The deal covers 121 megawatts of computing capacity at Bitdeer's Tydal campus in Norway, running for 16 years. It's a big bet on AI infrastructure from a company best known for Bitcoin mining — and it comes with a hefty upfront price tag.
How the deal works
Before Bitdeer sees a dime, it has to complete a $500 million build-out. First delivery is due by Dec. 31, 2026. After that, the company expects average annual revenue of about $2.7 million per megawatt, or roughly $290 million per year, with 3% annual increases baked in. The $4.7 billion figure represents scheduled payments over the full 16-year term — not immediate cash. Volta can walk away without penalty after 10 years. If they stick around for an eight-year extension, the total value could hit $8 billion.
Financing and ownership
Bitdeer plans to raise new debt to fund the construction and has already hired financial institutions. But the financing hasn't closed yet. The company was careful to keep its equity untouched: it didn't issue any shares or warrants as part of the deal, and it retains full ownership of the Tydal campus. Volta's payment obligations are backed by roughly $1.3 billion in letters of credit from JPMorgan and another major institution, though those are subject to conditions.
This isn't just another mining expansion. It's a deliberate pivot into AI infrastructure, a space where demand for compute is surging. The end customer being Anthropic — one of the most talked-about AI labs — gives the deal serious credibility. For a Bitcoin miner, landing a 16-year lease with a name like that is a signal that the industry's diversification is real. Volta will install Nvidia chips, and Dell Technologies will provide the computing systems. That's a supply chain with some heavy hitters.
The timing isn't trivial either. Bitdeer needs to raise that $500 million and get the build done by the end of 2026. That's a tight window for a company that's still in the middle of raising debt. If the financing falls through or the construction slips, the whole deal could stall. For now, the pieces are in place — but the real work starts now.
