Bitdeer expands AI infrastructure with long-term $4.7B data center lease

Bitcoin mining company Bitdeer has signed a 16-year lease agreement valued at as much as $4.7 billion to secure artificial intelligence and high-performance computing data center capacity, underscoring how crypto miners are increasingly expanding into AI infrastructure as demand for computing power grows.

Under the agreement, Bitdeer will provide 121 megawatts of IT capacity at its Tydal, Norway, AI data center to a tenant that the company identified only as a subsidiary of Volta Infra. The facility will be configured to support Nvidia GPU-based AI workloads, though Bitdeer did not disclose the tenant’s identity or specify whether Volta is the end customer or an intermediary.

Bloomberg News reported that the Nvidia-backed Volta’s $10 billion ‌cloud contract is with ⁠Anthropic, citing people familiar with the matter.

The lease remains subject to customary closing conditions and is not yet effective, according to the company. To secure the tenant’s payment obligations, affiliates of JP Morgan and another unnamed global financial institution are expected to issue approximately $1.3 billion in letters of credit, or a bank guarantee that ensures the landlord can recover funds if the tenant fails to meet its contractual payment obligations.

Bitdeer shares jumped about 8% in early Nasdaq trading following the announcement, suggesting investors welcomed the company’s continued expansion into AI infrastructure and data centers.

Bitdeer has steadily diversified beyond its core Bitcoin mining business in an effort to broaden its revenue base. Alongside its push into AI and high-performance computing infrastructure, the company has expanded its mining hardware manufacturing operations to reduce its reliance on third-party suppliers. Last month, Bitdeer announced a $36 million investment in a manufacturing facility in Nevada to support that strategy.