According to reports from Bitdeer Technologies Group, the company's Tydal Data Center subsidiary signed a 16-year colocation and services agreement with Volta Tydal AS for an artificial intelligence and high-performance computing campus in Norway. The contract covers 121 megawatts of critical IT capacity, supported by approximately 133 MW of total power, with an eight-year extension option that could raise the total contract value to approximately $8 billion over 24 years. As reported by multiple sources, the deal was executed on June 29, 2026 via Tydal Data Center AS, with the facility targeting about 180 MW of gross installed capacity and expected to be operational by December 2026. The facility is scheduled to be operational by December 2026, with construction being handled by Data Center Installations AS, a subsidiary of Sparc Group AB.
As reported by Bitdeer Technologies Group, the lease averages approximately $202 per kilowatt each month during the first 16 years, with contract payments rising 3% annually. Management estimates average annual revenue of $2.4 million per IT MW and a project net operating income margin of roughly 90%. The project requires approximately $500 million of capital expenditure, or about $4 million per contracted IT MW, with Bitdeer planning to raise additional debt for construction financing. The company has already demonstrated strong AI monetization, with its AI Cloud services reportedly reaching approximately $76 million in annualized recurring revenue at 95% utilization, supported by Nvidia GPUs. This represents a significant improvement from earlier reports of $76 million in annualized recurring revenue at 95% utilization, indicating continued growth in the AI division.
According to the announcement, the deal advances Bitdeer's plan to shift part of its power portfolio from Bitcoin mining toward AI colocation. In March, the company announced it would convert the Tydal facility and align it with Nvidia technology, marking the formalization of what had been a strategic roadmap into a signed commitment. The completed campus could become one of Norway's largest AI data centers, with Bitdeer developing two additional halls totaling 47 MW for possible AI and HPC customers during the second half of 2027. The tenant Volta is backed by prominent investors including Andreessen Horowitz (a16z), Nvidia, and Dell, positioning the facility to serve a leading American AI laboratory. The company also plans to convert other mining sites, including locations in Texas and Washington. This transition represents a material step in Bitdeer's transformation from a Bitcoin mining company to an AI infrastructure provider.
As reported by Bitdeer Technologies Group, the stock rallied following the announcement, with shares rising approximately 14% in premarket trading, representing a significant market response to the AI infrastructure deal. 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. The fact that this deal prompted an even larger move than previous catalysts, like the establishment of a manufacturing facility in Nevada, which had driven spikes of up to 15%, indicates investors view the Norway colocation agreement as a more material step in Bitdeer's transformation. The company retains full ownership of Tydal while Volta supplies customer, financing and technology relationships globally. Bitdeer's AI pivot is funded by significant capital moves, including the liquidation of its entire Bitcoin treasury earlier in 2026 and raising $325 million through a convertible notes offering.
According to the company announcement, Bitdeer will report second-quarter results on August 10 before an 8 a.m. Eastern Time conference call. Investors will be watching for financing details, construction progress, accounting treatment and any update on when the Tydal revenue can begin entering reported results. The company's June update showed 73 EH/s of self-mining capacity, 990 BTC produced during the month and the strong AI cloud performance. The news represents a significant shift from announced AI strategy to tangible infrastructure scale-up, with markets rewarding the material capacity contract and near-term monetization demonstration.
