Bitdeer Technologies Group (NASDAQ: BTDR) announced Aug. 4 that it has executed a 16-year colocation lease and services agreement for 121 IT megawatts at its Tydal, Norway campus, representing roughly $4.7 billion in contracted payments, with a renewal option that takes the potential total to $8.0 billion over 24 years. The announcement sent shares about 14% higher premarket.
The tenant is Volta Tydal AS, a subsidiary of Volta Infra Holdings, an AI infrastructure platform that emerged the same morning with $300 million in venture funding at a $2.4 billion valuation, co-led by Andreessen Horowitz and Altimeter Capital, with NVIDIA and Michael Dell participating. Dell Technologies is the technology provider at Tydal. Volta's end customer is an unnamed leading AI lab.
Bitdeer has turned an idle bitcoin mining campus into long-dated contracted revenue backed by bank credit, and it issued no equity and no warrants to do it.
Who does what
Layer Party Role End customer Unnamed AI lab Buys compute. Contracted ~$10B over six years with Volta. Operator / tenant Volta Buys the NVIDIA GPUs (Dell supplies the hardware), owns and operates the compute, sells capacity to the lab. Pays Bitdeer rent. Landlord Bitdeer Owns the land, building, grid connection, power and cooling. Delivers 121 IT MW fitted to NVIDIA spec. Collects rent and service fees. Credit J.P. Morgan + one other global bank Issue ~$1.3B of letters of credit standing behind Volta's rent obligations.Bitdeer is the landlord, not the compute operator.
