Anthropic Deal Underpins Bitdeer’s $4.7 Billion Norway AI Lease

Anthropic agreed to buy $10 billion of computing capacity over six years from Volta Infrastructure, with part of the service expected to come from a Norwegian data center operated by Bitdeer (NASDAQ: BTDR) Technologies Group, Bloomberg reported.

The report identifies Anthropic as the previously undisclosed AI laboratory behind Volta’s use of Bitdeer’s Tydal campus. It links one of the largest developers of frontier AI models to Bitdeer’s effort to turn power infrastructure accumulated for Bitcoin mining into long-term data-center revenue.

Bitdeer said separately on Tuesday that its Tydal subsidiary signed a colocation lease and services agreement with Volta covering 121 megawatts of critical IT capacity. The agreement provides for approximately $4.7 billion of scheduled payments over an initial 16-year term, with an eight-year renewal option that could increase the total to about $8 billion.

The Anthropic and Bitdeer contracts are separate agreements with different counterparties and durations. Anthropic is purchasing computing services from Volta, while Volta’s Norwegian subsidiary is leasing data-center capacity from Bitdeer.

Bloomberg reported that Anthropic’s commitment to Volta runs for six years. Volta, meanwhile, can terminate its 16-year Bitdeer agreement without a fee after year 10. The companies have not disclosed how much of Anthropic’s $10 billion commitment will be fulfilled at Tydal, whether Volta will use additional sites or what customer arrangements support the years beyond Anthropic’s reported contract.

Volta plans to install Nvidia graphics processors at Tydal, with Dell Technologies serving as the technology provider. Bitdeer’s announcement described the end user only as a “leading AI lab.”

Neither Anthropic nor Volta publicly confirmed the reported $10 billion contract in the materials reviewed.

Volta was founded in 2026 and only recently emerged from stealth, according to the Bloomberg reporting. The company has been valued at about $2.4 billion and is backed by investors including Andreessen Horowitz, Altimeter Capital, Nvidia and Michael Dell.

That makes the agreement a significant test for a new infrastructure provider. Volta must coordinate financing, equipment procurement and computing services while Bitdeer completes the underlying facility. Anthropic is effectively relying on both companies to deliver capacity at a scale that can be difficult even for established cloud operators.

The Bitdeer lease is structured as a modified-gross arrangement averaging approximately $202 per kilowatt a month during its base term. Electricity costs will be reimbursed by the tenant, while rent and service payments carry 3% annual increases.

Bitdeer estimates average annual revenue of $2.4 million per IT megawatt and a net operating income margin of about 90%, according to the transaction terms. Based on the contracted capacity, that equates to roughly $290 million of average annual payments.

The margin is a company-defined, non-GAAP measure. It excludes corporate expenses, depreciation, financing costs and share-based compensation. The $4.7 billion contract value also assumes full performance and does not represent revenue that Bitdeer can recognize immediately.

Volta’s obligations are expected to be supported by approximately $1.3 billion of letters of credit arranged by affiliates of JPMorgan Chase and another global financial institution. Those arrangements remain subject to conditions. Bitdeer can terminate the agreement if Volta fails to reach specified credit-support milestones.

The disclosure provides substantially more information than Bitdeer’s June 29 announcement, when the company said it had executed a Tydal lease but warned that the agreement remained dependent on external customer and supplier arrangements controlled by the counterparty. That earlier filing did not identify either Volta or Anthropic.

Bitdeer plans to deliver the contracted capacity in two approximately equal phases across four data halls. The first is targeted to begin service by Dec. 31, 2026, followed by the second on March 31, 2027.

The company is developing two additional halls representing 47 megawatts of gross capacity for other AI and high-performance-computing customers in the second half of 2027. The full Tydal campus is expected to have 180 megawatts of gross capacity.

About $500 million of construction and fit-out spending remains, equivalent to approximately $4 million per contracted IT megawatt. Bitdeer said it intends to raise additional debt to finance Tydal and other infrastructure projects. It issued no shares or warrants in connection with the Volta transaction and will retain full ownership of the campus.

The financing requirement is substantial relative to Bitdeer’s balance sheet. It reported $297.7 million of cash, restricted cash and equivalents and $1.9 billion of borrowings at March 31. The company posted a first-quarter net loss of $159.5 million on revenue of $188.9 million, according to its latest reported results.

The Anthropic contract helps explain Volta’s willingness to make a longer infrastructure commitment and could support project financing. It does not eliminate the risks surrounding the credit package, Volta’s execution or Bitdeer’s construction schedule.

Anthropic has increasingly spread its computing requirements across multiple suppliers as demand for its Claude models grows. Its existing relationships include Amazon, Google, Broadcom, Microsoft and SpaceX.

In April, Anthropic said it would spend more than $100 billion over 10 years on Amazon Web Services technology, securing as much as five gigawatts of capacity. Amazon also committed to invest $5 billion immediately and as much as another $20 billion later, according to Anthropic’s announcement.

Anthropic has also arranged about 3.5 gigawatts of next-generation Google tensor-processing-unit capacity through Broadcom beginning in 2027. Its annualized revenue run rate surpassed $30 billion in April, up from approximately $9 billion at the end of 2025.

The Volta agreement further diversifies Anthropic’s supply but adds exposure to a recently formed intermediary. The structure reflects a broader shift in the AI market: access to power, data-center sites and project financing has become almost as important as access to advanced chips.

Bitdeer’s own AI cloud annualized revenue run rate reached approximately $76 million in June, with GPU utilization of 95%. Its core mining business produced 990 Bitcoin during the month, while its global portfolio included about three gigawatts of operating and planned power capacity, according to its June operations update.

Bitdeer shares jumped up 12% on Tuesday following the announcement.