Key points
- Anthropic agreed to pay $10 billion over six years for compute at a Norway data center, Bloomberg reported. Volta, the counterparty, was founded in January 2026.
- Bitdeer (BTDR) signed a separate 16-year, $4.7 billion lease with Volta for 121 IT MW at its Tydal campus, with an 8-year option taking it to $8.0 billion.
- BTDR traded at $12.08 midday Tuesday, up 6.2%, still 24% below its June 29 close when the lease was first disclosed as contingent.
Anthropic has agreed to pay $10 billion over six years for computing capacity at a data center in Norway. Bloomberg reported the deal Tuesday, citing people familiar with the matter. The counterparty is Volta Infra Holdings, an AI cloud company founded in January 2026.
Volta's own announcement Tuesday didn't name the customer. It identified the end user only as a leading AI lab. Reuters said it couldn't independently verify the Bloomberg report. Representatives for Anthropic declined to comment, and Volta chief executive Ricard Boada declined to identify the client.
The capacity sits at Tydal, a campus in central Norway. It belongs to Bitdeer Technologies Group (BTDR), a Singapore company that built its business mining bitcoin. Bitdeer said Tuesday that its subsidiary Tydal Data Center AS signed a 16-year colocation lease with Volta Tydal AS. The lease covers 121 megawatts of critical IT power and about $4.7 billion in contracted revenue. An eight-year renewal option would take the total to about $8.0 billion over 24 years.
What each side of the deal is worth
Both contracts cover the same 121 megawatts.
| Contract terms | Anthropic and Volta | Bitdeer and Volta |
|---|---|---|
| Contract value | $10 billion | $4.7 billion |
| Initial term | 6 years | 16 years |
| Critical IT power | 121 MW | 121 MW |
| Average per year | $1.67 billion | $294 million |
The Bitdeer lease is a modified gross arrangement. It averages about $202 per kilowatt per month over the first 16 years, with 3% annual escalators. The tenant reimburses electricity costs separately. Bitdeer put its remaining construction spending at about $500 million, or about $4.0 million per IT megawatt.
Bitdeer said the entire 121 IT MW will be configured to run Nvidia (NVDA) GPUs. Dell Technologies (DELL) is the technology provider, and Volta is an Nvidia Cloud Partner. Bloomberg reported the systems are Nvidia's next-generation Vera Rubin platform.
Volta announced Tuesday that it raised $300 million in seed and Series A funding at a $2.4 billion valuation. Named investors include Nvidia, Andreessen Horowitz, Altimeter and Azora. Volta also unveiled a $5 billion AI infrastructure program with Azora to finance additional sites. It said Tydal is the first project in a pipeline exceeding one gigawatt of near-term power capacity across North America and Europe.
Volta's obligations are anticipated to be supported by letters of credit totaling about $1.3 billion, Bitdeer said. Affiliates of J.P. Morgan and another global financial institution are expected to arrange them.
Haakon Bryhni, chairman of Tydal Data Center, said the companies are joining forces "in building a new generation of high-performance AI infrastructure." The site runs on 100% renewable hydroelectric power at a PUE near 1.1. Power usage effectiveness divides total facility power by the power delivered to the computing equipment. A figure close to 1.0 means little is lost to cooling and overhead.
Delivery is planned across four data halls in two phases. Phase one is targeted for December 31, 2026 and phase two for March 31, 2027.
Anthropic's other data center deals
Anthropic signed a 20-year, $19 billion data center lease with TeraWulf (WULF) in July. TeraWulf followed with a $3.5 billion debt raise for the Kentucky site. Anthropic was separately reported in July to be in talks to lease $10 billion of computing power from Meta. Its $15 billion Australia data center plan has been tied to IREN (IREN).
Why Bitdeer stock is still below where it was in June
Bitdeer disclosed a signed Tydal lease on June 29, without naming the tenant or the terms. That filing said the lease "has not yet become effective" and remained subject to conditions precedent beyond Bitdeer's control, including the completion of external customer and supplier arrangements by the counterparty. Bitdeer said there was no assurance those conditions would be satisfied. Haris Basit, chief strategy officer of Bitdeer, said the company would share terms "once the Lease has become effective."
BTDR fell 7.5% that session to close at $15.86. It kept falling through July, reaching a closing low of $8.90 on July 29.
The stock traded at $12.08 at 12:27 p.m. Eastern Tuesday, up 6.2% from Monday's close of $11.37. It opened at $12.81 and reached $12.92 earlier in the session. That leaves it 24% below the June 29 close and 57% below its 52-week high of $27.80 from October 2025. Bitdeer's market value is about $3.2 billion, below the $4.7 billion of contracted revenue in the Tydal lease alone.
Boada, in Volta's announcement, said compute "is becoming the defining infrastructure asset class of our generation."
Sources
- Bitdeer press release, August 4, 2026, for the $4.7 billion contracted revenue, 121 IT MW, $202 per kilowatt per month rate, $1.3 billion letters of credit, $500 million remaining capex and the two delivery phases
- Bitdeer Form 6-K exhibit filed June 29, 2026, for the conditions precedent language and the Haris Basit quote
- Bloomberg, for the identification of Anthropic as the customer, citing people familiar with the matter
- Volta announcement of $300 million in funding at a $2.4 billion valuation and the $5 billion Azora program, August 4, 2026
- Price and market capitalization data as of midday Tuesday, August 4, 2026
