Bitdeer Technologies Group (NASDAQ: BTDR) disclosed a $4.7 billion lease agreement for a 16-year AI data center in Tydal, Norway, with an option to extend for eight additional years, bringing total potential contract value to $8.0 billion.
The lease covers 121 IT megawatts configured for NVIDIA GPU-based AI workloads, with the customer identified as a subsidiary of Volta. Financial backing includes approximately $1.3 billion in letters of credit from affiliates of two financial institutions, subject to customary conditions.
The company also outlined its AI cloud business, reporting $76 million in annualized recurring revenue as of July 31, supported by 4,248 deployed GPUs operating at 95% utilization. Bitdeer’s AI pipeline spans six data centers across Malaysia, Norway, Washington and Tennessee, with total capacity of 141.4 megawatts.
In Malaysia, the A102 facility has 9.5 megawatts fully contracted under long-term agreements exceeding $800 million in expected revenue. The A201 facility, with 21.7 megawatts of IT load, is nearing finalization, with contracts expected within a month.
Bitdeer’s bitcoin operations showed significant growth in July, with production rising 322% year-over-year to 1,190 bitcoin. Self-mining hash rate increased to 76.7 exahashes per second from 22.3 EH/s in July 2025, while co-mining hash rate reached 18.7 EH/s. The company held 257 bitcoin as of July 31.
Chief Financial Officer Michael G. Potter noted the Norway lease represents a milestone in converting the company’s power portfolio into contracted revenue.
