Bitdeer subsidiary signs $4.7B AI data center deal in Norway, with stock surging 23%.
AI & Agents ·
Bitdeer's subsidiary Tydal Data Center AS has locked in a 16-year colocation agreement with Volta Tydal AS for the Tydal AI/HPC campus in Norway. The deal encompasses 121 MW of IT capacity and approximately 133 MW of total power dedicated to AI computing. The arrangement is valued at approximately $4.7 billion over its initial term, with provisions for an eight-year extension that could escalate total contract value to around $8 billion.
The partnership marks a major infrastructure commitment in Norway's data center landscape. Bitdeer, led by Bitmain co-founder Jihan Wu, sees the project as a centerpiece for its AI infrastructure expansion. The market responded positively, with Bitdeer shares climbing 23% immediately following disclosure of the agreement.
Key uncertainties remain around execution timelines, the likelihood of exercising the renewal option, and how competing data center announcements in the Nordic region may affect demand. The 16-year term also locks both parties into fixed arrangements amid rapidly evolving AI hardware and efficiency standards, presenting both commitment and potential rigidity.