Bitdeer has signed a $4.7 billion lease for 121 megawatts of artificial intelligence infrastructure capacity in Tydal, Norway, with a 16-year term running through 2042, according to the company's announcement.
The contract sets long-term revenue for the Hong Kong-listed mining and infrastructure operator at a moment when data center operators worldwide are competing for premium power and cooling capacity to meet AI model training demand. The facility is slated for completion between December 2026 and March 2027.
Bitdeer operates bitcoin mining operations and sells hosting and infrastructure services to cryptocurrency and AI workload customers. The Norway lease is the company's deepest commitment yet to the AI infrastructure market, which has drawn capital from major cloud providers, specialized operators, and energy-rich jurisdictions seeking to capture compute-intensive workloads. Norway's abundant hydroelectric power and cool climate have positioned the country as a hub for energy-intensive data center development.
The 121 megawatt allocation is substantial relative to typical AI cluster builds. Leading AI labs and cloud operators typically provision facilities in the 50 to 500 megawatt range depending on their model scale and training cadence. The Tydal campus will operate as a dedicated capacity block, meaning Bitdeer has committed to holding the power allocation for the customer or customers named in the lease rather than rotating tenants.
The $4.7 billion figure represents the total contracted revenue over 16 years, or roughly $294 million annually. This pricing structure is common in data center leases, where operators lock in capacity fees and power rates across the contract term to stabilize customer budgets and operator cash flow.
Bitdeer shares rose 23 percent on the announcement, according to trading data. The operator has been rebalancing its business mix toward infrastructure services and away from pure mining operations, which are sensitive to bitcoin price and network hash rate shifts.
The lease adds to a crowded field of data center expansions across Europe. AWS, Google, Microsoft, and independent operators have all announced major Nordic buildouts in the past 18 months, each competing for the same constrained power supply and grid connections. Bitdeer's Norway entry at 121 megawatts puts it in the mid-tier of announced projects but ahead of most crypto-native infrastructure builders in sheer committed capacity.
The document to watch is whether Bitdeer names the end customer or customers for the Tydal capacity within the next quarterly earnings report, as that disclosure will determine whether the revenue is backed by a single anchor tenant or distributed across multiple AI workload operators.
