$4.7B AI Data Center Lease with Volta Sends Bitdeer Shares Up 8%
BTDR sits 76% above its 52-week low of $6.916.
Summary
Bitdeer disclosed the tenant and financial terms for its Tydal, Norway data center lease: a 16-year, $4.7 billion deal with Volta for 121 MW of AI computing capacity. The agreement projects ~$2.4 million per MW in annual revenue, a 90% net operating income margin, and $500 million in remaining capex. Volta's obligations are backed by ~$1.3 billion in letters of credit arranged by JPMorgan affiliates. An 8-year renewal option could push the total to ~$8 billion over 24 years. Shares initially surged premarket, then settled up 8% at $12.24, reversing some of the 7% drop from June 29 when the lease was first announced without details. This follows a series of strong operational updates, including a 388% YoY jump in June Bitcoin production and AI Cloud ARR reaching ~$76M. The deal materially expands Bitdeer's AI infrastructure revenue stream, diversifying beyond crypto mining. Benchmark analyst Mark Palmer estimates ~$294M in average annual revenue and ~$264M in annual NOI, noting a 10-year termination right reduces the firmly committed portion to ~$2.7B.
At the time of this announcement, BTDR was trading at $12.15 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $3B. The 52-week trading range was $6.92 to $27.80. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: The Block.