Anthropic has reportedly signed a six-year, $10 billion compute agreement with Volta Infra Holdings for 121 megawatts of NVIDIA Vera Rubin capacity in Norway. Bloomberg identified Anthropic as the unnamed AI laboratory behind the contract, citing people familiar with the matter.
Key Details at a Glance
- Parties: Anthropic (reported), Volta Infra Holdings, and Bitdeer
- Capacity: 121 critical IT megawatts of NVIDIA Vera Rubin compute
- Location: Bitdeer’s hydro-powered Tydal campus in Norway
- Timeline: First capacity by December 31, 2026; second phase by March 31, 2027
A Major Early Win for Volta Infra
Volta, which began operations in January 2026, will supply the NVIDIA-based infrastructure from Bitdeer’s Tydal site. The company describes itself as an integrated compute platform that combines infrastructure capital, secured power, and industrial-scale development. Co-founders Boada and Sofia Gumuzio previously worked at Brookfield Asset Management.
Volta operates within NVIDIA’s Cloud Partner program, a network of providers that deploy NVIDIA GPUs while arranging physical data center sites through landlords and infrastructure owners.
Lease Terms Give Bitdeer Long-Term Revenue Visibility
Bitdeer’s Tydal subsidiary signed a 16-year lease with a Volta unit covering 121 critical IT megawatts and roughly 133 gross megawatts. Scheduled payments total approximately $4.7 billion during the base term. An optional eight-year extension could lift the total contract value to about $8 billion over 24 years.
- Lease pricing begins near $202 per kilowatt-month, with 3% annual increases.
- Bitdeer expects net operating income margins near 90% from contracted revenue.
- Volta’s obligations carry about $1.3 billion in standby letters of credit, supported by affiliates of JPMorgan and another unnamed global institution.
- The structure resembles Alphabet’s $43.8 billion in lease guarantees across its TPU ecosystem.
Bitdeer shares rose as much as 23% on the news before settling about 10% above the previous close.
Hydropower and Liquid Cooling Shape the Buildout
Dell Technologies will provide NVIDIA’s Vera Rubin platform. Each Vera Rubin NVL72 rack combines 72 Rubin GPUs and 36 Vera CPUs inside a liquid-cooled chassis. Liquid cooling is required because chip-level heat density exceeds the limits of standard air cooling, and this shapes the design of the four planned data halls. Bitdeer has operated in Norway since 2018 and acquired the Tydal site in 2024, with delivery planned in two phases across those four halls.
Norway produces more than 90% of its electricity from hydroelectric sources. Its cold climate helps Nordic facilities reach power usage effectiveness ratios near 1.1, versus about 1.58 for the average U.S. facility. At 121 megawatts of IT load, that efficiency advantage can free about 48 megawatts that would otherwise go to cooling and overhead.
Anthropic’s Expanding Compute Footprint
Anthropic previously signed a 300-megawatt agreement for SpaceX’s Colossus 1 facility in Memphis and has arranged computing deals with Amazon, Google, and Fluidstack. In November 2025, NVIDIA and Microsoft agreed to invest a combined $15 billion in Anthropic, alongside a $30 billion Azure compute purchase at a valuation near $350 billion.
The reported Norway deal secures six years of Vera Rubin capacity for Anthropic, gives Volta a major launch customer, and locks in long-term lease income for Bitdeer. Delivery depends on two construction phases scheduled between late 2026 and March 2027 at Tydal. The disclosures do not state whether Anthropic will own the campus or the chips, nor do they divide capacity between model training and inference.