Anthropic signs $10 billion Volta compute deal for Norway data center

Anthropic signed a 6-year, $10 billion compute deal with Volta Infra Holdings. The deal secures 121 megawatts of Nvidia Vera Rubin capacity at a hydro-powered location in Norway.

Volta said it had signed a deal with a leading AI lab that it would not name. The name “Anthropic” was attached to it by people who know the matter, as reported first by Bloomberg.

Volta and Bitdeer split the compute deal

Volta was started in January of 2026, so it is about seven months old. Volta is a “fully integrated compute platform,” says Boada, a former infrastructure executive at Brookfield Asset Management.

The pitch is mobilizing “infrastructure capital, secure power, and execute at industrial scale,” said co-founder Sofia Gumuzio, also formerly of Brookfield.

Volta is under the umbrella of the Cloud Partner program, a group of providers that use the chipmaker’s GPUs and make arrangements with a landlord for the physical site.

Bitdeer, a Nasdaq-listed crypto miner, ticker BTDR, is the landlord and holds full ownership of the Tydal campus. Bitdeer announced the terms in a press release on Tuesday.

Through its subsidiary Tydal, it signed a 16-year lease with a Volta unit for 121 critical IT megawatts, backed by some 133 gross megawatts. The base term contains about $4.7 billion in scheduled payments, and an optional renewal of eight years could bring the total value of the contract to ~$8 billion over 24 years.

Volta’s payments to Bitdeer are backed by about $1.3 billion of standby letters of credit supported by affiliates of J.P. Morgan and a second unnamed global institution. The structure is likened to the $43.8 billion in lease guarantees Alphabet provides across the TPU ecosystem.

Bitdeer shares climbed as much as 23% before trading about 10% above their prior close. The lease is ~$202 per kilowatt-month, with 3% annual escalators. Bitdeer anticipates net operating income margins of almost 90% on the contracted, long-dated revenue.

Norway’s hydropower feeds Anthropic’s buying spree

Dell Technologies provides Nvidia’s Vera Rubin platform. A single Vera Rubin NVL72 rack combines 72 Rubin GPUs and 36 Vera CPUs in a liquid-cooled chassis, a design dictated by heat densities that air cooling can’t handle at the chip level.

More than 90% of Norway’s electricity is produced from hydroelectric sources. The cold climate enables Nordic sites to operate at a power usage effectiveness ratio around 1.1, as opposed to ~1.58 for the average US facility.

At 121 megawatts of IT load, the efficiency advantage frees up around 48 megawatts that cooling and overhead would otherwise consume. Bitdeer has operated in Norway since 2018 and in 2024 bought the Tydal site outright.

Bitdeer expects to deliver the capacity across four data halls in two phases, targeting December 31, 2026, for the first and March 31, 2027, for the second. The disclosures don’t go as far as to say whether Anthropic owns the campus or its chips and don’t specify how the compute is split between training and inference.

Anthropic signed a 300-megawatt deal to use SpaceX’s Colossus 1 facility in Memphis, as well as deals with Amazon, Google, and Fluidstack previously reported by Cryptopolitan.

In November 2025, Nvidia and Microsoft agreed to invest a combined $15 billion in the company, which Anthropic paired with a $30 billion Azure compute purchase as its valuation reached ~$350 billion.