A new AI infrastructure company has launched and is set to lease capacity from Bitdeer in Norway.

Volta launches from stealth

Volta, which came out of stealth this week, describes itself as a fully vertically integrated AI infrastructure platform.

The firm aims to combine institutional capital, powered land, data centers, compute, software, and operations under one company. It claims a pipeline of 1GW of near-term power capacity across North America and Europe, with a target of 5GW by 2030.

The company was founded by CEO Ricard Boada and chief corporate development officer Sofia Gumuzio, who both previously held positions at Brookfield.

“Compute has become a new infrastructure asset class, with AI models and applications as the verticals built on top,” said Boada. “Every technology revolution has run on a physical layer beneath it. Railways carried industrialization. Our ambition is to build the utility of compute so that compute works as reliably and invisibly as electricity, while being priced transparently and built to endure.”

Volta has secured Series A funding led by Azora, Andreessen Horowitz, Altimeter, and Nvidia, with the family office of Michael Dell and Matter Venture Partners participating. The funding values Volta at $2.4 billion.

The company has also secured $5bn in financing from real estate and infrastructure investment manager Azora.

“AI is transforming compute from a technology product into critical infrastructure,” added Gumuzio. “Meeting that demand requires a platform that can mobilize infrastructure capital, secure power, and execute at industrial scale while moving at the pace of AI innovation. That’s what Volta was built to do.”

Volta has launched with a $10bn strategic partnership with an unnamed “leading frontier AI lab,” the first phase of which will be deployed at Bitdeer’s campus in Norway.

According to a report from Bloomberg, the AI lab is Anthropic, though this has yet to be confirmed by either company.

Bitdeer signs Volta lease in Norway

Nasdaq-listed Bitdeer this week said it has executed a 16-year colocation lease with a subsidiary of Volta. Bitdeer will be delivering the capacity at a former cryptomine in Norway.

Bitdeer AI has signed the lease through its Tydal Data Center AS unit with Volta subsidiary Volta Tydal AS.

Volta’s customer at the Tydal site will be an unnamed “leading AI lab,” with Dell Technologies as the technology provider.

Under the agreement, Tydal will deliver 121MW of IT capacity, supported by an estimated 133MW gross capacity, at its campus in Norway. The campus will host Vera Rubin hardware from Nvidia.

The agreement represents approximately $4.7bn in contracted revenue over the initial 16-year base term. The deal includes an eight-year renewal option, increasing the potential total contract value to approximately $8bn over 24 years.

Volta’s obligations are anticipated to be supported by a credit backstop in the form of Letters of Credit arranged by affiliates of J.P. Morgan and another unnamed “top-tier global financial institution,” totaling approximately $1.3bn.

The capacity will be delivered in two equal-sized phases across four data halls: Phase I is set to launch by the end of December 2026, with Phase II launching by the end of March 2027.

Bitdeer is developing two additional data halls, totaling 47MW gross for future AI/HPC use cases in the second half of 2027. The site could total 180MW.

This agreement is a key milestone in Bitdeer’s evolution as a global AI infrastructure platform,” said Bitdeer CFO Michael G. Potter. “This project will incorporate leading-edge Nvidia GPU technology and frontier models from a leading AI lab into a data center that is powered exclusively through highly reliable, carbon-free energy sources. Bitdeer has been present in Norway since 2018 and is very proud to be leading the effort to bring AI data centers at scale to Norway and Europe.”

Tydal is one of two sites Bitdeer has in Norway. The company also operates an 84MW cryptomine in Molde. Previously leasing both sites, Bitdeer acquired the facilities in 2024. Located within the Kirkvollen industrial site, Bitdeer said the Tydal facility plans to utilize excess heat for food production on a neighboring property.

Plans to convert the Tydal site towards HPC were announced last year, and in April the company appointed a contractor to begin converting Tydal towards HPC workloads. The company said that it was in “advanced stages of negotiations” with potential colocation tenants for the Tydal site in February.

In total, the company claims to have 3GW of capacity in operation and development across the US, Norway, Bhutan, and Canada.

The firm is also converting sites in Knoxville, Tennessee (37MW) and Wenatchee, Washington (13MW) – both due for completion by the end of the year. It is also evaluating the potential to convert a cryptomine in Rockdale, Texas (563MW).

The company also lists plans for HPC sites in Clarington (570MW) and Niles (300MW) in Ohio. The latter is currently due to go live by the end of 2028.