Bitdeer shares surge 23% on $4.7B AI data center deal in Norway

Bitdeer Technologies just signed what might be the clearest signal yet that the Bitcoin mining-to-AI pipeline is very real, and very expensive. The Singapore-based company inked a colocation lease for an AI data center in Tydal, Norway, sending its NASDAQ-listed shares up 23%. The deal, executed on June 29 through subsidiary Tydal Data Center AS, is valued at approximately $4.7 billion. What Bitdeer is actually building The Tydal site is targeting roughly 180 megawatts of gross installed capacity. The facility is scheduled to be operational by December 2026. Construction is being handled by Data Center Installations AS, a subsidiary of Sparc Group AB. This isn’t Bitdeer’s first move into AI territory. The company announced back in March 2026 that it would convert the Tydal facility and align it with Nvidia technology. The colocation lease formalizes what had been, until now, more of a strategic roadmap than a signed commitment. Bitdeer’s AI Cloud services are already generating results. The division has reached an annualized recurring revenue of around $76 million at a 95% utilization rate, driven by successful deployment of Nvidia GPUs. The full pivot: selling all the Bitcoin The ...