An AI infrastructure startup founded at the start of this year has emerged from stealth mode to announce a $10 billion deal to build an AI factory in Norway.

Volta Infra, which has offices in London, New York and Palo Alto, also said it has raised $300 million across a seed round and a Series A round at a valuation of $2.4 billion.

The company’s launch was confirmed in a statement on Tuesday. In that statement, Volta referred to a “landmark $10 billion strategic partnership with an AI lab to develop an AI factory in Europe alongside Bitdeer.” The AI lab was not named.

Bitdeer, a crypto-mining company, will work with Volta to provide compute capacity.

Volta said the new facility will deliver 133 megawatts and will be powered by Nvidia’s Vera Rubin hardware system. The project is the first phase of a broader development plan targeting multiple gigawatts of power capacity across North America and Europe by 2030.

Volta also said it will use Nvidia’s DSX platform to develop sites. The startup is a member of Nvidia’s Cloud Partner program, an ecosystem of cloud providers using Nvidia technology to deliver AI infrastructure.

The announcement lands as AI developers and cloud providers continue competing for power, land and financing for large-scale data center buildouts, making multi-phase projects like this one a key test of whether capacity can be assembled quickly enough to support growing demand.

In addition, Volta has agreed to a deal with Azora, under which the asset manager will provide $5 billion in financing to the company.

The company said its pitch is distinctive in an increasingly crowded AI infrastructure market, describing itself as “the world’s first fully vertically integrated AI infrastructure platform, extending beyond technology into capital formation,” according to its statement.

The Series A round was led by Azora, Andreessen Horowitz, Altimeter and Nvidia.

“Every technology revolution has run on a physical layer beneath it. Railways carried industrialization. Electricity lit manufacturing. Fiber carried the internet,” CEO Richard Boada said in a statement. “We founded Volta because compute should be financed, developed, and commercialized with the principles and scale of infrastructure.”

Andreessen Horowitz said in a blog post: “Neoclouds tend to begin with one half of the problem: they have capital and real assets, or they have cloud software and GPU operations. Volta has both. There aren’t many neocloud teams that can actually secure power, structure billions of dollars of capital, develop data centers and run a production cloud. Volta has assembled one of the few teams that can.”