Anthropic has signed a six-year, $10 billion compute deal with Volta Infra Holdings, securing 121 megawatts of Nvidia Vera Rubin capacity at a hydro-powered site in Norway.

Volta said it had signed an agreement with a leading AI lab that it did not name. The company name “Anthropic” was attached to the deal by people familiar with the matter, as reported first by Bloomberg.

Volta and Bitdeer split the compute deal

Volta was founded in January 2026, making it about seven months old. Boada, a former infrastructure executive at Brookfield Asset Management, described Volta as a “fully integrated compute platform.”

Co-founder Sofia Gumuzio, who also previously worked at Brookfield, said the company’s pitch is to mobilize “infrastructure capital, secure power, and execute at industrial scale.”

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

Bitdeer, a Nasdaq-listed crypto miner with ticker BTDR, is the landlord and owns the Tydal campus outright. On Tuesday, Bitdeer announced the terms in a press release.

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

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

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

Norway’s hydropower supports Anthropic’s compute expansion

Dell Technologies supplies 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 driven by heat densities that air cooling cannot handle at the chip level.

More than 90% of Norway’s electricity comes from hydroelectric sources. The country’s cold climate also allows Nordic sites to operate at a power usage effectiveness ratio of around 1.1, compared with about 1.58 for the average US facility.

At 121 megawatts of IT load, that efficiency advantage frees up roughly 48 megawatts that would otherwise be consumed by cooling and overhead. That matters in a market where large AI training and inference clusters are increasingly constrained by power access, grid readiness and the ability to bring new capacity online on a predictable schedule. Bitdeer has operated in Norway since 2018 and bought the Tydal site outright in 2024.

Bitdeer expects to deliver the capacity across four data halls in two phases, targeting Dec. 31, 2026, for the first phase and March 31, 2027, for the second. The disclosures do not say whether Anthropic owns the campus or its chips, and they do not specify how the compute is divided between training and inference.

Anthropic has also signed a 300-megawatt deal to use SpaceX’s Colossus 1 facility in Memphis, along with 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 about $350 billion.