Bitdeer Technologies Group (BTDR) Investor update summary

Strategic partnership and contract overview

• Announced a 16-year data center lease and services agreement at the Tydal campus in Norway, valued at $4.7 billion, with an eight-year renewal option increasing potential value to $8 billion over 24 years.

• The agreement with Volta Tydal AS covers 121 MW IT capacity, configured for NVIDIA GPUs, with Dell Technologies as technology provider and a leading AI lab as end user.

• Lease is split into two phases: phase one starts December 31, 2026, and phase two on March 31, 2027.

• Volta's obligations are backed by a $1.3 billion credit backstop or letters of credit from JPMorgan and another major financial institution, structured without shareholder dilution.

• The tenant can terminate after 10 years without fees.

Business model and financial structure

• The agreement converts power infrastructure into long-term contracted revenue, diversifying revenue mix from Bitcoin to AI and creating a repeatable colocation template.

• Lease structure includes a starting rate of $160/kW/month, escalating 3% annually, averaging $202/kW/month over 16 years, with electricity costs reimbursed by the tenant.

• Expected average annual revenue is $2.4 million per IT MW, totaling about $290 million per year, with an NOI margin of approximately 90%.

• Remaining CapEx for Tydal is $500 million, or $4 million per IT MW, to be funded by additional debt financing.

• Bitdeer retains 100% ownership of the Tydal campus, with no equity securities or warrants issued in the transaction.

Capacity, delivery, and expansion plans

• The Tydal campus will deliver 121 IT MW in two phases, with additional 47 MW of capacity being developed for future AI/HPC use cases, targeting the second half of 2027.

• The site spans 28.6 acres and is powered by 16 hydropower generators and one wind farm.

• The campus is expected to be among Norway’s largest and most efficient AI data centers, with a PUE of approximately 1.1 and powered by 100% renewable energy.

• Facility reliability exceeds Tier 3 standards, with advanced cooling, battery storage, and connectivity infrastructure.

• Connectivity is carrier neutral and resilient, with redundant fiber and partnerships with local providers.