Aug. 5 at 12:46 AM
$BTDR Said the day one of those sites signed a real tenant was the day it got interesting. It signed one this morning.
Sixteen-year colocation and services lease at Tydal, 121 IT MW, about
$4.7 billion contracted over the base term and
$8 billion if the tenant takes the eight-year renewal. Power passed through, three percent escalators on both agreements, around 90% NOI margin, roughly
$500 million of capex left at four million a megawatt. Bitdeer keeps the whole campus and issued no equity or warrants to get it, which after watching half this cohort finance itself by handing out pieces of the company is worth saying out loud. Phases target commencement end of December and end of March.
The
$202 per kW a month everyone is quoting is the sixteen-year average, not the rate. Three percent escalators compounding puts year one closer to
$160. Still good. Just not the number on the poster.
The tenant is a subsidiary of Volta, seven months old, run by two people who left Brookfield's infrastructure arm, and which raised
$300 million at a
$2.4 billion valuation the same morning this printed. So the lease is roughly twice the size of the company on the other end of it. Those obligations are anticipated to be backed by about
$1.3 billion in letters of credit from J.P. Morgan affiliates and another bank, subject to conditions, with Bitdeer holding the right to walk if the milestones slip.
That
$1.3 billion is about four and a half years of payments on a sixteen-year lease. It buys time, not indemnity.
The end customer is a leading AI lab. Bloomberg says Anthropic, citing people familiar. Reuters couldn't confirm it, Anthropic declined to comment, and here we all are pretending we don't know.
Looking to begin a position.
