Volta, a newly launched AI infrastructure company, has announced a $10bn agreement with an undisclosed AI laboratory to deliver a new data centre project in Norway.
The project will also involve Bitdeer Technologies Group and use Nvidia Vera Rubin systems, with the facility offering 133MW of capacity. The arrangement is set to run over six years.
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The AI laboratory has been revealed to be Anthropic as per a report in Bloomberg, citing people familiar with the matter.
The European project is the first initiative in Volta’s development pipeline, which the company states now exceeds 1GW of planned near-term power capacity across North America and Europe.
The company plans to use Nvidia’s DSX platform for future sites and is targeting the deployment of multiple gigawatts of capacity by 2030.
As part of its financing strategy, Volta has established an AI Infrastructure Program with Azora, an asset manager overseeing more than $20bn in assets, which will provide $5bn in funding to support Volta’s next wave of AI factory developments.
Volta says this arrangement offers non-dilutive capital for large-scale projects, as well as delivering long-term contracted cash flows for institutional investors.
Volta CEO Ricard Boada said: “Compute has become a new infrastructure asset class, with AI models and applications as the verticals built on top. Every technology revolution has run on a physical layer beneath it.
“Railways carried industrialisation. Electricity lit manufacturing. Fiber carried the internet. We founded Volta because compute should be financed, developed, and commercialised with the principles and scale of infrastructure.
“Our ambition is to build The Utility of Compute so that compute works as reliably and invisibly as electricity, while being priced transparently and built to endure.”
Volta has also raised $300m in venture funding through a Seed Round and a Series A. The financing was co-led by Andreessen Horowitz and Altimeter Capital, valuing the company at $2.4bn.
Investors in these rounds included Azora, Nvidia, and other strategic participants such as the family office of Michael Dell and Matter Venture Partners.
Earlier this year, Volta acquired Genesis Cloud technology, integrating software to manage public AI cloud and bare metal clusters under a single company.
Volta employs approximately 100 staff across London, New York, and Palo Alto.
