Volta Seals $10bn AI Data Center Deal in Norway

Volta, a nascent AI infrastructure company, has entered into a substantial $10 billion agreement with the AI laboratory Anthropic. This deal is set to deliver a new data center project in Norway, with a capacity of 133MW and utilizing Nvidia Vera Rubin systems. The project is planned to span six years.

This European initiative marks the first in Volta's development pipeline, which extends beyond 1GW of planned power capacity across North America and Europe. The company has established an AI Infrastructure Program with Azora, an asset manager, to provide $5 billion in funding for Volta's forthcoming AI factory developments. This strategic move aims to offer non-dilutive capital and long-term contracted cash flows.

Volta's CEO, Ricard Boada, articulated the vision of 'Compute' as a new infrastructure asset class, akin to electricity or fiber optics. The company's ambition is to establish 'The Utility of Compute,' ensuring reliable, transparently priced, and enduring compute services.

In addition to this major agreement, Volta has also successfully raised $300 million in venture funding through its Seed Round and Series A. These rounds were co-led by Andreessen Horowitz and Altimeter Capital, valuing the company at $2.4 billion. Investors included Azora, Nvidia, and strategic participants.