AI infrastructure startup Volta has emerged from stealth with a $2.4 billion valuation and a $10 billion agreement to provide cloud computing capacity in Europe alongside Bitdeer Technologies.
The seven-month-old company said the six-year agreement will support an unnamed AI company through infrastructure at a Bitdeer-operated data centre in Norway. Bloomberg reported that the customer is Anthropic, citing people familiar with the matter, although Reuters said it could not independently verify the information.
The Norway project will provide 133 megawatts of capacity and use Nvidia’s Vera Rubin systems. Volta said it is the first development in a pipeline containing more than 1 GW of near-term power capacity across North America and Europe.
Nvidia’s Vera Rubin NVL72 platform combines 72 Rubin GPUs and 36 Vera CPUs in a rack-scale system. Nvidia also specifies supporting power, cooling, networking, and data-processing requirements for deployments of the platform.
Volta plans to develop its sites using Nvidia’s DSX platform and is targeting several gigawatts of deployed infrastructure by 2030.
“Compute has become a new infrastructure asset class, with AI models and applications as the verticals built on top,” Volta CEO Ricard Boada said.
Volta is entering a market that already includes specialist AI cloud providers operating at larger scale. CoreWeave reported $2.08 billion in first-quarter 2026 revenue and $99.4 billion in revenue backlog at the end of March.
The company had more than 1 GW of active power capacity and over 3.5 GW of contracted power, with a target of more than 8 GW by 2030. Meta has committed about $21 billion for CoreWeave computing capacity through 2032.
Anthropic also signed a separate multi-year agreement with CoreWeave in April to support Claude training and deployment. The AI company has other computing, infrastructure, and investment agreements involving Amazon, Google parent Alphabet, Microsoft, Nvidia, AMD, SpaceX, and Micron Technology.
Nebius has secured large AI infrastructure contracts of its own. The company agreed in March to provide Meta with $12 billion of computing capacity, with provisions that could raise the agreement to as much as $27 billion over five years.
Nebius had previously signed a roughly $17 billion infrastructure agreement with Microsoft. Nvidia invested $2 billion in the company earlier this year, while Nebius has said it plans to deploy more than 5 GW of data centre capacity by 2030.
Volta’s model combines GPU capacity, data centre development, cloud software, operations, and infrastructure financing. CoreWeave and Nebius also operate AI-focused cloud platforms built around GPU infrastructure and dedicated computing capacity.
Financing AI infrastructure
Financing is another part of Volta’s model. The company has established a $5 billion AI Infrastructure Program with asset manager Azora to finance data centres and computing facilities developed by Volta.
Azora manages more than $20 billion across real estate and infrastructure. Under the arrangement, institutional capital will finance Volta projects backed by long-term customer contracts.
The programme gives Volta access to infrastructure funding separate from its equity financing. The company has also completed seed and Series A rounds led by Azora, Andreessen Horowitz, Altimeter, and Nvidia.
Volta raised $300 million across the two rounds, according to Bloomberg. Other investors include the family office of Michael Dell and Matter Venture Partners.
Nebius has also turned to secured debt to finance part of its AI cloud expansion. In July, the company secured a roughly $775 million senior secured debt facility to support new infrastructure.
According to an SEC filing, the facility is backed by deployed GPU infrastructure and contracted cash flows from an investment-grade customer. Nebius said the financing and customer payments together cover more than 100% of the capital expenditure required for the associated GPU deployment.
Nebius said the structure uses deployed GPU assets and contracted customer cash flows to support debt financing for additional infrastructure.
Large cloud providers are also taking on substantial financial commitments to secure data centre capacity. Reuters calculated in August that Microsoft, Meta, Oracle, Amazon, and Alphabet had collectively committed about $1.09 trillion to future lease payments, much of it linked to data centres.
The five companies had also issued around $194 billion in bonds through early July 2026 as they continued funding infrastructure investments.
Expanding capacity in Europe
AI cloud expansion also depends on access to power, data centre sites, and supporting equipment. Industry reporting has documented long grid-connection times, shortages of skilled construction workers, and limited supplies of equipment including transformers and gas turbines.
New rack-scale AI systems place additional demands on data centre infrastructure. Nvidia’s documentation for platforms such as Vera Rubin specifies power and cooling requirements alongside networking and data-processing systems.
Volta’s 133 MW Norway project is the first disclosed site in its planned North American and European portfolio.
Other specialist AI cloud providers are also adding European capacity. CoreWeave announced an agreement in June covering two data centre campuses in Stockholm, with initial capacity already operating at one site.
Nebius is expanding its European footprint as well. The company plans a 240 MW data centre near Lille, France, with initial capacity scheduled to come online in 2026.
Its existing European infrastructure includes facilities in Finland, London, Paris, and Iceland.
Volta is also adding the software required to operate its infrastructure. Earlier this year, it acquired technology from Genesis Cloud, giving the company software for operating public AI cloud services and managing bare-metal computing clusters.
The acquisition adds an existing cloud management stack to Volta’s data centre, hardware, and financing operations.
Volta describes itself as an Nvidia Cloud Partner and plans to use Nvidia hardware across its infrastructure projects. Nvidia is also among the company’s investors.
CoreWeave is preparing infrastructure around the same Nvidia hardware generation. In June, the company said it had completed bring-up and system-level validation work for Vera Rubin NVL72, including the supporting power, cooling, networking, and computing systems.
Volta was founded by Boada and chief corporate development officer Sofia Gumuzio. It has grown to around 100 employees across London, Palo Alto, and New York.
Its first disclosed project will place 133 MW of Nvidia-based compute capacity in Norway under a six-year contract. The project sits within a development pipeline exceeding 1 GW and is backed by a separate $5 billion infrastructure financing programme.
(Photo by Taylor Vick)
See also: AWS cloud growth accelerates as AI demand strains capacity
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