Bitdeer Technologies (BTDR)

Analysis and information

What it does

Bitdeer is a Singapore-based company that mines bitcoin, develops and makes mining machines, and runs an AI cloud. In September it mined 1,355 bitcoin, with a self-mining hash rate of about 82.3 EH/s. Its AI cloud had 4,328 GPUs deployed at 95% utilization.

Role in the theme

Bitdeer is an AI cloud and data center developer in the AI compute hosts (neoclouds) theme, with planned AI sites in Malaysia, Norway and the U.S.

Latest

• 10-19: Its September update put the AI cloud revenue backlog at about $2.9B, up from $0.9B in August. AI cloud annual run-rate revenue was about $86M, and the AI cloud pipeline was 333.5 IT MW.
• 10-19: Offtake commitments now cover more than 70% of its ~21.7 MW A201 data center in Johor Bahru, Malaysia. They are worth over $1.7B of expected revenue over 5 years. Full go-live there is planned for April 2027.
• 10-19: It reported agreements for 67 MW at its A901 site in Malaysia, with full delivery planned for Q2 2027. A further 60 MW at A103 is planned for Q1 2028. It also reported a 16-year AI data center lease at Tydal, Norway, worth about $4.7B over the base term.
• 10-19: Bitdeer acquired 200 acres near its 563 MW Rockdale facility. It will now report infrastructure updates quarterly, with its earnings, instead of monthly.
• 10-08: The board approved a new share repurchase program of up to $100M, running to 10-07-2028.

What to watch

• Delivery of the Malaysia sites in 2027 and 2028. The September update did not say how they will be funded.
• Whether the AI cloud customers behind the backlog are named.
• Bitcoin output and self-mining hash rate.
• Next report: Q3 2026 results, date not confirmed.