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# Bitdeer Technologies (BTDR)

Bitdeer mines bitcoin and is building an AI cloud; its AI cloud revenue backlog rose to about $2.9B in September.

Updated Oct 29, 2026

Information and analysis only, not a recommendation to buy, sell or hold any security. The author may own securities discussed.

Researched and drafted with AI agents. Every figure is taken from a source cited on the page.

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.

## Covered in

- Theme: [AI compute hosts (neoclouds)](/research/themes/ai-compute-hosts)

## Sources

Primary means the publisher of the data or the filing; secondary means press or an aggregator.
- [Bitdeer Announces September 2026 Production and Operations Update (6-K exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1899123/000121390026110703/ea030767901ex99-1.htm)Primary 2026-10-19
- [Bitdeer Form 6-K: $100 million share repurchase program](https://www.sec.gov/Archives/edgar/data/1899123/000121390026107955/ea0307821-6k_bitdeer.htm)Primary 2026-10-08
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