Bitdeer Lifts AI Cloud Revenue Backlog to ~$2.9B as September Bitcoin Output Jumps 200% Year-over-Year

Bitdeer Technologies Group is accelerating the shift of its business toward contracted AI infrastructure, reporting a sharp increase in its AI Cloud revenue backlog alongside a doubling of Bitcoin production, as the Singapore-headquartered company works to convert its owned power capacity into long-term, recurring revenue.

In its unaudited September 2026 operations update, Bitdeer said offtake commitments now cover more than 70% of its roughly 21.7MW A201 data center in Johor Bahru, Malaysia, a liquid-cooled facility designed to support NVIDIA GB300 NVL72 systems and next-generation Vera Rubin architectures. The company expects those commitments to generate more than $1.7 billion in revenue over five years, lifting its total AI Cloud revenue backlog to approximately $2.9 billion, up from $0.9 billion a month earlier. More than 100 GB300 NVL72 racks were procured ahead of energization, with full deployment and go-live targeted for April 2027.

The company also expanded its Malaysian footprint, securing data services agreements for 67MW at its A901 data center, with full delivery planned for the second quarter of 2027, and an additional 60MW at A103, scheduled for delivery in the first quarter of 2028. In total, Bitdeer's AI Cloud pipeline now stands at 333.5MW of IT load across facilities in Malaysia, Norway and the United States. Its AI Cloud annualized recurring revenue was approximately $86 million at the end of September, with GPU utilization at 95% across 4,328 deployed GPUs spanning H100, H200, B200, B300, GB200 and GB300 platforms.

Beyond Malaysia, Bitdeer disclosed a 16-year AI/HPC data center lease for its Tydal campus in Norway, representing approximately $4.7 billion in total contract value over the initial base term, with the potential to reach roughly $8.0 billion if the tenant exercises a one-time eight-year extension. The Tydal facility, expected to rank among Norway's largest and most efficient AI data centers upon completion, is designed for a power usage effectiveness of approximately 1.1 and will run on 100% renewable energy. In the United States, Bitdeer recently acquired 200 acres near its existing 563MW Rockdale facility to support AI/HPC infrastructure development, saying outright ownership provides the long-term site control needed to develop and finance such projects and that the site's existing large-load interconnection and transmission infrastructure position it to receive additional power allocations in the coming years.

"September demonstrated our ability to convert owned power into contracted AI Cloud revenue," said Michael G. Potter, Chief Financial Officer of Bitdeer. He added that the company's collaboration with NVIDIA on enterprise agent safety and the Rockdale land acquisition further support the platform it is building, while the Bitcoin mining business continues to benefit from strengthening pricing tailwinds.

On the mining side, Bitdeer produced 1,355 Bitcoins in September, an increase of 200% year-over-year, as its self-mining hash rate reached approximately 82.3 EH/s and co-mining hash rate, operated by third-party data centers, reached 28.7 EH/s. Total proprietary hash rate stood at 86.4 EH/s at month-end. The company said it continues to expect momentum in mining results over the coming months and held 47 Bitcoins as of September 30.

The update underscores a broader trend among listed mining companies repositioning toward AI and high-performance computing hosting as a way to secure durable cash flows and de-risk exposure to volatile cryptocurrency prices. Bitdeer's ability to pre-lease capacity years ahead of delivery, and to attach blue-chip GPU supply to those contracts, could strengthen its standing with investors weighing the durability of AI infrastructure demand. The company also said it will shift infrastructure disclosures from a monthly cadence to quarterly reporting issued alongside its financial earnings releases, beginning with its most recent update published with second-quarter 2026 results on August 10, 2026.