Bitdeer shares added 9% on Thursday morning after the bitcoin miner-turned-AI-infrastructure provider announced a five-year AI cloud contract that it expects to generate $400 million in revenue from its data center in Malaysia.
The agreement accounts for roughly half of Bitdeer's 9.5 MW facility, which has yet to be energized. Bitdeer did not reveal who the customer was but described them as having “high credit quality” in a press release.
Service is set to begin in the first quarter of 2027, with management saying they don’t expect any financial impact this year.
The site, dubbed A102, is liquid-cooled and being built to support Nvidia GB300 systems that can handle GPU cloud services and data hosting. Bitdeer said it is currently negotiating contracts to fill the site’s remaining capacity.
Bitdeer’s AI cloud pipeline has now surpassed $2 billion across roughly 24.5 MW of capacity, though it has a much more ambitious target of reaching up to 350 MW by the first quarter of 2028.
The Malaysia deal comes hot on the heels of a 16-year deal to lease 121 MW of IT capacity at its Tydal campus in Norway to a subsidiary of the Volta AI infrastructure firm.
That agreement represents around $4.7 billion in revenue, though Bitdeer will need to sink an estimated $500 million in capital to finish the project.
Bitdeer’s AI cloud business generated $14 million in revenue in the second quarter, up nearly 1,000% from the previous year, according to its latest earnings report released last week.
Benchmark analysts reiterated a Buy rating and a $22 price target, a jump of over 100% from where the BTDR price is today. H.C. Wainwright also reiterated a Buy rating on Bitdeer and maintained a slightly higher $25 price target.