Key Highlights

● Bitdeer's AI unit signed an eight-year, 60MW Cyberjaya agreement on 12 October 2026.

● Secured AI Cloud capacity is now about 333.5MW, with a pipeline above US$10 billion.

● Second-quarter Revenue was about US$228.8 million, up roughly 47% year on year.

● A 16-year Tydal colocation Lease covers 121 IT megawatts, with about US$4.7 billion base-term revenue.

Latest development: more Malaysian capacity

Bitdeer Technologies Group (NASDAQ:BTDR), the Bitcoin miner and data-centre operator, has kept adding Artificial Intelligence (AI) hosting capacity this month. Its Bitdeer AI unit announced on 12 October an eight-year data-centre services agreement for a 60MW Facility at its Cyberjaya campus in Malaysia, lifting secured AI Cloud capacity to about 333.5MW.

On 8 October it had announced a ten-year agreement for a 67MW Malaysian site and cited an AI Cloud pipeline above US$10 billion. The same day the company asked readers to disregard an earlier release on the Cyberjaya facility, which it then replaced.

Why it matters

Bitdeer built its name on self-mined bitcoin and hash-rate sales. Long-dated leases to AI customers could diversify revenue away from bitcoin prices, though they require heavy Capital spending before income arrives. The company has been signalling that direction for some time, so each new contract tests whether it can convert announced capacity into delivered, billable megawatts.

Contract duration is the key difference: a sixteen-year colocation lease or a ten-year Malaysian agreement offers a visibility that Mining income, which resets with each block reward and network difficulty adjustment, does not.

Latest reported results

For the quarter ended June 2026, reported on 10 August, revenue was about US$228.8 million, up roughly 47% year on year and 21% on the previous quarter. The loss was US$0.37 per share, with an operating loss of US$101.7 million. Adjusted EBITDA was about US$31.1 million, while Operating Cash Flow was an outflow of about US$158.5 million.

Operationally, self-mining capacity reached roughly 73 exahashes per second, supported by about 243,000 active rigs, and the company produced about 2,694 bitcoin. It signed a 16-year colocation lease at its Tydal site in Norway covering 121 IT megawatts, with about US$4.7 billion of base-term revenue. AI Cloud annual Recurring Revenue was about US$76 million, with roughly 95% GPU utilisation.

Funding and balance-sheet questions

Growth has been financed partly by selling equity. Bitdeer raised about US$457 million through its at-the-market programme, which dilutes existing holders. The company also raised its full-year mining-infrastructure Capital Expenditure guidance to US$200 million to US$280 million. In September it said it bought about 200 acres in Milam County, Texas, for US$100 million in cash.

Together with negative operating cash flow, these commitments mean financing conditions matter as much as contract headlines.

Malaysian capacity and the cash-flow gap

The company's Malaysian agreements and the Tydal lease give it long-dated contracts, while the Texas land purchase and the higher capital expenditure range add further spending. The 8 October correction to the Cyberjaya release shows that announced figures can be revised after the fact.

Against about US$4.7 billion of base-term revenue at Tydal and an AI Cloud pipeline above US$10 billion, the second-quarter operating cash outflow of about US$158.5 million is the figure that shows how far billable capacity still has to travel.