Bitdeer Backlog Hits $2.9B on Malaysia AI Deals as Bitcoin Output Jumps 200%
Bitdeer ($BTDR) shares are climbing after the company announced major AI data center agreements in Malaysia, lifting its AI Cloud revenue backlog to approximately $2.9 billion, alongside a 200% surge in Bitcoin production.
Bitdeer (BTDR) shares were climbing after the company said its AI Cloud revenue backlog has grown to about $2.9 billion, up from about $0.9 billion in August, on new data center agreements in Malaysia. In its September production update, released Monday, the company also reported that Bitcoin production jumped 200% from a year earlier.
The AI Cloud deals
| Site | Capacity | What Bitdeer announced | Timing |
|---|---|---|---|
| A201, Malaysia | 21.7 MW | Commitments cover over 70% of capacity, worth more than $1.7B in expected revenue over five years | Go-live targeted for April 2027 |
| A901, Malaysia | 67 MW | Data services agreements signed | Delivery targeted for Q2 2027 |
| A103, Malaysia | 60 MW | Additional capacity secured | Delivery targeted for Q1 2028 |
The A201 contracts in Johor Bahru, Malaysia, account for more than $1.7 billion of the new backlog. Bitdeer's total AI Cloud pipeline now stands at 333.5 MW of IT load, according to the company. Its GPUs are already running: 4,328 are deployed, 4,007 of them under external subscription, at 95% utilization, and annualized recurring revenue from AI Cloud is about $86 million. Chief Financial Officer Michael G. Potter said September “demonstrated our ability to convert owned power into contracted AI Cloud revenue.”
Texas expansion
Bitdeer also acquired 200 acres near its existing 563 MW Rockdale, Texas, facility for future AI and high-performance computing infrastructure. The company did not give a timeline or a price for the land in the update. Separately, it noted a 16-year AI and high-performance computing lease at its Tydal, Norway, site with a base-term contract value of about $4.7 billion, which could reach about $8.0 billion if the tenant exercises a one-time eight-year extension.
Bitcoin production
| Measure | September 2026 | Comparison |
|---|---|---|
| Bitcoin mined | 1,355 BTC | 452 BTC in September 2025 (+200%) |
| Total proprietary hash rate | 86.4 EH/s | — |
| Bitcoin held at month-end | 47 BTC | 61 BTC in August; 2,029 BTC in September 2025 |
Bitdeer mined 1,355 Bitcoin in September, three times the 452 it mined a year earlier. The company said it expects continued momentum in mining results in the coming months. Its Bitcoin holdings are tiny by comparison: it held just 47 BTC at the end of September, down from 2,029 a year earlier, which suggests it is selling most of what it mines to fund the AI buildout, though the company did not state that in the update.
The stock
Bitdeer shares were rising on the news, according to market reports. We did not have a verified price or percentage move for BTDR at the time of writing, so check live quotes. For context on how miners have been trading, see our report on crypto stocks and on the miners shifting to AI infrastructure.
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