Bitdeer Secures $400M Malaysia AI Contract, Targets 350 MW by 2028
Bitdeer (NASDAQ: BTDR)’s AI unit has secured a five-year contract expected to generate about $400 million from part of a Malaysian data center, giving the Bitcoin miner a customer commitment as it pursues expansion into AI infrastructure.
An unidentified customer described by Bitdeer as having high credit quality contracted roughly half of the 9.5-megawatt A102 facility before it is energized, the company said on Wednesday. Revenue and associated costs are expected to begin when services start in the first quarter of 2027, with no financial contribution anticipated this year.
Bitdeer said it generally seeks customer prepayments covering more than half the capital expenditure associated with its AI-cloud contracts. It plans to fund the broader expansion with those payments, operating cash flow and financing secured against contracted revenue.
The liquid-cooled A102 facility is being built for rack-scale Nvidia GB300 NVL72 systems and can provide both GPU-cloud services and data hosting. Bitdeer said it is negotiating contracts for the rest of the facility and for capacity at other sites.
The company’s active AI-cloud pipeline exceeds $2 billion and represents about 24.5 MW, according to the release. That remains a fraction of Bitdeer’s target of as much as 350 MW of AI-cloud data-center capacity by the first quarter of 2028, underscoring the amount of customer contracting, construction and financing still required.
Bitdeer shares rose 7% to close at $9.63 on Wednesday.
The company had 2 MW of AI-cloud capacity operating in Cyberjaya as of July 31 and listed another 9.5 MW there as under development. It also has a 10-year lease for 21.7 MW in Johor Bahru, with the facility expected to be handed over in the first quarter of 2027 and designed to support 128 GB300 NVL72 systems, according to its second-quarter results.
AI cloud revenue reached $14 million in the second quarter, up from $1.3 million a year earlier, but the operation recorded a $2.3 million gross loss. Bitdeer as a whole reported a $92.3 million net loss on $228.8 million of revenue and held $496.3 million of cash, cash equivalents and restricted cash at June 30.
The Malaysia contract follows Bitdeer’s agreement this month to lease 121 MW of critical IT capacity at its Tydal campus in Norway to a Volta subsidiary. That 16-year colocation arrangement represents about $4.7 billion of contracted revenue, although Bitdeer estimated another $500 million of capital expenditure would be needed and said it intended to raise debt to help finance construction. The project’s proposed credit support also remains subject to customary conditions, according to the Tydal announcement.
