This report is based on public company disclosures, filings and announcements reviewed by GSN; figures are as stated by the company and have not been independently verified.

Bitdeer Technologies Group (Nasdaq: BTDR) published its unaudited operations update for August 2026 on September 17, 2026. The company said its Bitdeer AI unit has contracted 100 percent of the GPU capacity at its 9.5 MW A102 facility in Malaysia ahead of energization, through long-term commitments the company says represent more than 800 million US dollars in total expected revenue. Revenue recognition is expected to begin in the first quarter of 2027, according to the release.

The update also lists a 10-year data center services agreement for a further 65.1 MW at the A202 facility on the Johor campus, taking what the release calls total campus AI cloud capacity to 86.8 MW; a non-binding letter of intent for an AI data center in Bhutan’s Gelephu Mindfulness City, targeting an initial 30 MW with a “potential expansion pathway to 500 MW”; the purchase of 200 acres next to the existing 563 MW Rockdale site; and a 16-year lease of the Tydal, Norway campus, at approximately 4.7 billion US dollars of total contract value over the base term, rising to approximately 8.0 billion if the tenant exercises a one-time 8-year extension.

In the AI cloud segment, deployed GPUs rose to 4,328 in August from 4,248 in July, GPUs under external subscription rose to 3,998 from 3,517, and annualized recurring revenue rose to approximately 86 million US dollars from approximately 76 million. Utilization fell to 92 percent from 95 percent. The company said it mined 1,310 Bitcoins in August, up 249 percent from 375 in August 2025, with a self-mining hash rate of 79.9 EH/s and a co-mining hash rate of 21.6 EH/s. Michael G. Potter, the chief financial officer, called the Tydal lease and the A102 contracting “proof points that customers value the reliability and scale of our platform”.

Reading the release

The 800 million US dollar figure for A102 is the largest number in the release, and the release gives no term for it. Without the number of years, the figure cannot be turned into annual revenue. Set against the whole AI cloud segment’s annualized recurring revenue of approximately 86 million US dollars, the A102 contracts alone are worth more than nine times the current run rate, on the company’s figures. The customers are not named, and the release gives no capital cost for A102, so the statement that Bitdeer “seeks to structure” its contracts so that customer prepayments cover approximately 50 percent of capital expenditure cannot be sized for this facility. That sentence is also qualified: it is what Bitdeer seeks “as a general matter”, not a stated term of the A102 contracts.

The 86.8 MW campus total is the sum of two pipeline entries: 65.1 MW at A202 and 21.7 MW at A201 make 86.8 MW. Neither carries a customer. In the pipeline table, A201’s cloud contract status reads “Late negotiations” and A202’s is blank, while both show a signed data center contract. The 65.1 MW agreement therefore secures space and power, not a customer for the GPUs that would fill it.

The Tydal figures are long-dated. Approximately 4.7 billion US dollars over a 16-year base term is roughly 290 million US dollars a year, and the release does not say when lease payments begin, what Bitdeer must spend to build the facility. The Bhutan letter of intent is non-binding, and its 30 MW and 500 MW are a target and a “potential” pathway.

The mining table contains a figure the release does not discuss. Bitcoins held fell to 61 at the end of August from 257 at the end of July and from 1,934 a year earlier, while 1,310 coins were mined in the month. The release does not say whether the coins were sold, at what price, or what the proceeds were used for.

The update is unaudited and carries no revenue, cost, margin or cash figure. The release does not say which of the Tydal, Rockdale and Bhutan items were first disclosed in August, and it gives no price for the Rockdale land.

Questions worth asking

What is the term of the A102 commitments, and who are the counterparties? The 800 million US dollar figure is total expected revenue over an unstated period, and the release names no customer.

What happened to the roughly 200 Bitcoins that left the balance between July and August, when 257 were held and then 61, and to the 1,310 mined in the month? The release gives no sales figure or price.

How much will A102, A202 and Tydal cost to build, and how will the balance be financed? The release gives no capital figure for any facility.

Why did utilization fall to 92 percent from 95 percent while deployed GPUs rose? Footnote 8 defines the rate as GPUs under internal and external orders divided by deployed GPUs; the release does not say whether the newly deployed units are awaiting customers.

Key terms in this story

Energization. The point at which a data center receives grid power and can run. Bitdeer’s Malaysian contracts were signed ahead of energization, which is why revenue recognition is expected later than the signing.

Annualized recurring revenue. A run-rate measure. Bitdeer’s footnote defines it as the revenue from all contracted GPU orders on the last day of the month multiplied by the days in a year, so it reflects contracts in force at month end, not revenue booked during the month.

Letter of intent. A document recording that two parties intend to negotiate. The Bhutan letter is described as non-binding, so neither side is obliged to build anything.

Data center services agreement. In this release, an agreement that secures space and power at a facility for Bitdeer’s AI cloud business. It is distinct from the cloud contracts under which customers rent the GPUs housed there, and the pipeline table tracks the two separately.

What to watch

November 2026: A102 in Malaysia is scheduled to be ready for service, according to the pipeline table.

First quarter of 2027: revenue recognition from the A102 contracts is expected to begin, the company said.

January 2027: scheduled ready-for-service date for A201 in Malaysia, where the cloud contract is in “late negotiations”, per the table.

Third quarter of 2027: scheduled ready-for-service date for A202, per the table.

Bitdeer said its infrastructure updates will move from monthly to quarterly, issued with its earnings releases.

Sources