Bitdeer's AI Cloud Backlog Reaches About $2.9 Billion, Up From $0.9 Billion In August
Bitdeer's September update also reports a 200-acre land purchase near Rockdale and an end to monthly infrastructure updates.
Bitdeer's AI Cloud revenue backlog stood at $2.9 billion at the end of September, against $0.9 billion in August, according to its September 2026 operations update, released Monday and furnished to the SEC on Form 6-K. The company also said it will stop issuing monthly infrastructure updates.
What the update says
Bitdeer said offtake commitments now cover more than 70% of the roughly 21.7MW A201 data center in Johor Bahru, Malaysia. It put the expected revenue at over $1.7 billion across five years, and said that brought the total backlog to about $2.9 billion.
The company separately announced data services agreements for 67MW at the A901 data center in Malaysia, with full delivery planned for the second quarter of 2027. A further 60MW at A103 is planned for delivery in the first quarter of 2028. The AI Cloud pipeline totals 333.5 MW of IT load.
AI Cloud utilization was 95% at the end of September, up from 92% in August. Utilization is the number of GPUs under internal and external orders divided by the number deployed. Deployed GPUs held at 4,328 in both months, and GPUs under external subscription rose to 4,007 from 3,998. Annual recurring revenue was about $86 million in both months.
Chief Financial Officer Michael G. Potter said: "September demonstrated our ability to convert owned power into contracted AI Cloud revenue."
Land, Norway lease and bitcoin
Bitdeer recently bought 200 acres near its existing 563 MW Rockdale facility to support AI and high-performance computing development. The company said outright ownership gives it the long-term site control needed to develop and finance that infrastructure.
The update also restates a 16-year AI data center lease at its Tydal, Norway campus, worth about $4.7 billion over the initial term. The contract value could reach about $8.0 billion if the tenant uses a one-time 8-year extension.
Bitcoin production was 1,355 coins in September, up 200% from a year earlier, versus 1,310 in August and 452 in September 2025. Self-mining hash rate was about 82.3 EH/s, versus 79.9 in August and 35.0 a year earlier. Co-mining, where Bitdeer's rigs run in third-party data centers, was 28.7 EH/s versus 21.6 in August. Bitcoin held was 47, down from 61 in August and 2,029 a year earlier.
What changes and what to watch
Bitdeer will move infrastructure updates to a quarterly schedule issued alongside earnings releases. It said the most recent one came with second-quarter results on August 10, 2026. Monthly production figures are not described as changing.
The A201 facility is listed with a January 2027 data-center ready-for-service date. Full deployment and go-live is targeted for April 2027, and the company said it has procured over 100 GB300 NVL72 racks ahead of energization. The company also announced a collaboration with NVIDIA on agent safety.
The A201 go-live, targeted for April 2027, is the next dated milestone for the backlog Bitdeer is counting.
