Bitdeer Technologies Group, a Singapore-based bitcoin mining company, produced 3,855 bitcoin in the third quarter of 2026, which is a 43% increase compared to the previous quarter. At the same time, the company’s artificial intelligence cloud business enjoys a backlog revenue of $2.9 billion, around 34 times its current annual recurring revenue of $86 million.
StoneX raised its revenue and earnings estimates for Bitdeer while keeping the Buy rating and $22 price target. However, most of the expected revenue from the AI cloud is based on data centers that have yet to open.
$BTDR September 2026 Production and Operations Update:
⚡️ Secured 67MW capacity at A901 #datacenter (Q2 2027 delivery) and an additional 60MW at A103 (Q1 2028 delivery) in #Malaysia 🇲🇾
🤝 Contracted offtake commitments for >70% of 21.7MW at A201 #AIDC in Johor Bahru, generating >$1.7B in expected revenue over 5 years and boosting total #AICloud revenue backlog to ~$2.9B 🧠
🏗️ Acquired 200 acres near the existing 563MW Rockdale facility to support #AI / #HPC colocation infrastructure development
⛏️ 1,355 $BTC mined (+200% Y/Y)🔍 Read more details: https://t.co/vUo4oshx1X
#Bitdeer #neoCloud #BitcoinMining #SEALMINER
— Bitdeer (@Bitdeer) October 20, 2026
Bitdeer produced 1,190 bitcoin in July, 1,310 bitcoin in August, and 1,355 bitcoin in September. Thus, the number of mined coins increased from 2,694 to 3,855 or 43 during the same period. The reason for this significant jump was the increased hashrate, which is the computing power used for mining.
NEW: Bitdeer $BTDR mined roughly 3,855 bitcoin:native in Q3, up 43% from the previous quarter, according to StoneX.
The firm raised its quarterly revenue forecast to $305 million and nearly doubled its adjusted EBITDA estimate to $83 million. https://t.co/LQxZue3V9U
— The Block (@TheBlockCo) October 22, 2026
Specifically, Bitdeer’s self-mining hashrate rose to 82.3 exahashes per second (EH/s) at the end of September compared to 35 EH/s a year earlier. At the same time, the company continued to sell most of the mined coins. Hence, the amount of Bitcoin held by the company at the end of September was 47 BTC compared to 2,029 BTC a year earlier.
According to StoneX, the third-quarter revenue forecast for Bitdeer is now $305 million, compared with the market consensus estimate of around $251 million, while the adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) equal $83 million. The firm notes that investors continue to focus primarily on Bitcoin and that the company is not yet fully valued for its AI business.
Although Bitdeer’s AI cloud business has an excellent forecast, the company’s backlog equals $900 million in August to $2.9 billion as of September. A backlog is a measurement of revenue from the contract that has been signed but has not yet been recognized. Thus, this figure is not indicative of the company’s cash flow.
In particular, the A201 data center’s opening in Johor Bahru, Malaysia, has pushed Bitdeer’s backlog to $2.9 billion. This center’s customer contracts cover more than 70 of the planned 21.7 MW of power. The value of these contracts is expected to exceed $1.7 billion over five years. The center is scheduled to open in January 2027 and be fully operational by April 2027. In addition to A201, Bitdeer has also reserved space in two other Malaysian data centers: A901 and A103. They will add another 333.5 MW to the company’s capacity, of which customer contracts have been signed for 21.7 MW. However, of the nine data centers in the pipeline, only three have been built.
As of September, Bitdeer had 4,328 graphics processing units (GPUs) in its inventory, 95 of which were utilized. Thus, 4,007 GPUs provided cloud-mining services to external customers. The company’s AI cloud annual recurring revenue amounted to $86 million as of September, which is the same as in August.
Thus, the $2.9 billion backlog versus $86 million indicates the potential for growth, as well as risk. On the one hand, the money will come to Bitdeer when the data centers open and start mining. On the other hand, there is a risk that they will be late, and then the customers’ money may be at risk of being returned. Finally, the third-quarter results will show whether Bitdeer’s bitcoin mining business and forecasted expansion into the AI cloud can support the company’s growth.
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