Bitdeer Says AI Pipeline Has Crossed $7B After Malaysia Expansion: BTDR Stock Still Slips

• Bitdeer said on Monday it secured a 65.1MW AI data center in Malaysia under a 10-year agreement.
• The company said its AI cloud pipeline now exceeds $7 billion, up from $2 billion last month.
• Bitdeer said it has signed no offtake commitments for either facility on its Johor campus.

Shares of Bitdeer Technologies Group (BTDR) fell in early morning trading on Monday, even as the company announced its largest single capacity addition in Southeast Asia and said its AI cloud pipeline had passed $7 billion.

In a statement, Bitdeer, the Bitcoin (BTC) and AI infrastructure provider, disclosed that it had entered a 10-year data center services agreement for A202, a 65.1megawatts (MW) AI cloud facility on the Johor Bahru campus in Malaysia, where its 21.7MW A201 site already existed. The company said that it expected energization in the third quarter of 2027. Bitdeer also said that it had not entered into any offtake commitments for A201 or A202. 

BTDR stock fell more than 3% in early trading, amid broader weakness in the tech sector. On Stocktwits, retail sentiment around BTDR remained in the ‘bearish’ zone, while chatter around it stayed at ‘extremely low’ levels during the past day.

Chief Financial Officer (CFO) Michael G. Potter said "the signal from customers is unambiguous" and that demand for liquid-cooled, rack-scale AI cloud capacity in 2027 was outpacing what the market could supply. According to Potter, A102 sold out ahead of energization, A201 was in advanced negotiations, and securing A202 was a direct response to that demand.

Pipeline Jumps To $7 Billion

The company also said its active pipeline for AI cloud capacity was now over $7 billion. Bitdeer had put that figure at more than $2 billion in early September, when it announced the sell-out of its 9.5MW A102 site.

The company stated that the pipeline was not a backlog, revenue, an executed contract, or a binding commitment. Bitdeer described it as a management estimate of opportunities under commercial discussion, calculated using assumptions that may not be realized.

Bitdeer also noted that A202 was designed for liquid-cooled, rack-scale NVIDIA (NVDA) systems, including GB300 NVL72 and Vera Rubin platforms. Secured AI cloud capacity across Malaysia, Norway and the United States now totalled roughly 206.5MW, according to the company’s statement, or roughly 59% of its target of up to 350MW by the first quarter of 2028.

Company Points To Demand

Bitdeer said it expected A202's “per-megawatt economics” to be broadly consistent with A102, where five-year offtake commitments represented total expected revenue of more than $800 million across 9.5MW. VanEck's Matthew Sigel calculated that applying those terms to 65.1MW would imply about $5.5 billion over five years.

The company said it expected to fund GPU deployment at A202 primarily through customer prepayments, structured to cover more than half the associated capital expenditure.

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