Bitdeer expects over $1.7 billion in revenue from cloud services commitments in Malaysia
Key Facts
Bitdeer, in its September operations update published on 19 October 2026, reiterated customer commitments it expects to generate more than $1.7 billion in cloud revenue at its facility in Johor Bahru, Malaysia. The service purchase commitments span 5 years, according to the company's original announcement on 29 September 2026. These commitments cover more than 70% of the facility's capacity dedicated to artificial intelligence services. The site's announced capacity is about 21.7 megawatts, part of the company's expansion of cloud infrastructure in Malaysia. The announced value represents expected revenue from providing services to customers over the contract term.
The operations update showed Bitdeer's contracted cloud revenue backlog rose to $2.9 billion in September. The backlog stood at $0.9 billion in August, according to the company's monthly comparison. GPU utilization rose to 95%, from 92% the previous month. The increase came as the number of deployed units remained steady at 4,328 across both months, according to operating figures in the update. Meanwhile, the annualized cloud revenue run rate held steady at about $86 million in September and August.
Before the Johor Bahru commitments, Bitdeer announced that capacity at another Malaysian facility had been fully booked, according to an earlier company statement. That facility has a capacity of about 9.5 megawatts, all of which customers booked under long-term service purchase commitments. Those commitments span 5 years, with expected revenue exceeding $800 million over the period, according to the statement. Outlining its cloud business financing policy, the company said it generally seeks to structure contracts so that customer prepayments cover more than 50% of the associated capital expenditure. This approach includes cloud contracts the company is structuring to finance equipment associated with customer services.
Alongside the cloud contracts, Bitdeer secured an additional facility at the same Johor campus with a capacity of 65.1 megawatts, according to a separate company announcement. The site was secured through a 10-year data center services agreement. For equipment deployment at this facility, the company listed borrowing secured by contracted cash flows among its funding sources. It also listed operating cash flow among the sources it intends to use to finance equipment deployment. In a separate expansion in Cyberjaya, the company secured a new facility without having entered into customer service purchase commitments at the time of the announcement.
Bitdeer attributed its expansion in Southeast Asia to customer demand for earlier access to AI capacity. Chief Financial Officer Michael Potter said in the expansion announcement that "customers are asking for it sooner." In the same announcement, the company estimated the value of cloud business opportunities under discussion at more than $10 billion. It described that value as an estimate of ongoing commercial discussions concerning cloud services. In defining these opportunities, it said they "do not represent contracted revenue backlog, revenue, an executed contract or a binding commitment."
On execution, the company's latest update targets completion of equipment deployment and the start of operations at the Johor Bahru facility covered by customer commitments during April 2027. The company expects the additional facility at the Johor campus to be connected to power in the third quarter of 2027. Cloud capacity for which the company has secured sites globally reached about 333.5 megawatts following the addition of the new Cyberjaya facility, according to that expansion announcement. This capacity represents about 95% of Bitdeer's cloud expansion target. The company aims to deliver up to 350 megawatts of capacity by the first quarter of 2028.