Bitdeer Shares Rise 4.7% After Hours as Mining and AI Contracts Expand
Key Facts
Bitdeer Technologies shares rose 4.7% in after-hours trading on October 19, 2026, following an operational update showing growth in bitcoin production and artificial intelligence contracts, according to Investing.com. The gains followed a regular session in which the stock closed lower, according to EL7 data. The closing price was $7.69, compared with $7.72 in the October 16 session. The company said in its September update that the revenue backlog for its AI cloud computing business rose to $2.9 billion. The backlog, which represents future revenue under contracts, stood at $0.9 billion in August.
In mining, Bitdeer reported production of 1,355 bitcoin in September, compared with 1,310 in August, continuing to expand its monthly operations. Production in September of the previous year was 452 bitcoin, putting the latest level at nearly three times the year-earlier figure. The production increase coincided with a rise in computing capacity allocated to self-mining, according to the company's operational update. That capacity reached 82.3 exahashes per second, compared with 79.9 exahashes per second in August. Self-mining capacity stood at 35.0 exahashes per second a year earlier, a comparison reflecting the expansion in capacity the company operates for its own account.
In AI cloud computing, the annualized revenue run rate held at about $86 million in September, unchanged from August, according to the company. GPU utilization rose to 95% that month. Utilization was 92% in the previous month, while the business's annualized revenue run rate remained steady. Chief Financial Officer Michael Potter said in a statement on expansion in Southeast Asia that customer demand for liquid-cooled AI capacity was "outpacing what the market can deliver." Potter's remarks accompanied the company's announcement of a further expansion of infrastructure dedicated to these services in the region.
The company's contracts include commitments to purchase services covering more than 70% of the capacity at one of its facilities in Malaysia, according to a project statement. The facility has total capacity of about 21.7 megawatts, part of Bitdeer's expansion in cloud computing services. The company said expected contracted revenue for the facility exceeds $1.7 billion over 5 years. Its AI arm also signed a services agreement for another facility in Malaysia with capacity of 60 megawatts, extending up to 8 years. Outside Asia, Bitdeer acquired about 200 acres near its Rockdale site in Texas for about $100 million in cash to support the development of AI and high-performance computing infrastructure.
On reported financial results, Bitdeer's total revenue in the second quarter of 2026 was about $228.8 million, according to its unaudited financial disclosure. That compared with $188.9 million in the first quarter and $155.6 million in the same period a year earlier. The AI cloud computing business generated revenue of $14.0 million, compared with $1.3 million in the second quarter of the previous year. The company posted a net loss of $92.3 million, narrowing from a loss of $159.5 million in the first quarter. But the loss remained above the $62.9 million recorded in the second quarter a year earlier, despite year-on-year revenue growth.
Upcoming milestones for Bitdeer's expansions span service launches, delivery of new capacity and power connections, according to project announcements. The company expects revenue from one of its facilities in Malaysia to begin in the first quarter of 2027, when services launch. It said costs associated with that revenue would begin in the same period as the facility starts providing services. It also targets delivery of the full 67-megawatt capacity of another AI facility in Southeast Asia in the second quarter of 2027. The new Malaysian facility covered by the services agreement is designed around Nvidia's liquid-cooled systems, and the company expects it to be connected to power in the first quarter of 2028.