Bitdeer Cuts 2026 Crypto Mining Infrastructure Spending Cap to $200 Million
Key Facts
Bitdeer Technologies Group set a cap of no more than $200 million for capital spending on cryptocurrency mining infrastructure in 2026, the lower end of its previous range of $200 million to $280 million, management said on its third-quarter earnings call. The cap excludes SEALMINER machines, GPUs, AI Cloud business development and high-performance computing infrastructure. The lower outlook follows a quarter in which the company posted record revenue, but also a wider net loss. Management said the first phase of the Tydal project remains on track for delivery by year-end. The guidance reflects a redirection of capital toward data center and AI projects, which the company is relying on project-level contracts and financing to fund.
Revenue reached $320.7 million in the third quarter of 2026, up 89% from $169.7 million in the same period a year earlier and 40% from $228.8 million in the second quarter. Adjusted EBITDA rose to $69.6 million, up 173% year over year from $25.5 million and 124% quarter over quarter from $31.1 million. But the company reported a net loss of $125.5 million, compared with a loss of $30.1 million a year earlier. The current-quarter loss included a non-cash charge of $54.6 million from a change in the fair value of a digital asset loan. The results highlight a contrast between revenue growth and adjusted profitability on one hand and the net result on the other.
Capital spending in the third quarter was $478 million, including about $110 million for SEALMINER production and about $368 million directed mainly to data center construction and GPU purchases. The quarterly spending shows the scale of investment in activities excluded from the 2026 cryptocurrency mining spending cap. At the end of September, cash, cash equivalents and restricted cash totaled $213.7 million, compared with $496.3 million at the end of June. This coincided with the company reporting a contracted AI Cloud revenue backlog of about $2.9 billion, with about 332 megawatts of IT capacity secured. The company said the backlog represents expected revenue from signed commitments, and that the timing and amount of collections depend in part on data center commissioning, GPU deployment and customer performance.
The largest part of the company's data center expansion is tied to the Tydal contract in Norway, which covers 121 megawatts of critical IT load. The contract is valued at about $4.7 billion over a 16-year base term, with an eight-year extension option that could lift the total value to about $8 billion over 24 years. Bitdeer said delivery of the first phase remains scheduled for year-end, with customer installations planned to begin in January 2027. Data hall deliveries for the second phase are expected to begin at the end of the first quarter of 2027. These dates mark later execution stages under the contract, while the company is relying on project-linked financing to fund the expansion of contracted capacity.
Management said customer prepayments, alongside project-level financing, are designed to fund AI Cloud capacity as it is contracted. It added that its priorities are “delivering Tydal, completing financing and bringing Malaysia online.” In this context, project execution and completing financing remain central to converting the contracted revenue backlog into operating capacity. EL7 data showed BTDR shares closed at $6.61 on November 9, 2026. The company is scheduled to provide its 2027 guidance when it reports fourth-quarter 2026 results.