Bitdeer Surges 20% After Announcing Expansion Into AI Data Centers

As we noted several months ago, one of the key catalysts behind bitcoin miners is their potential conversion into AI data centers. Today, we are seeing just that…

Bitdeer Technologies Group’s shares are up almost 20% in premarket trading after the Bitcoin miner released its September production update and revealed a major strategic expansion into artificial intelligence data centers.

The company mined 452 Bitcoin during the month, a 20.5% increase from August, while its proprietary hashrate reached 35 exahashes per second (EH/s), with a goal of hitting 40 EH/s by the end of October. Bitdeer’s “Neo Cloud” business, which focuses on GPU and AI cloud services, reached $8 million in annual recurring revenue in September, with most of its GPUs already subscribed.

The company’s broader pivot into AI infrastructure is centered around converting several of its large-scale mining sites into data centers. Its Clarington, Ohio facility, designed with 570 MW of potential power capacity, will transition from Bitcoin mining to an AI data center. The site is expected to have power available by the third quarter of 2026 and become operational in the first half of 2027. Other conversions are planned at its Tydal Phase 2 site in Norway (175 MW), scheduled for completion by late 2026, and its 13 MW Wenatchee site in Washington State. In a best-case scenario, Bitdeer projects that its AI facilities could reach an annualized revenue run rate exceeding $2 billion by the end of 2026.

To support this shift, Bitdeer is securing procurement agreements for Nvidia’s next-generation GB300 and B300 systems. The company also continues to advance its mining hardware, recently launching the SEALMINER A3 series and testing its next-generation SEAL04 chip, which aims for sub-10 J/TH efficiency. Bitdeer now operates or is developing roughly 3 GW of total global power capacity across multiple sites in the U.S., Norway, Bhutan, and elsewhere.

Investors responded positively to the company’s dual-track strategy—expanding Bitcoin mining capacity while building out an AI-oriented infrastructure business. However, analysts caution that the shift from crypto mining to AI data centers is highly capital-intensive and dependent on execution, chip procurement, and energy availability. If successful, Bitdeer could transform from a traditional Bitcoin miner into a vertically integrated computing infrastructure company.

Matt Kong, Chief Business Officer at Bitdeer, said: “In September, we allowed our LOI with our development partner to expire. While we remain free to collaborate with this partner in the future, we have chosen to significantly expand our direct role in the HPC/AI data center market. Our expanded initiatives include negotiating directly with potential tenants, building relationships with EPCs specializing in data centers, developing proprietary AI data centers and hiring in-house experts across multiple AI data center disciplines.”

He continued: “In parallel, we are accelerating the development of additional sites for HPC/AI data centers at our Clarington, Tydal, and Wenatchee sites. This push is driven by a marked increase in inbound interest in our power assets, which has become a strong catalyst for expanding our efforts.”

“Our ASICs and self-mining operational team continued to execute. In September, our first SEAL04 chip tape out was completed and initial testing demonstrates significant efficiency improvements compared to existing chips. Further, we successfully launched our SEALMINER A3 series with our Pro versions boasting a power efficiency of 12.5 J/TH. Mass production began in September and initial shipments are expected in October. In addition, our self-mining hashrate grew to 35 EH/s and remain on track to achieve 40 EH/s by end of October. Over the coming quarters, we will continue expanding our SEALMINER fleet into our near-term global power capacity, putting us on track to become one of the largest vertically integrated miners in the world.”