H.C. Wainwright Maintains Buy Rating for Bitdeer Following AI Cloud Growth

H.C. Wainwright reiterated its Buy rating and $25 price target for Bitdeer Technologies Group. This update follows revenue growth from new AI cloud offtake agreements at the firm's Malaysian facilities. The company's contracted AI business has increased in total volume by more than 100 percent.

"The GPU ramp in Malaysia is becoming too large for investors to overlook," said Mike Colonnese, an analyst at H.C. Wainwright, in a recent report.

Revenue Projections and Facility Capacity

Bitdeer has secured offtake commitments for more than 70% of its 21.7 MW A201 facility in Malaysia. According to the H.C. Wainwright analyst note, these commitments represent over $1.7 billion in expected revenue over a five-year period. This totals approximately $340 million in annual recurring revenue for the company.

The A201 facility is scheduled to be energized in the first quarter of 2027. These new agreements represent a shift in Bitdeer's business model, which previously centered on cryptocurrency mining, toward AI cloud infrastructure.

Market Implications for Bitdeer

Investors are focused on the execution of the Malaysian build-out. Bitdeer is securing long-term offtake agreements before the facility is operational to lock in predictable cash flows. This strategy helps offset the capital costs of deploying GPU clusters.

The increase in contracted AI cloud revenue serves as a performance indicator as the firm diversifies away from Bitcoin mining. The $340 million in annual recurring revenue provides a valuation baseline separate from the company's legacy mining operations, which are tied to the price of digital assets and network difficulty.