Bitdeer Lands $4.7 Billion Colocation Deal Amid Ongoing Losses

Bitdeer Technologies Group has reported its Q2 earnings call, highlighting major strategic wins despite ongoing losses. The company's centerpiece announcement was a 16-year colocation lease in Tydal, Norway with Volta, worth about $4.7 billion in contracted base-term revenue. This deal covers roughly 121 IT MW and includes a 3% annual rent escalator and passthrough electricity costs.

Management stressed that scale is becoming a competitive moat, noting a global electrical capacity footprint of roughly 3 GW at the end of Q2. The company's self-mining hash rate reached about 73 EH/s, up around 342% year over year, driving Q2 Bitcoin production of about 2,694 BTC, a roughly 377% year-over-year increase.

Bitdeer is also building a 187,000-square-foot factory in Sparks, Nevada, expected online by the end of 2026 with capacity of up to 10,000 units per month and around 70 new jobs. The company's AI cloud annual recurring revenue reached about $76 million by June, up roughly 77% quarter over quarter.