Bitcoin (CRYPTO: $BTC) mining company Bitdeer Technologies Group's (NASDAQ: $BTDR) artificial intelligence division, Bitdeer AI, has secured a five-year contract covering roughly half of its A102 AI data center in Malaysia before the facility is energized.
The undisclosed customer, described by Bitdeer as being of "high credit quality," has committed to approximately 50% of A102's 9.5-megawatt capacity, according to a Wednesday announcement. The agreement is expected to generate about $400 million in revenue over five years.
Bitdeer said the contract will not contribute to revenue this year. Services are expected to start in the first quarter of 2027, when the company will begin recognizing revenue and related costs.
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The A102 facility is designed for high-density computing and uses liquid cooling to support NVIDIA GB300 NVL72 systems. Bitdeer said it is targeting 350MW of AI cloud data center capacity by the first quarter of 2028, with A102 accounting for 9.5MW of that planned capacity.
The company said its pipeline for AI cloud capacity has now exceeded $2 billion, while negotiations are underway for the remaining capacity at A102 and other sites.
"We entered a competitive process later than other providers and delivered ahead of them, enabling the customer's business timeline and establishing our credibility as we pursue additional AI Cloud opportunities across our portfolio," Retainna Lin, VP of Bitdeer AI Cloud, said.
Bitdeer has been building out its AI infrastructure business as Bitcoin miners increasingly look beyond cryptocurrency mining for new sources of revenue.
The Malaysia announcement follows Bitdeer's recent expansion in Norway. Earlier this month, the company announced a 16-year lease worth $4.7 billion for 121MW of AI computing capacity at a site in Norway.
Other Bitcoin miners, including MARA Holdings (NASDAQ: $MARA), TeraWulf (NASDAQ: $WULF), Hut 8 (NASDAQ: $HUT) and IREN (NASDAQ: $IREN), have also moved into AI infrastructure and high-performance computing.
Bitdeer shares climbed about 7% on Wednesday and were up nearly 10% on Thursday, trading at $10.58 apiece.