Benchmark sees Bitdeer’s in-house AI expansion improving margins and speeding revenue timeline

Benchmark analysts reaffirmed a bullish outlook on Bitdeer Technologies Group (Nasdaq: BTDR), saying the company’s decision to bring AI-data-center development fully in-house could improve margins and accelerate its transition from infrastructure buildout to revenue generation.

“The in-house pivot is strategically sound as it improves the economics Bitdeer will derive from its planned artificial intelligence and high-performance compute facilities and positions it to shorten its path from megawatts to monetized megawatts,” analyst Mark Palmer wrote in a Monday report.

Bitdeer is developing a 570-megawatt campus in Clarington, Ohio, and expects utility power to be available by late 2026 — nearly a year ahead of schedule. It’s also evaluating the conversion of its 175-megawatt site in Norway for AI workloads and plans to deliver about 200 MW of dedicated AI capacity by the end of 2026.

Benchmark said the company’s vertically integrated approach, which spans AI data-center construction, mining operations, and rig manufacturing, gives it a competitive advantage over peers focused solely on bitcoin, a group that’s shrinking by the day.

Other bitcoin miners including CleanSpark, Bitfarms, and Iris Energy have recently begun folding AI and data-center services into their revenue models, positioning themselves to capture rising demand for compute capacity.

The note follows a broader re-rating of compute infrastructure after BlackRock and Nvidia’s $40 billion acquisition of Aligned Data Centers, which valued data-center capacity at roughly $8 million per megawatt, about 160% higher than listed bitcoin miners’ current valuations.

Bitdeer shares rose more than 9% Monday to $26.20, just below last week’s all-time high of $27.30, according to The Block price data. Benchmark set a $38 price target for Bitdeer, based on a 6× multiple of its projected 2026 revenue.