BTDR Stock Forecast & Price Target

Bitdeer Techs is well positioned to benefit from the rapid monetization of its power portfolio, highlighted by a 10-year 65.1MW AI Cloud services agreement at A202 Malaysia and 206MW now secured across Malaysia, Norway, and the USA. The company’s AI Cloud ARR rose to about $76M, up 77% Q/Q, with roughly 95% utilization across 4,248 deployed GPUs, while 2Q26 revenue increased 21% to $228.8M and adjusted EBITDA reached $31.1M, or $55.6M excluding fair-value impacts. Its mix of proprietary mining, cloud hash rate sharing, and higher-margin colocation contracts should improve revenue visibility, support gross margin recovery, and reduce dependence on dilutive equity financing as contracted cash flows scale.

Bitdeer Techs is viewed negatively because its core mining business remains highly exposed to Bitcoin price, hashprice, and energy-cost volatility, while the company also faces regulatory uncertainty across the U.S. and three continents and structural halving pressure that can compress profitability. The 8/10 Q2:26 review showed only $0.4MM of external Sealminer sales, 43MW still unleased at Tydal, and limited evidence that U.S. colocation opportunities are converting into firm agreements, undermining confidence in the diversification strategy. Financially, the company’s need for capital remains acute, with roughly $750MM of incremental equity issuance expected over 2H:26-2027, against projected capex of about $1.79B and forecast 2026 EBITDA cut to $160.8MM.