Bitdeer Technologies Group reported a $2.9 billion AI cloud backlog at September’s end, while revenue annualized from current GPU orders remained near $86 million, highlighting the difference between future commitments and the pace measured from current orders.
In an Oct. 19 operating update, the company said the $86 million figure was unchanged from August. It had 4,328 GPUs deployed at each month-end, while its GPU utilization rate increased to 95% from 92%. Bitdeer defines utilization as the portion of deployed GPUs covered by internal or external orders; subscriptions to outside customers are tracked separately.
The backlog had grown from $900 million in August. Bitdeer first disclosed the larger amount on Sept. 29, saying customer commitments covered more than 70% of planned capacity at A201, a 21.7-megawatt data center in Johor Bahru, Malaysia. The company expects agreements tied to A201 to produce more than $1.7 billion in revenue over five years.
The backlog and run rate describe different parts of the business. The backlog reflects revenue expected under AI cloud contracts, while the run rate annualizes revenue tied to GPU orders already contractually committed. They are not comparable sales totals: the former spans future contracts, while the latter measures a 12-month pace based on current orders. With the deployed GPU count unchanged, the higher utilization rate means a greater share of that fleet was covered by orders in September. The five-year revenue projection also extends well beyond the September operating snapshot.
Bitdeer said it had procured more than 100 GPU racks at market prices. It says it develops capacity in line with contracted customer demand and expects to fund development through customer prepayments, operating cash flow and financing backed by contracted cash flows.
For A201, Bitdeer lists January 2027 as the ready-for-service date and targets full equipment deployment and go-live in April 2027.
