H.C. Wainwright reiterates Bitdeer stock rating on AI cloud growth

H.C. Wainwright has maintained its Buy rating and $25.00 price target on Bitdeer Technologies Group (NASDAQ:BTDR), signaling substantial potential upside from the current stock price of $10.64. This rating comes on the heels of Bitdeer AI's recent announcement of offtake commitments for over 70% of its 21.7 MW A201 facility in Malaysia.

These commitments are valued at more than $1.7 billion in expected revenue over a period of five years, translating to $340 million in annual recurring revenue. The company has shown robust revenue growth of 128% in the past year, with analysts predicting a 49% revenue growth for fiscal 2026. Such agreements were signed prior to the facility's anticipated energization in the first quarter of 2027.

The renewed offtake agreements more than double the company's total contracted revenue for its AI Cloud business. H.C. Wainwright sees the new commitments as positively influencing the investment thesis. The firm adopted a new sum-of-the-parts valuation framework while sustaining the price target. Bitdeer Technologies Group has been the focus of several significant developments.

The firm recently secured a substantial data center contract in Malaysia, securing about 50% of its 9.5 MW A102 facility under a five-year agreement. This contract is projected to generate around $400 million in total revenue and $80 million in annual recurring revenue beginning in the first quarter of 2027. Other analysts have also taken note of Bitdeer's prospects.

Jones Trading initiated coverage with a Buy rating and a price target of $22. Barclays initiated coverage on Bitdeer with an overweight rating and a $15 price target, citing the company's transition towards AI and high-performance computing infrastructure. Benchmark confirmed its Buy rating with a $22 price target, emphasizing the company's growing interest in AI data center development.

Needham, on the other hand, lowered its price target to $20 from $22, keeping a Buy rating but indicating a less robust pipeline than initially anticipated. These developments highlight the strategic shifts and financial expectations surrounding Bitdeer Technologies Group.