Bitdeer’s AI Expansion Triggers $38 Price Target at Benchmark

Benchmark raised Bitdeer’s price target to $38, citing the miner’s growing focus on AI data centers and integrated infrastructure as key drivers of future growth.

Bitdeer strengthens its AI and HPC strategy

Wall Street broker Benchmark raised its price target for Bitdeer Technologies (BTDR) to $38 from $24, implying over 50% upside from current levels. Analysts said shares still have room to grow despite a 70% rally over the past two months, including a 30% surge following the company’s AI pivot announcement.

The decision to develop AI data centers in-house strengthens Bitdeer’s three-pillar strategy alongside next-gen SEALMINER rigs and self-mining operations.
Benchmark analyst Mark Palmer said controlling the entire value chain — from power and land to design and operations — improves margins and accelerates monetization across AI and high-performance computing initiatives.

Global expansion and data center development

In its September update, Bitdeer outlined plans to leverage its 3 GW global power pipeline across the U.S., Norway, Bhutan, Canada, and Ethiopia. The company targets over $2 billion in annualized revenue by late 2026 through expansion into AI infrastructure and mining diversification.

Shares rose more than 30% after the announcement, yet analysts believe the stock remains undervalued relative to peers, signaling further upside potential.

AI integration accelerates across U.S. and Norway

Bitdeer is expanding its Clarington, Ohio facility with dual-purpose capabilities for Bitcoin mining and AI workloads. The local utility confirmed 570 MW of power availability — nearly a year ahead of schedule.

In Norway, the company is converting its 175 MW Tydal Phase 2 site into an AI data center by the end of 2026 at a cost 30% lower than new builds.

Palmer reaffirmed his buy rating, noting that Bitdeer’s 4.3x FY26 EV/revenue multiple remains well below the 8.6x industry average, leaving “ample room for revaluation.”