What factors are driving analysts to consider Bitdeer one of the best-performing tech stocks to buy?

Explosive Revenue and Profit Growth

Bitdeer’s first-quarter 2026 results blew the doors off year-over-year comparisons. Total revenue hit US$188.9 million, up from just US$70.1 million a year earlier [1][49]. That’s a roughly 170% increase, fueled by a 500% surge in Bitcoin production and rapid scaling of the AI cloud business [55]. Just as importantly, adjusted EBITDA swung from negative US$45.6 million to positive US$14.4 million, showing the company has flipped to operational profitability [6][50]. When a tech stock goes from burning cash to generating profit so quickly, analysts take notice.

AI Data Center Expansion – The Big Growth Engine

Analysts are especially excited about Bitdeer’s pivot into high-performance AI computing. The company is turning its existing power infrastructure into AI-ready data centers, which represent a massive new revenue stream.

• Tydal, Norway: Development is active, and the site is expected to become Norway’s largest operational AI data center, with advanced colocation lease negotiations and a projected 164 MW of AI computing capacity [3][21][52]. Bitdeer says it’s in the advanced stages of talks with a tenant [17][40][47].
• Ohio, U.S.: The Ohio AI data center will see its full 570 MW of electrical capacity available by the end of Q3 2026, nearly a year ahead of schedule [18][20]. The company will manage this facility directly, keeping margins higher [19].
• AI Cloud business: Already generating over $69 million in annualized run-rate revenue, with a 60% month-over-month increase and GPU utilization above 90% [4][48][16][38]. It’s a sticky, recurring revenue stream that grew rapidly.
• Big picture target: Bitdeer expects to deploy over 200 MW for AI computing by the end of 2026 [20][23], and in an optimistic scenario, AI operations could generate more than $2 billion in annualized revenue [21][24].

The company even raised $375 million through a senior convertible note offering to accelerate this AI and colocation strategy, calling it the “most significant long-term value creation opportunity” in its portfolio [24][27].

Mining Hash Rate and Bitcoin Production Are Scaling Like Crazy

On the mining side, Bitdeer’s self-mining capacity has exploded, which directly boosts revenue and cash flow.

• Self-mining hash rate climbed to roughly 63.2 EH/s in January, 65.5 EH/s in April (up 400% year-over-year), and approximately 70.2 EH/s by May [31][35][43][44].
• Bitcoin production followed suit: 668 BTC in January (430% YoY increase) [28][32], 783 BTC in April (372% YoY increase) [38][45], and 921 BTC in May (370% YoY increase) [33][37].
• A growing co-mining hash rate of 10.0 EH/s adds a capital-light revenue stream, using Bitdeer’s own rigs for partners [32][36].

This kind of scale-up demonstrates huge operational leverage – the company is producing vastly more Bitcoin with each passing month.

Proprietary Hardware Builds a Moat

Bitdeer isn’t just buying mining rigs off the shelf; it designs its own increasingly efficient gear.

• Launched the SEALMINER A4, its most efficient Bitcoin mining rig yet, with 9.45 J/TH efficiency, now in mass production [2][46][53].
• Released the SEALMINER DL1 Hydro, a hydro-cooled ASIC miner for the Scrypt algorithm (used by Litecoin and others), diversifying its hardware lineup [35][41].
• Successfully taped out its first Litecoin ASIC chip, with early testing outperforming expectations [30][34].

In-house hardware means lower costs, better margins, and potential for external sales – all factors analysts view as competitive advantages [10].

A Giant, Scarce Power Portfolio

Underpinning everything is a global power portfolio of approximately 3.0 gigawatts, which the company describes as one of the most strategically valuable infrastructure assets in its sector [5][54]. With electricity being the primary input for both Bitcoin mining and AI data centers, securing this much power is a huge competitive moat. In fact, the company itself points to this “differentiated 3.0 GW power portfolio” as a reason it can move decisively on high-performance computing demand [29].

What Analysts Are Actually Saying

The bullishness isn’t just inferred from the numbers – it’s directly visible in analyst ratings and price targets:

• Consensus rating: Buy / Strong Buy. Eleven analysts cover the stock, with 73% recommending Strong Buy, 9% Buy, and 18% Hold. The average recommendation score is 1.33 (a Strong Buy) and the average price target is $22.64 [7][57].
• Citizens JMP initiated coverage with a Market Outperform and a $35 price target, well above where the stock was trading [41][58].
• Other Wall Street targets sit around $25.45 [12].
• Analysts explicitly cite the company’s aggressive expansion plans (like the Tydal lease), its AI/HPC segment, potential external Sealminer sales, exceptional ARR growth, and technological innovation as major upside drivers [9][10][11].

Valuation and Recent Market Action

The market has already noticed: Bitdeer’s stock price was up 117.6% over a recent 90-day period [40][56], partly because the AI pivot announcement triggered a 30% single-day surge earlier [16][18].

Despite that run, valuation metrics still look attractive relative to peers. Bitdeer trades at a Price/LTM Sales multiple of 5.2x, far below its sector average of 11.6x [42][59]. This discount, combined with rapid revenue growth, is the kind of setup that makes analysts pound the table on a stock.

In short, analysts see a company that’s executing on both its legacy Bitcoin mining business (with massive hash rate growth and in-house hardware) and a high-growth AI infrastructure pivot – all while trading at a valuation that doesn’t yet fully reflect that transformation.