Needham lifts Bitdeer target to $22 after $4.7 billion Tydal lease

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โดย Needham·NOUS·Read original
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Needham raised its Bitdeer Technologies price target to $22 from $19 after the operator signed a 121 IT MW lease with Volta at its Tydal campus in Norway. The 16-year colocation agreement carries $4.7 billion of contracted revenue, with a one-time eight-year renewal option that could lift total contract value to roughly $8 billion over 24 years. Needham calculated average annual revenue of about $2.43 million per IT MW, above the $1.27 million to $2.37 million range across comparable transactions in its coverage, and noted a 90% NOI margin equivalent to approximately $2.16 million of annual NOI per IT MW. The brokerage valued Bitdeer at 14.5 times estimated 2027 EV/EBITDA and increased its 2027 revenue estimate to $1.444 billion and adjusted EBITDA forecast to $549 million. Two data halls are scheduled to commence service by December 31, 2026, with a second phase targeted for March 31, 2027, and Bitdeer is also developing another 47 gross MW at Tydal for delivery during the second half of 2027.

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Volta signed a 16-year colocation lease with Bitdeer, generating contracted revenue.

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