Bitdeer Technologies Group disclosed an Aug. 10 prospectus supplement tied to its existing at-the-market, or ATM, Class A share-sale program that could raise up to $1 billion, about twice the roughly $500 million the company says it still needs for its Tydal AI data center. The filing does not require any minimum sale amount or commit Bitdeer to use the full authorization or direct all proceeds to Tydal, leaving management broad flexibility to fund data-center expansion, high-performance computing, AI cloud growth, ASIC development and manufacturing, working capital and other corporate purposes. Shares fell more than 20% after the disclosure as investors focused on possible dilution, though Benchmark called the selloff an overreaction and reiterated a Buy rating and $22 target, while Needham maintained a Buy rating but cut its target to $20 from $22 on infrastructure pipeline concerns. At the filing’s illustrative price of $10.88, fully using the $1 billion capacity would mean issuing about 91.9 million new Class A shares, equal to 40.4% of the 227.4 million Class A shares outstanding on June 30, with the new stock representing about 28.8% of the enlarged Class A share pool. Bitdeer’s annual report says the January 2025 sales agreement had already generated about $160.7 million in net proceeds from 9.05 million Class A shares. Tydal’s lease disclosure targets Dec. 31, 2026 for Phase 1 commencement and March 31, 2027 for Phase 2, while Volta Tydal AS is expected to back its obligations with roughly $1.3 billion of letters of credit arranged by affiliates of JPMorgan and another top-tier global financial institution, subject to customary conditions.