TeraWulf Says AI Leasing Now Generates 83% of Revenue as Bitcoin Mining Recedes
TeraWulf reported $76.2 million in third-quarter revenue, including $63 million from high-performance-computing leases, or about 83% of the total. It had 102 megawatts of revenue-generating IT capacity online at Lake Mariner, with 336 megawatts under construction. Reported net income of roughly $709.9 million was boosted by a non-cash warrant valuation gain, while adjusted EBITDA was negative $12.8 million. The company also cited a 20-year, roughly $19 billion Anthropic lease for a planned Kentucky site, backed by Google credit support; service is expected to begin in late 2027 and phase in through 2028. Delivering projects, securing financing and converting contracts into operating capacity and cash flow remain key risks as TeraWulf shifts from Bitcoin mining toward AI infrastructure.
