TeraWulf’s Bitcoin mining revenue fell 73% as AI related leases reached 71% of sales
TeraWulf’s second-quarter results showed a sharp business shift from Bitcoin mining to AI/HPC leasing. Mining revenue fell 73% year over year to $12.8 million, while HPC leasing brought in $31.9 million and accounted for 71% of sales. Total revenue was $44.8 million, about 6% below a year earlier, as new leases only partly offset the mining decline. The company reported a $940.8 million net loss, driven largely by a noncash warrant remeasurement charge. Despite the losses, it increased revenue-generating capacity at Lake Mariner to 102 MW and expects more buildout ahead, with 336 MW still under construction. TeraWulf is also pursuing a major long-term expansion through a 20-year lease with Anthropic in Kentucky, worth about $19 billion in contracted revenue, with first capacity due in late 2027. The company plans to keep adding 250 MW to 500 MW of critical IT capacity annually.
