TeraWulf Q2 bitcoin revenue plunges 73%; AI leases 71%

TeraWulf reported that its Bitcoin-mining revenue fell 73% in the second quarter to $12.8 million, while high-performance computing and AI leases generated $31.9 million, or 71% of total revenue. Total revenue for the quarter was $44.8 million, about 6% below the year-ago quarter.

Digital-asset revenue declined from $47.6 million in the same quarter a year earlier to $12.8 million. The company said it is redirecting power and infrastructure at its Lake Mariner campus in New York to data centers built for AI workloads and has repurposed portions of the site that previously hosted Bitcoin mining.

TeraWulf posted a net loss of $940.8 million for the quarter. The loss included a $755.7 million noncash charge from remeasuring warrant liabilities. The company’s net loss for the year to date is about $1.4 billion. Company officials attributed much of the expense to costs of converting construction projects into revenue-generating capacity and to supporting the AI buildout.

Operationally, Lake Mariner had 81 megawatts of revenue-generating critical IT capacity at the end of June; an early-July delivery increased that figure to 102 MW and activated $600 million of Google credit support tied to a Fluidstack lease. Another 336 MW of critical IT capacity is under construction, with the first of that additional capacity expected to begin generating rental income in the second half of 2026.

After the quarter closed, TeraWulf signed a 20-year lease to provide Anthropic with about 401 MW at its Justified campus in Kentucky. The initial terms represent roughly $19 billion of contracted revenue, with first capacity expected in the second half of 2027 and full delivery scheduled for early 2028. Revenue could rise to about $33 billion if Anthropic exercises two five-year extension options.

CFO Patrick Fleury described the quarter as part of a “transformation of our financial profile,” citing HPC’s 71% revenue share and stronger credit support for leases. Chairman and CEO Paul Prager described the company as “moving from platform formation to scaled execution” and said TeraWulf will monetize assets selectively and redeploy capital into larger-scale opportunities where it controls infrastructure and customer relationships.

The company said it remains committed to contracting an additional 250 to 500 MW of critical IT capacity per year and will pursue projects selectively, prioritizing sites with secured power, confirmed customer demand and scalable infrastructure. TeraWulf continues to operate Bitcoin-mining equipment at Lake Mariner but described mining as a secondary activity as long-term data-center leases become its primary source of revenue.

The Anthropic agreement ties substantial contracted revenue to capacity that will not produce material income until 2027 and beyond.