TeraWulf (Nasdaq: WULF) is no longer mainly a bitcoin miner. In the quarter ended June 30, 2026, HPC leasing brought in $31.9 million against $12.8 million from mining. Most revenue now comes from renting data center capacity to AI customers.
Mining has not been abandoned. The company says it intends to continue it where operations “remain economically attractive and do not conflict with HPC development.”
The revenue mix flipped without total revenue growing
Total revenue was $44.8 million for the quarter, against $47.6 million a year earlier when every dollar came from mining. So far the pivot has replaced mining revenue rather than added to it.
The segment split shows the handover in progress. HPC leasing earned $9.0 million of segment profit. Mining posted a $78 thousand segment loss, after $22.0 million of profit in the same quarter of 2025.
The headline net loss of $940.8 million, or $1.94 per share, is mostly non-cash. A $755.7 million change in the fair value of warrants sits inside it.
Operating loss was $140.5 million. Adjusted EBITDA, the company’s own non-GAAP measure, was negative $18.3 million against positive $14.5 million a year earlier.
Where the megawatts and the customers sit
Lake Mariner in Barker, New York is the operating campus. At June 30, 2026 it held 145 MW of legacy mining capacity and 81 MW of critical IT HPC capacity.
TeraWulf says 102 MW of HPC capacity was energized in July 2026. Phased expansion targets roughly 500 MW gross near term, with a possible 750 MW subject to further NYISO approvals.
Two customers are named. The Core42 leases date from December 2024 and have all commenced. The Fluidstack leases were signed in August 2025, one has partially commenced, and the rest start across late 2026 and early 2027.
Kentucky carries the growth story. The Justified Data Campus at Hawesville has up to 480 MW of gross power availability, and a July 2026 lease with Anthropic covers about 401 MW of critical IT load there, ramping to full capacity by early 2028.
The Muskie Data Campus at Grayson holds 1,000 MW of contracted service from Kentucky Power, with service expected in the fourth quarter of 2028.
Those dates put TeraWulf in the same transmission queue as every other large load, alongside grid equipment suppliers like GE Vernova and behind-the-meter generation plays such as Oklo. Inside the halls, fit-out spend lands with cooling and power vendors including Vertiv.
What the 10-Q does not tell you
No dollar value is attached to any HPC lease. There is no schedule of lease payments still to be received and no customer concentration note, so the contracted revenue run rate cannot be built from the filing.
The cost side is disclosed. Muskie requires $310.7 million of collateral under its energy services agreement, plus up to $320.2 million under the related letter of agreement.
Cash, cash equivalents and restricted cash stood near $3.0 billion at quarter end, while operations used $154.3 million over the six months. Weighted average shares outstanding rose to 485.7 million from 386.9 million.
What to watch in the next two filings
The Fluidstack commencements are the near-term test, since they convert signed megawatts into recognized revenue. After that, watch whether mining stays near breakeven and whether Kentucky collateral is posted on schedule.
Every figure above comes from TeraWulf’s Form 10-Q filed August 5, 2026. This is background on the business, not investment advice.
Does TeraWulf still mine bitcoin?
Yes. Lake Mariner held 145 MW of legacy mining capacity at June 30, 2026, though parts of it were curtailed or repurposed during the half for HPC build-out.
Who are TeraWulf’s HPC customers?
The 10-Q names Core42 and Fluidstack at Lake Mariner, and discloses a July 2026 lease with Anthropic for roughly 401 MW at the Justified Data Campus in Kentucky.
Why was the June 2026 net loss so large?
A $755.7 million change in the fair value of warrants accounts for most of the $940.8 million loss. That is a non-cash accounting charge, not an operating cash cost.
Daniel Reyes is a markets writer for S4Tips covering the AI infrastructure and semiconductor supply chain. He focuses on the companies that build and power the AI compute stack. His articles are for information only and are not financial advice.