TeraWulf's second-quarter earnings mark a clear turning point: Bitcoin mining revenue cratered 73% year-over-year to $12.8 million, while its new high-performance computing and AI leasing business generated $31.9 million — now the majority of total revenue. The company reported a net loss of $940.6 million, driven largely by a $755.7 million noncash charge from remeasurement of warrant liabilities.
Mining revenue collapse
Mining revenue fell from $47.6 million a year ago to $12.8 million. The drop reflects the post-halving squeeze and rising network difficulty. Total revenue for the quarter was $44.8 million, down about 6% year-over-year, as the AI business partially offset the mining decline.
AI and HPC take the lead
High-performance computing and AI leasing now account for 71% of TeraWulf's total revenue. CFO Patrick Fleury described the quarter as another step in the 'transformation of our financial profile,' pointing to the 71% revenue share and stronger credit support. The company's net loss for the year so far stands at approximately $1.4 billion.
The Google and Anthropic deals
At the end of June, TeraWulf had 81 megawatts of revenue-generating critical IT capacity at its Lake Mariner campus. That jumped to 102 MW in early July, activating $600 million of Google credit support for Fluidstack's lease obligations. Another 336 MW is under construction, with the first additional capacity expected to generate rent in the second half of 2026.
In Kentucky, TeraWulf signed a 20-year lease with Anthropic for roughly 401 MW at its Justified campus. The deal carries about $19 billion of contracted revenue, potentially rising to $33 billion if both five-year extension options are exercised. Initial capacity from the Anthropic deal isn't expected until the second half of 2027, with full delivery scheduled for early 2028.
CEO Paul Prager said the company is 'moving from platform formation to scaled execution,' emphasizing the value of power infrastructure as electricity access constrains AI development. TeraWulf aims to contract an additional 250 MW to 500 MW of critical IT capacity each year. The next milestone: first rent from the 336 MW under construction, due in the second half of 2026.
