TeraWulf's high-performance computing revenue widens its lead over bitcoin mining
HPC leases supplied 71% of the miner's second-quarter revenue as a new Anthropic contract and Google-backed buildout turn power capacity into the company's main asset.
TeraWulf's shift from bitcoin mining toward high-performance computing became visible in its second-quarter numbers. The company reported $44.8 million of revenue, including $31.9 million from HPC leases, or about 71% of the total. Digital-asset revenue was $12.8 million, down from $47.6 million a year earlier. The company's SEC-filed earnings release shows economics increasingly tied to contracted computing capacity rather than bitcoin price or hashpower.
TeraWulf entered the third quarter with 102 megawatts of revenue-generating critical IT capacity at Lake Mariner in New York. Another 336 MW is under construction; the first CB-4 data hall is expected to generate lease revenue in late September, with CB-5 targeted for early 2027.
Mining is no longer the center of gravity
TeraWulf still operates bitcoin-mining infrastructure, but its growth plan now starts with power, buildings and long-term customers. The company said CB-3's delivery activated $600 million of Google's credit support for Fluidstack's lease obligations, linking construction milestones to the credit profile of a large technology customer.
The shift changes the operating challenge. Mining revenue moves with bitcoin and network difficulty; HPC leases require electrical capacity, cooling, uptime and customer-specific infrastructure on schedule. TeraWulf's CFO described the quarter as increasingly driven by contracted HPC revenue.
A large contract, and a larger buildout
After the quarter, TeraWulf signed a 20-year lease with Anthropic for roughly 401 MW at its Justified Data Campus in Kentucky. The initial contract is valued at about $19 billion, rising to roughly $33 billion if both five-year extensions are exercised. Delivery is expected from late 2027 through early 2028.
TeraWulf also acquired the Muskie Data Campus, where agreements provide for up to 1 GW of contracted electric service, and agreed to sell its 50.1% interest in the Abernathy joint venture for about $530 million. The moves show capital recycling.
Revenue is growing before the risk disappears
The transition has not made the balance sheet simple. TeraWulf reported a $940.8 million net loss, including a $755.7 million warrant fair-value change as its share price rose. It held about $3 billion in cash and restricted cash, while construction remains guided at $8 million to $10 million per critical IT megawatt.
The story is moving from whether a bitcoin miner can find cheaper power to whether a power-backed developer can deliver contracted capacity without outrunning its capital base. HPC revenue is the larger business; execution will decide how durable that lead becomes.
