TeraWulf (WULF.US) accelerates shift from Bitcoin mining to AI infrastructure, with data center leasing revenue rising to 83% of total revenue

On November 6, before the U.S. market opened, TeraWulf (WULF.US) reported its third-quarter 2026 results. The report showed total revenue of US$76.23 million for the quarter, up about 51% year over year and above the market expectation of about US$70.43 million. Of that, HPC data center leasing revenue was US$62.99 million, accounting for about 83% of total revenue, compared with only US$7.2 million in the same period last year; digital asset revenue such as Bitcoin mining was US$13.24 million, down about 69.5% year over year, reflecting the company's accelerated shift from mining to AI computing infrastructure. The "quality" of profit needs to be viewed with caution: net income was US$710 million (a net loss of US$455 million in the same period last year), but almost all of it came from a non-cash gain of US$728 million from changes in the fair value of warrants; GAAP earnings per share were negative US$0.03, missing expectations by US$0.17. Excluding non-cash items, non-GAAP adjusted EBITDA was negative US$12.8 million, compared with positive US$18.13 million in the same period last year; operating loss was US$88.23 million, widening year over year. As of the end of September, the company's cash, cash equivalents and restricted cash totaled about US$2.4 billion. The data center buildout achieved several milestones. The flagship Lake Mariner campus already has 102 MW of critical IT capacity in operation, with another 336 MW under construction (CB-4 to be delivered in phases starting in the fourth quarter, CB-5 in early 2027); the Justified campus signed an approximately 401 MW, 20-year lease with Anthropic, with initial contracted revenue of about US$19 billion, and obtained project financing credit support from Alphabet Inc. Class C and an EPC engineering contract from Fluor Corporation (Fluor), and is expected to begin phased operations from the end of 2027; the contracted power capacity of the Muskie campus was expanded from 500 MW to 1,000 MW (subject to approval by the Kentucky Public Service Commission). On the capital side, the company sold a 50.1% interest in the Abernathy joint venture, recognizing a US$95 million gain, and raised its revolving credit facility from US$250 million to US$400 million. CEO Paul Prager said the company is prudently allocating capital, focusing on fulfilling commitments and creating long-term value for shareholders, and reiterated its goal of adding 250500 MW of contracted critical IT capacity per year.