TeraWulf Posts Q3 Revenue of $76.2 Million as AI Surges and Mining Drops

TeraWulf reported third-quarter 2026 consolidated revenue rose 51% year-over-year to $76.2 million, driven by high-performance computing and AI infrastructure hosting. HPC leasing revenue jumped 774% to $63 million, representing roughly 83% of total sales. Meanwhile, Bitcoin mining revenue fell 69% year-over-year to $13.2 million from $43.4 million as power capacity shifted toward AI. Despite an $88.2 million operating loss, net income reached $709.9 million due to a $728.4 million non-cash accounting gain and a $95 million stake sale. TeraWulf reaffirmed plans to add 250 to 500 MW of capacity annually, backed by a 20-year, $19 billion lease contract.