TeraWulf Says AI Leasing Now Generates 83% of Revenue as Bitcoin Mining Recedes

Brief

By Dextape Desk · November 7, 2026

TeraWulf reported its third-quarter results on November 6, showing that high-performance-computing lease income reached $63 million, roughly 83% of total quarterly revenue of $76.2 million. The Nasdaq-listed firm still runs bitcoin mining equipment at Lake Mariner, though it is converting parts of that site for contracted computing workloads. The company said 102 megawatts of revenue-generating IT capacity were operating at Lake Mariner at quarter-end, and a further 336 megawatts were being built. Net income was about $709.9 million, a figure the company linked to a significant non-cash benefit from warrant fair-value changes, while adjusted EBITDA was negative at roughly $12.8 million. A 20-year Anthropic lease for about 401 megawatts at the Justified site in Kentucky is described as worth around $19 billion over its initial term, with phased service due from late 2027.

Why it matters: It shows a listed bitcoin miner now earning most of its revenue from computing leases, which changes how its mining infrastructure and power connections are used.

Mentioned: Bitcoin, Nasdaq

Summary by Dextape, based on reporting by NewsBTC. Machine-written from NewsBTC’s report and checked against it · How Dextape writes