TeraWulf, Inc. (WULF) Bitcoin (BTC) mining income dropped down to $13.2 million during the third quarter compared to $43.4 million in the previous year, which marks a decrease of roughly 69%, while the Nasdaq-listed business posted $63 million in high-performance computing lease earnings, jumping 774% higher from $7.2 million during the same timeframe last year.
Overall revenue reached $76.2 million, representing a 51% year-over-year surge, based on the corporate latest earnings release issued Friday, with high-performance computing leasing representing 83% of that turnover contrasted with only 14% twelve months prior.
The firm registered $709.9 million in net profit attributable to shareholders for the third quarter, which featured a $728.4 million non-cash gain resulting from shifts in the fair value of warrant and derivative obligations. Its operating deficit expanded to $88.2 million from $24.7 million twelve months earlier, while adjusted EBITDA dropped to negative $12.8 million.
Anthropic deal and data center expansion
TeraWulf stated that it operated 102 megawatts of critical IT capacity producing income at its Lake Mariner location in New York as of September 30, whereas construction continues on an additional 336 megawatts. TeraWulf anticipates the newest data center facility at the property to begin producing rental income within the fourth quarter and another during early 2027.
TeraWulf previously finalized a 20-year lease with Anthropic spanning roughly 401 megawatts of critical IT capacity at its Justified campus located in Kentucky. The contract encompasses approximately $19 billion in secured revenue throughout its primary term. Earlier in the week, the enterprise unveiled a Google credit backstop for project funding to back Anthropic’s lease alongside a definitive engineering, procurement, and construction accord with Fluor Enterprises, targeting three data center buildings. The initial phases are planned for handover in late 2027.
Meanwhile, at its Muskie campus in Kentucky, TeraWulf’s secured power capacity has grown from 500 megawatts to 1 gigawatt, awaiting regulatory clearance.
"Lake Mariner is delivering contracted capacity and generating revenue, Justified has the customer, credit support and construction framework to move forward at scale, and Muskie gives us a contracted path to a gigawatt of power," TeraWulf Chairman and CEO Paul Prager remarked in the financial report.
Across its entire asset collection, the firm is aiming for an extra 250 megawatts to 500 megawatts of secured critical IT capacity every year. TeraWulf indicated it held approximately $2.4 billion in cash, cash equivalents, and restricted cash by the close of the quarter.
TeraWulf equities climbed 8.1% reaching $10.90 during pre-market trading on Friday following the publication.
Originally published at https://www.theblock.co/news/business/2026-11-06-terawulfs-bitcoin-mining-revenue-falls-69-as-hpc-leasing-surges-amid-anthropic-buildout-435885.
