TeraWulf’s Q3 revenue hit $76.2 million, with HPC rental revenue accounting for approximately 83%.
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Bitcoin mining company TeraWulf has released its third-quarter 2026 financial report. The company recorded $76.2 million in revenue for the quarter, with high-performance computing (HPC) leasing revenue hitting $63 million, accounting for roughly 83%. Net profit stood at approximately $709.9 million, boosted by non-cash changes in the fair value of stock warrants. Non-GAAP adjusted EBITDA was negative $12.8 million. As of September 30, the Lake Mariner campus had 102 MW of critical IT capacity in operation, with an additional 336 MW under construction. CB-4 is expected to be phased delivered in the fourth quarter and start collecting rent, while CB-5 is projected to begin phased delivery in early 2027. At quarter-end, the company’s total cash, cash equivalents and restricted cash stood at around $2.4 billion. The company also disclosed it has signed a 20-year lease with Anthropic for roughly 401 MW of critical IT capacity, with initial contract revenue of approximately $19 billion, and secured credit support from Google for financing of the related proposed project. Facilities at the Justified campus are expected to reach operational status in phases from the end of 2027 to the second quarter of 2028.
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