TeraWulf | Crypto

TeraWulf’s HPC lease revenue jumped 117% quarter-on-quarter to $21 million, but a $427 million net loss highlights the costs of transitioning from Bitcoin mining to AI infrastructure. Bitcoin miner TeraWulf posted a net loss of $427 million in the first quarter of 2026, up from the $61.4 million loss recorded in the same period a year earlier. Total revenue for the quarter came in at $34 million, with high-performance computing (HPC) lease revenue accounting for $21 million, roughly 60% of the total and a 117% jump from the prior quarter, according to a Friday announcement. Bitcoin mining revenue fell 50% to around $13 million. The HPC revenue was driven by 60 megawatts of operational critical IT capacity at Lake Mariner, one of North America's largest HPC campuses, leased to Core42. TeraWulf is also coordinating infrastructure delivery with Fluidstack and Google, with additional capacity buildings on track for delivery in 2026.  The company ended the quarter with approximately $3.1 billion in cash. Read more

TeraWulf’s Q4 losses hit $1.66 per share as mining revenue fell, but AI and high-performance computing contracts worth $12.8 billion set up potential 2026 growth. TeraWulf, a publicly listed US digital infrastructure company, missed fourth-quarter earnings estimates as its mining revenue dropped amid falling Bitcoin prices in late 2025. TeraWulf (WULF) released 2025 earnings on Thursday, reporting a fourth-quarter loss of $1.66 per share, compared with a loss of $0.21 per share a year earlier. Analysts surveyed by Yahoo Finance had expected a $0.16 loss. Revenue for the quarter ended Dec. 31 totaled $35.8 million, including $26.1 million from digital assets and $9.7 million from high-performance computing (HPC), down from $50.6 million in the third quarter. Analysts had expected an average of $44.1 million. Read more

The acquisitions bring TeraWulf’s capacity to 2.8 gigawatts as it targets major infrastructure expansion to supply power-hungry computing demand.

A major investment bank said it was upgrading shares of TeraWulf to “outperform,” based in part on its "build-out" strategy. Investment banking company Keefe, Bruyette & Woods has turned more bullish on Bitcoin miner TeraWulf, citing what it sees as a looming shift in the company’s business mix that investors have yet to fully price in. In a Wednesday report, KBW said it upgraded TeraWulf (WULF) to “outperform” from “market perform” and raised the company’s share price target to $24 from $9.50.  According to the bank, the reassessment was based on investors “underappreciat[ing] the magnitude of the BTC mining to HPC [high-performance computing] leasing mix shift in 2026-2027 and robust growth catalysts on 646MW net of visible HPC leasing pipeline through 2027."  Read more

The latest push follows TeraWulf’s earlier $3 billion financing effort with Morgan Stanley and Google’s $1.4 billion backstop, plus a $3.7 billion hosting deal with Fluidstack. Crypto mining company TeraWulf plans to raise $500 million through a convertible note offering to help finance the construction of a new data center campus in Abernathy, Texas. The private offering is aimed at qualified institutional buyers, the company announced on Wednesday. It granted underwriters the option to purchase an additional $75 million in notes within 13 days of issuance, depending on market conditions. The convertible senior notes, due on May 1, 2032, will carry no regular interest, with conversion available only under specific conditions before February 2032. Investors will have the option to convert the notes into cash, TeraWulf shares, or a combination of both, with pricing and conversion terms to be determined through final negotiation. Read more

The Bitcoin miner’s pivot into AI infrastructure hosting includes a decade-long colocation agreement with Fluidstack, backed by Alphabet’s Google. TeraWulf has become the latest cryptocurrency miner to pivot into AI infrastructure hosting, reaching a long-term agreement with Fluidstack that’s backstopped by Alphabet’s Google — in a move expected to significantly increase the company’s revenue run rate. During its shareholder call on Thursday, the company disclosed that it has signed 10-year colocation lease agreements with Fluidstack, an AI infrastructure provider, worth $3.7 billion in contract revenue. That figure could more than double if five-year extensions are exercised. Google’s involvement comes through supporting Fluidstack’s $1.8 billion lease obligations with TeraWulf and providing debt financing. In return, Google received warrants for roughly 41 million WULF shares, representing about 8% of the company. Read more

TeraWulf, a prominent Bitcoin miner, has secured a strategic partnership with Google as part of its high-performance computing (HPC) co-location agreements with Fluidstack. According to an Aug. 14 statement, the search engine giant will backstop $1.8 billion of Fluidstack’s lease obligations, providing critical support for project-related debt financing. The arrangement grants Google a warrant to […] The post Google backs Bitcoin miner TeraWulf’s $1.8B AI project appeared first on CryptoSlate.

The mining company's losses mirror broader sector challenges, with tariffs, operating costs, and reduced block rewards weighing on profitability. Mining firm TeraWulf reported a net loss of approximately $61.4 million in its earnings for the first quarter of 2025, further deteriorating from the same period last year. Revenue fell to $34.4 million from $42.4 million in the same period of 2024, according to the company's earnings report, published May 9. Cost of revenue rose sharply to $24.5 million, up from $14.4 million a year earlier. As a result, TeraWulf's cost of revenue accounted for 71.4% of total income from operations in Q1 2025, more than double the 34% recorded in the prior-year quarter. In Q1 2024, the company posted a net loss of $9.6 million. Read more