Terawulf and IREN Bet Big on AI as Bitcoin Mining Revenue Shrinks

Despite top-line growth, Terawulf’s operating loss widened to $88.2 million in Q3 while IREN saw bitcoin mining revenue fall 88% year-over-year. For the third quarter of 2026, U.S. digital infrastructure provider Terawulf generated $76.2 million in total revenue, a significant year-over-year (YoY) increase driven primarily by its high-performance computing (HPC) data center leasing segment. HPC revenue surged to $63 million, accounting for roughly 83% of the top line. Conversely, bitcoin mining and legacy digital asset revenue continued to shrink as a percentage of total sales, reinforcing Terawulf’s aggressive pivot toward hosting artificial intelligence (AI) infrastructure. Despite the revenue growth, Terawulf faced mounting pressure on its operating profitability during the quarter. According to financial results released Nov.

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