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

TL;DR: TeraWulf’s November 6 earnings release shows $63 million in third-quarter high-performance-computing lease revenue, around 83% of its $76.2 million total. The company is increasingly an AI infrastructure business, although large non-cash gains and long-dated construction plans require careful reading. TeraWulf is becoming a clear example of how the economics of Bitcoin mining can lead an infrastructure operator into a rather different business. In its third-quarter results published November 6 , the Nasdaq-listed company said high-performance computing, or HPC, generated $63 million of lease revenue in the three months to September 30. That represented about 83% of its $76.2 million quarterly revenue. Investors who still describe the firm primarily as a Bitcoin miner risk missing where its business is now concentrated and what its future costs may look like.

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