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. The revenue mix has already changed The company operates existing mining infrastructure at its Lake Mariner campus but is repurposing portions of that site to support contracted computing workloads. TeraWulf said 102 megawatts of revenue-generating critical IT capacity were online at Lake Mariner at quarter-end, with anot...