TeraWulf posts $76.2 million Q3 revenue as AI leases outgrow Bitcoin mining

TeraWulf reported $76.2 million in third-quarter revenue and reaffirmed its fiscal 2026 guidance for capacity growth. The Nasdaq-listed company (WULF) disclosed the results on November 6, 2026.

Where the $76.2 million came from

High-performance computing (HPC) leases brought in approximately $63.0 million during the quarter. That works out to roughly 83% of total revenue.

Digital asset revenue came to $13.2 million. Most of it came from Bitcoin mining at the company’s Lake Mariner facility.

The quarter’s bottom line looked dramatic. Net income reached approximately $709.9 million, which is far larger than the revenue that generated it.

That gap comes largely from non-cash adjustments. Those are accounting entries that move reported profit without moving actual cash, so the figure says little about how the core business is performing day to day.

TeraWulf’s market capitalization stood at approximately $5.8 billion as of early November 2026.

The capacity pipeline behind the guidance

The guidance TeraWulf reaffirmed is about megawatts, not dollars. The company is targeting 250 to 500 MW of additional critical IT capacity each year.

At Lake Mariner, 102 MW is currently operational. Another 336 MW is under construction across two buildings, known as CB-4 and CB-5.

The biggest piece of the story sits at the Justified Data Campus. TeraWulf has a 20-year lease covering around 401 MW of capacity there.

Projections indicate that lease could produce approximately $19 billion in contracted revenue over its life.

Two recent agreements support that project. On November 4, 2026, the company announced a credit backstop from Google, and it has signed a definitive engineering, procurement and construction (EPC) agreement with Fluor.

TeraWulf has also expanded its contracted power at the Muskie Data Campus to 1 GW. That followed an amended agreement with Kentucky Power.