TeraWulf pivots to AI, boosts revenue but widens losses

TeraWulf's 2025 revenue rose 20.3% to $168.5M as it pivoted to AI and HPC. Net loss widened to $661.4M due to heavy investments. Google increased its stake, supporting AI expansion.

TeraWulf reported a 20.3% year-over-year revenue increase in 2025, reaching $168.5 million. This growth was driven by a strategic shift from Bitcoin mining to high-performance computing (HPC) and artificial intelligence (AI) infrastructure. Despite the revenue boost, TeraWulf posted a significant net loss of $661.4 million, largely due to substantial investments in new technology and facilities. The move into AI and HPC generated $16.9 million in HPC lease revenue in its first year, including $9.7 million in the fourth quarter. The company secured long-term contracts for 522 megawatts of critical IT load, representing $12.8 billion in guaranteed future revenue. Google increased its stake in TeraWulf to 14% and provided $3.2 billion in collateral to support AI infrastructure. TeraWulf aims to grow its annual AI capacity by 500 MW, reducing reliance on Bitcoin mining as digital asset revenue declined amid falling Bitcoin prices and rising mining costs.