TeraWulf Q2: HPC revenue surges, $19B Anthropic deal

TeraWulf’s Q2 revenue reached $44.8M, with HPC leasing up 52% to $31.9M. Net loss was $940M, mainly from Google warrant adjustments. A $19B Anthropic deal and strong IT expansion targets highlight growth.

TeraWulf reported second-quarter 2026 revenue of $44.8 million, with high-performance computing (HPC) leasing contributing $31.9 million—about 71% of total revenue and a 52% increase from the previous quarter. Digital asset revenue remained flat at $12.8 million but declined significantly year-over-year. The company posted a net loss of nearly $940 million, primarily due to a $755.7 million adjustment related to Google warrants as the share price rose. TeraWulf ended the quarter with approximately $3 billion in cash and restricted cash, supporting ongoing and future projects. Operationally, Lake Mariner’s IT capacity reached 102 MW following the completion of the CB-3 facility, with an additional 336 MW under construction. TeraWulf completed the acquisition of Kentucky’s Muskie Data Campus, securing access to up to 1 GW of power. A 20-year lease agreement with Anthropic at the Justified campus is expected to deliver about $19 billion in initial contracted revenue. The company maintains its annual target of signing 250 MW to 500 MW of new IT capacity.