In results published November 6 for the third quarter of 2026, TeraWulf said high-performance-computing leases brought in $63 million, about 83% of its $76.2 million in revenue. It reported 102 megawatts of revenue-generating IT capacity online at Lake Mariner at quarter-end, with another 336 megawatts under construction; the unfinished capacity was not yet operating.
TeraWulf reported quarterly net income of about $709.9 million, but said a non-cash change in warrant value provided a significant benefit. Adjusted EBITDA was negative at about $12.8 million. The company also described a 20-year Anthropic lease for roughly 401 megawatts at its planned Kentucky development, worth about $19 billion over its initial term—not revenue already received. It expects service there to begin in phases in late 2027 and continue into 2028.
