TeraWulf Statistics 2026: Revenue, HPC Leases and Mining Data

TeraWulf (Nasdaq: WULF) generated second-quarter revenue of $44.8 million, including $31.9 million of high-performance computing (HPC) lease revenue, approximately 71% of total revenue, in the quarter ended June 30, 2026. A year earlier, digital asset revenue of $47.6 million equaled total revenue of $47.6 million. The TeraWulf statistics below track how a bitcoin miner turned into a landlord for AI data centers.

Hashrate, measured in exahashes per second (EH/s), moved the other way: TeraWulf’s operational hashrate was 5.6 EH/s at June 30, 2026, against 12.2 EH/s at June 30, 2025. Capacity is counted in megawatts (MW), and revenue-generating critical IT capacity at Lake Mariner reached 102 MW. The figures below follow that swap through revenue, losses, mining costs, capacity and contracts, drawn from TeraWulf’s own SEC filings and investor releases.

Key Takeaways

• A loss of $755.7 million on the Google Warrants in the three months ended June 30, 2026 equaled 80.3% of TeraWulf’s net loss for that quarter.
• TeraWulf mined 179 bitcoin in Q2 2026, down from 485 in Q2 2025.
• The cash cost to mine one bitcoin reached $53,681 in 2025, or 53.0% of the value of each bitcoin mined.
• Anthropic’s 20-year lease at the Justified Data campus is expected to generate approximately $19 billion of contracted lease revenue over the initial term.
• TeraWulf’s share of global hashrate fell to 0.6% at June 30, 2026 from 1.4% at June 30, 2025.
• Warrant liabilities rose to $1.82 billion at June 30, 2026 from $844.7 million ($0.84 billion) at December 31, 2025.
• Lake Mariner is positioned to support 750 MW of gross HPC leasing capacity, according to TeraWulf.

Editor’s Choice

• Full-year 2025 revenue: $168.5 million.
• Revenue-generating HPC capacity: 102 MW online at Lake Mariner, with an additional 336 MW under construction.
• Contracted HPC capacity entering 2026: 522 critical IT MW under long-term data center leases.
• Cash and restricted cash: approximately $3.0 billion at the end of Q2 2026.
• Bitcoin mined in 2025: 1,496.
• Full-time employees: 141 as of the date of the fiscal 2025 annual report.
• Contracted power at the Muskie Data Campus: 1 GW (1,000 MW), up from 500 MW.

TeraWulf Statistics: Revenue by Year

• TeraWulf reported total revenue of $168.5 million in 2025, up from $140.1 million in 2024 and $69.2 million in 2023.
• Full-year revenue grew 20.3% in 2025.
• Digital asset revenue was $151.6 million in 2025, against $16.9 million of HPC lease revenue.
• Non-GAAP adjusted EBITDA was negative $23.1 million for fiscal 2025.
• Third-quarter 2025 revenue increased 87% year over year to $50.6 million.
• Revenue for the six months ended June 30, 2026 totaled $78.8 million, compared with $82.0 million a year earlier.

Source: TeraWulf fiscal 2025 results, consolidated statements of operations for 2023 to 2025

The annual total hides how fast the revenue base turned over inside a single year.

About This Data

Compiled from 12 TeraWulf documents: 10 SEC filings (annual reports, a quarterly report, and Form 8-K results and deal releases) and 2 investor-relations press releases. Coverage runs from the fiscal 2024 annual report to TeraWulf’s October 12, 2026 release. Only figures TeraWulf itself reports qualify, and they are reviewed on a rolling basis as the company files new results.

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TeraWulf HPC Lease Revenue by Quarter

• HPC lease revenue reached $31.9 million in Q2 2026, approximately 71% of total revenue of $44.8 million.
• Quarterly HPC lease revenue in Q2 2026 was 4.4 times the Q3 2025 level.
• Certain Core42 leases commenced in 2025, comprising 18 critical IT MW of HPC lease capacity as of December 31, 2025.
• Lake Mariner had 60 MW of operational critical IT HPC capacity for Core42 as of March 31, 2026.

Recent Developments

• October 12, 2026: TeraWulf scheduled its earnings call for the third quarter ended September 30, 2026, for November 6, 2026.
• October 5, 2026: In a Muskie expansion release, TeraWulf increased contracted power capacity at its Muskie Data Campus in eastern Kentucky from 500 MW to 1 GW (1,000 MW), advancing the second 500 MW phase from 2030 to 2029.
• August 24, 2026: TeraWulf announced that the Kentucky Public Service Commission approved a Retail Electric Service Agreement supporting up to 482 MW of electric service for its Justified Data Campus.
• August 5, 2026: TeraWulf filed its quarterly results release with the SEC, and it reported second-quarter revenue of $44.8 million and approximately $3.0 billion of cash and restricted cash.
• July 29, 2026: The Federal Energy Regulatory Commission (FERC) moved the Maryland project forward, as FERC authorized the pending acquisition of the Morgantown generating station for a campus that could scale to up to 1 GW.
• July 2026: TeraWulf completed delivery of CB-3 in early July, increasing revenue-generating capacity to 102 MW and satisfying the conditions for $600 million of Google’s credit support for Fluidstack’s lease obligations.

TeraWulf Revenue Mix by Quarter

• Digital asset revenue fell to $12.8 million in Q2 2026 from $47.6 million in Q2 2025.
• Digital asset revenue was $13.0 million in Q1 2026, against $34.4 million in Q1 2025.
• For the first six months of 2026, HPC lease revenue reached $53.0 million and digital asset revenue $25.8 million.
• Fourth-quarter 2025 digital asset revenue was $26.1 million, down from $43.4 million in Q3 2025, primarily driven by lower bitcoin production and the price of bitcoin during the fourth quarter.

Source: TeraWulf statements of operations, Q1 and Q2 2026 results

By the numbers: HPC lease revenue was 2.49 times digital asset revenue in Q2 2026, according to TeraWulf’s statement of operations. Two quarters earlier the ratio ran the other way, with mining still the larger line. Leasing is now the revenue base, and bitcoin output sits on top of it as a variable add-on.

TeraWulf Net Loss and Google Warrant Statistics

• TeraWulf posted a net loss of $940.8 million in Q2 2026, compared with $18.4 million in Q2 2025.
• The change in fair value of the Google Warrants produced losses of $755.7 million and $972.0 million in the three and six months ended June 30, 2026.
• The 2025 net loss of $661.4 million included a $429.8 million loss from the change in fair value of warrants and derivatives.
• Selling, general and administrative expenses rose to $112.4 million in Q2 2026 from $10.0 million a year earlier.
• Interest expense reached $56.4 million in Q2 2026, against $4.01 million in Q2 2025.
• Stock-based compensation expense totaled $185.4 million in the first half of 2026.

Why it matters: The Google Warrant loss equaled 80.3% of TeraWulf’s Q2 2026 net loss. The warrants are remeasured at fair value every quarter, so the reported bottom line in this period says more about warrant accounting than about how the data halls performed.

TeraWulf Balance Sheet: Cash, Debt and Warrant Liabilities

• Cash and cash equivalents stood at $2.62 billion at June 30, 2026, down from $3.27 billion at December 31, 2025; adding $409.4 million of restricted cash gives the approximately $3.0 billion of cash and restricted cash TeraWulf reported.
• Total assets reached $8.05 billion at June 30, 2026, against $6.56 billion at December 31, 2025.
• Property, plant and equipment, net, rose to $3.60 billion from $1.51 billion over the same six months.
• Warrant liabilities climbed to $1.82 billion at June 30, 2026 from $844.7 million ($0.84 billion) at December 31, 2025.
• Total liabilities were $7.90 billion against total equity of $147.5 million at June 30, 2026.
• Purchases of and deposits on plant and equipment totaled $1.38 billion in the first half of 2026, against $213.6 million ($0.21 billion) a year earlier.
• Total outstanding debt was approximately $1.5 billion at September 30, 2025, consisting primarily of convertible notes due 2030 and 2031.

TeraWulf Bitcoin Production Statistics

• Bitcoin mined fell to 1,496 in 2025.
• Annual output dropped 55.2% between 2023 and 2025.
• Lake Mariner produced 347 bitcoin in the first six months of 2026, against 857 a year earlier.
• Q2 2026 output was 179 bitcoin, compared with 485 in Q2 2025.
• At the end of 2025, TeraWulf’s operating hashrate translated to approximately 4 bitcoin mined per day.
• TeraWulf had approximately 49,400 bitcoin miners operational at Lake Mariner as of December 31, 2025.

Annual output fell from 3,343 in 2023 to 1,496 in 2025 as the bitcoin supply schedule halved the block reward on its fixed timetable, so a shrinking fleet met a shrinking reward at the same time. Unlike the listed bitcoin treasury companies that hold coins as a reserve, TeraWulf sells its output: Proceeds from the sale of digital assets totaled $24.6 million in the first half of 2026.

TeraWulf Cost to Mine One Bitcoin

• The cash cost to mine one bitcoin was $8,705 in 2023 and $25,268 in 2024.
• It rose to $53,681 in 2025, while the value of each bitcoin mined was $101,307, putting the cost at 53.0% of the value.
• Cost as a share of value rose from 29.4% in 2023 to 40.2% in 2024.
• In the first six months of 2026, the cost to mine one bitcoin equaled 30.6% of the value of bitcoin mined, below the Q2 ratio because energy expense net of expected demand response proceeds was $7.858 million for the half against $7.948 million for Q2 alone, which puts Q1 net energy expense slightly below zero.
• In Q2 2026 alone, that ratio was 62.1%, against 46.4% in Q2 2025.
• Cost of revenue, excluding depreciation, fell to $2.36 million in Q1 2026 from $24.6 million in Q1 2025.

Worth noting: TeraWulf’s cost to mine one bitcoin is a cash cost metric and does not include depreciation; adding miner depreciation brings the 2025 figure to $95,611. On that fuller basis, mining in 2025 consumed almost the entire value of each coin, which explains why floor space moved to tenants.

The value per coin TeraWulf booked rose in each year of the bitcoin price cycle, yet its cash cost rose faster in 2025. Each coin mined that year cost 53.0% of its value in cash, and that cost-to-value ratio is the measure to set against other operators in the crypto mining profitability data.

TeraWulf Hashrate Statistics

• Operational hashrate stood at 12.2 EH/s at June 30, 2025, and 5.6 EH/s at June 30, 2026.
• TeraWulf held 9.3 EH/s, approximately 0.9% of a 980.2 EH/s global hashrate, at December 31, 2025.
• TeraWulf’s share of global hashrate was 0.6% at June 30, 2026, against 1.4% at June 30, 2025.
• Nameplate hashrate was 10.6 EH/s at June 30, 2026 and 12.8 EH/s at June 30, 2025.
• Efficiency is measured in joules per terahash (J/TH): Miner efficiency improved to 16.4 at June 30, 2026, from 17.7 at June 30, 2025.
• Two miner buildings were repurposed or placed out of service during the six months ended June 30, 2026 to support HPC development at Lake Mariner.

The hashrate line falls as the lease line rises because the same buildings and power serve both.

TeraWulf Energy Cost Statistics

• Energy cost is reported per kilowatt-hour (kWh), and TeraWulf’s cost per kWh rose to $0.060 in 2025.
• Usage is measured in megawatt-hours (MWh): TeraWulf’s facilities used 1,344,760 MWh in 2025, down from 1,601,061 MWh in 2024.
• Total energy expense, net of expected demand response proceeds, was $80.2 million in 2025, against $68.8 million in 2024.
• Energy expense, net, equaled 61.9% of the value of bitcoin mined in Q2 2026.

Power price is the variable that separates operators in the mining energy consumption figures, and TeraWulf’s per-kWh cost climbed in each full year from 2023 through 2025.

Lake Mariner HPC Capacity by Building

• As of September 30, 2025, Lake Mariner had energized 245 MW of bitcoin mining capacity and 22.5 MW of HPC capacity.
• At the time of TeraWulf’s fiscal 2025 results, Lake Mariner had 39 critical IT MW of HPC capacity online.
• TeraWulf operated 81 MW of revenue-generating critical IT capacity at Lake Mariner as of June 30, 2026, and CB-3’s delivery lifted that to 102 MW.
• An additional 336 MW is under construction across CB-4 and CB-5, 168 MW per building, and CB-5 remains targeted to begin phased delivery in early 2027.
• WULF Compute continues to progress within cost guidance of $8 million to $10 million per critical IT MW.
• Lake Mariner has more than 500 MW of near-term contracted campus capacity and approximately 250 MW of incremental expansion potential, positioning it to support 750 MW of gross HPC leasing capacity.
• In July 2026, TeraWulf amended certain Fluidstack leases to raise the contracted critical IT load under two leases from 162 MW to 168 MW.

TeraWulf HPC Lease Contracts by Tenant

• TeraWulf executed long-term data center lease agreements totaling 522 critical IT MW in fiscal 2025, and signed more than $12.8 billion in long-term, credit-enhanced customer contracts.
• Lake Mariner secured lease commitments for 60 critical IT MW with Core42 and 380 critical IT MW with Fluidstack, with credit enhancement from Google.
• TeraWulf’s third-quarter 2025 release valued the Core42 leases at approximately $1.1 billion in contracted revenue over ten years and three ten-year Fluidstack leases at approximately $6.7 billion.
• Anthropic’s lease covers approximately 401 MW of critical IT capacity, representing approximately $19 billion of contracted revenue over the initial term and a maximum of approximately $33 billion if Anthropic exercises both five-year extension options.
• Anthropic’s initial capacity is expected to be placed into service during the second half of 2027, with the campus ramping to the full 401 MW by early 2028.
• The Abernathy campus in Texas was designed to support 168 critical IT MW under a 25-year lease with annual escalators.
• TeraWulf agreed to sell its entire 50.1% interest in the Abernathy Joint Venture for approximately $530 million, against its approximately $450 million investment.

Source: TeraWulf fiscal 2025, Q3 2025 and Q2 2026 results, Form 10-Q for Q2 2026, July 6, 2026 release

The takeaway: Anthropic’s lease is expected to be supported by an investment-grade credit, while Fluidstack’s leases at Lake Mariner carry credit enhancement from Google. Both contracts carry a credit backer behind the rent, confirmed for Fluidstack and expected for Anthropic, which helps TeraWulf finance construction against future lease payments.

Cipher Mining is making the same move from self-mining to long-term AI leasing, so the tenant, capacity, and term columns above are the basis for setting TeraWulf against our Cipher Mining statistics.

Will Google buy TeraWulf?

TeraWulf’s SEC filings frame Google’s role as credit support for Fluidstack’s leases, paid for with warrants. In consideration of the Google Backstop, TeraWulf issued the Google Warrants to purchase a total of 73,580,000 shares of common stock at an exercise price of $0.01 per share. Share price outlooks sit outside these figures.

TeraWulf Development Pipeline by Campus

• The Justified Data Campus sits at the former Century Aluminum Hawesville facility, where approximately 482 MW of existing transmission capability remains available.
• Justified has more than 250 buildable acres.
• Muskie comprises approximately 308 acres in Eastern Kentucky, and its first 500 MW phase remains targeted to begin ramping in 2028, with TeraWulf evaluating the campus’s potential to support up to 2 GW.
• Chesapeake has approximately 210 MW of operational capacity and could scale to up to 1 GW, with initial data center operations currently contemplated for 2030.
• Lake Hawkeye could support approximately 400 MW of gross capacity, or approximately 320 MW of critical IT load, with operations not currently contemplated until approximately 2029.
• At Lake Mariner, TeraWulf is pursuing 250 MW of incremental power capacity, subject to applicable interconnection approval.
• In its February 26, 2026 fiscal 2025 results, before it acquired the Muskie campus in May 2026, TeraWulf expected a Kentucky site and a planned Maryland site to lift total platform capacity to approximately 2.9 GW gross across five sites.

Source: TeraWulf Q1 and Q2 2026 results, August 24 and October 5, 2026 releases, fiscal 2025 and Q3 2025 results

What is the future of TeraWulf?

TeraWulf reaffirms its target of contracting 250 to 500 MW of incremental critical IT capacity annually. Muskie’s second 500 MW phase is now planned for 2029, subject to Kentucky Public Service Commission approval and Kentucky Power’s construction schedule. Those are company targets, and each one depends on power, permits, and signed tenants arriving on time.

TeraWulf Financing and Share Count Statistics

• TeraWulf closed a $3.2 billion private offering of senior secured notes due 2030 that financed the Lake Mariner HPC buildout, plus a $1.025 billion offering of convertible notes due 2032.
• TeraWulf completed $6.5 billion in long-term financings during 2025.
• Proceeds from issuing common stock, net of issuance costs, totaled $1.20 billion in the first half of 2026.
• TeraWulf had 141 full-time employees at the date of its fiscal 2025 annual report, including employees of its Beowulf E&D subsidiary.
• Shares outstanding rose to 498,932,431 at June 30, 2026, from 420,065,944 at December 31, 2025.

Source: TeraWulf Q3 2025 and Q1 2026 results releases

What’s happening with TeraWulf stock?

TeraWulf’s shares outstanding rose 18.8% in the first half of 2026. Its Q2 2026 loss per share was $1.94, against $0.05 a year earlier, and TeraWulf issues its third-quarter results press release on November 6, 2026. Price forecasts sit outside these filings.

Conclusion

Second-quarter revenue of $44.8 million, with approximately 71% from HPC leases, and 102 MW of revenue-generating capacity at Lake Mariner mark TeraWulf’s turn from bitcoin miner to data center landlord. The reported losses are dominated by warrant accounting tied to Google’s backstop, while the mining figures show the cash cost per coin rising every year from 2023 to 2025 as annual output fell.

The next tests are delivery and financing: CB-4 and CB-5 at Lake Mariner, then Anthropic’s Justified campus, will decide whether contracted megawatts become rent on schedule.