Key Highlights

  • TeraWulf (NASDAQ:WULF) will issue third quarter 2026 results on Friday, November 6, 2026, before a conference call at 8:00 a.m. ET, after second quarter Revenue of USD 44.8 million.
  • HPC Lease revenue was USD 31.9 million, about 71 percent of the second quarter total, while digital asset revenue fell to USD 12.8 million from USD 47.6 million a year earlier.
  • The second quarter net loss attributable to the company was USD 939.9 million, driven largely by a USD 755.7 million non-cash Warrant Fair Value charge, with adjusted EBITDA of negative USD 18.3 million.
  • Cash was USD 2.62 billion at June 30, 2026, against about USD 3.0 billion of long-term debt, USD 1.1 billion of short-term convertibles and USD 1.0 billion of other convertibles.

From Mining to Leasing

In the second quarter, TeraWulf (NASDAQ:WULF) earned USD 31.9 million from high-performance computing leases, mainly at its Lake Mariner site, where 102 megawatts of critical IT capacity was revenue-generating after a building was delivered in early July. Another 336 megawatts is under construction, with rent on one building expected to begin in the second half of 2026 and phased delivery of the next in early 2027. Fluidstack leases capacity there, and delivery satisfied conditions for USD 600 million of Google Credit support on its lease obligations. Mining and hosting revenue shrank sharply as the company pivoted, and the Balance Sheet no longer lists meaningful digital asset holdings, only USD 133 thousand at June 30. In effect, rent from creditworthy tenants is replacing volatile Bitcoin income.

The Anthropic Lease and the Balance Sheet

After quarter end, the company disclosed a lease with Anthropic at its Justified site covering about 401 megawatts, worth roughly USD 19 billion over 20 years, with initial delivery expected in the second half of 2027. Funding that build requires debt: the company reported about USD 3.0 billion of long-term debt, two groups of convertible notes of roughly USD 1.1 billion and USD 1.0 billion, and USD 1.8 billion of warrant liabilities. It agreed to sell its 50.1 percent Abernathy joint venture interest for about USD 530 million and acquired a Kentucky campus with up to 1 gigawatt of contracted power. FERC also authorized its Acquisition of the Morgantown generating station, which adds power assets.

Risks and What to Watch

The lease model converts spending into contracted rent, but delivery dates, construction costs and tenant credit all matter. The warrant charge shows how share price swings distort GAAP results, and convertibles can dilute holders. Adjusted EBITDA was negative in the second quarter, so profitability depends on new buildings turning on. Investors will watch revenue against the second quarter, megawatts delivered, financing updates and any change to timelines. The release time was not stated in the announcement reviewed, and delivery milestones are management targets, not guarantees. Investor attention will also focus on how much new Capital is needed. None of these figures is a forecast, and results may differ from plans.

Where Things Stand

The company is TeraWulf (NASDAQ:WULF), and the answer to the headline question is that it has largely transformed into an AI Data Center landlord, with leases already about 71 percent of second quarter revenue. The strategy is capital intensive and carries heavy debt, warrants and delivery risk, so the report will focus on execution rather than Bitcoin. The next catalyst is the November 6 release and 8:00 a.m. ET call, where building delivery, financing and the Anthropic timeline will drive sentiment.