Bitcoin miner TeraWulf reported second-quarter 2026 revenue of $44.8 million, according to BlockBeats on Aug. 5. High-performance computing leasing contributed $31.9 million, accounting for about 71% of total revenue.
The company said it had about $3 billion in cash and restricted cash on hand, giving it liquidity for projects under construction and future expansion.
Lake Mariner capacity rises to 102 MW
On the operating side, Lake Mariner had 81 megawatts of revenue-generating critical IT capacity as of June 30. After CB-3 was delivered in early July, that figure increased to 102 megawatts. TeraWulf said the delivery also satisfied the relevant conditions tied to Google providing $600 million in credit support for Fluidstack’s lease obligations.
CB-4 and CB-5, both under construction, represent a combined 336 megawatts. The first data hall at CB-4 has entered the commissioning stage and is expected to be delivered in phases in the second half of 2026, when rent billing will begin. CB-5 is targeted to begin phased delivery in early 2027. The company said construction costs remain within its guidance range of $8 million to $10 million per megawatt.
Kentucky project and asset sale disclosed
TeraWulf also disclosed several strategic developments. The company said it reached a lease agreement worth roughly $19 billion with Anthropic through the Justified campus in Kentucky and acquired the gigawatt-scale Muskie data center campus.
It has also signed a power service and related infrastructure agreement with Kentucky Utilities for up to 1 gigawatt, adding to its power resource base.
Separately, TeraWulf agreed to sell its interest in the Abernathy joint venture for about $530 million and reiterated its goal of signing 250 to 500 megawatts of incremental critical IT capacity annually.
Shift from bitcoin mining to AI data center leasing
TeraWulf said it is moving away from a single-focus bitcoin mining model and repositioning itself as an infrastructure platform centered on AI data center leasing.