TeraWulf Sees 71% HPC Lease Revenue as AI Data Center Shift Accelerates

TeraWulf's high-performance computing leasing business supplied most of its revenue in the second quarter, marking a turning point in the company's effort to recast itself as an AI data-center operator.

The company reported $44.8 million in revenue for the three months through June, with HPC leases accounting for about 71% of that total at $31.9 million.

TeraWulf's shift toward leasing reflects a broader trend among bitcoin miners, who are seeking to capitalize on their access to power and land as technology companies compete for data-center capacity.