TeraWulf's HPC Leasing Revenue Jumps 52% to $31.9M in Q2, Overtaking Bitcoin Mining

According to TeraWulf's Q2 earnings call Wednesday, the company's high-performance computing lease revenue surged 52% quarter-over-quarter to $31.9 million, with HPC now accounting for 71% of the company's total $44.8 million quarterly revenue, up from 62% in Q1. Digital asset mining revenue remained flat at $12.8 million quarter-over-quarter but declined sharply from $47.6 million a year earlier.

Following the quarter, TeraWulf signed a 20-year lease with Anthropic covering approximately 401 MW at its Justified Data Campus in Kentucky, valued at roughly $19 billion in contracted revenue. The company also operates 102 MW of capacity at its Lake Mariner Campus in New York and reaffirmed its target of contracting 250–500 MW of additional IT capacity annually.