TeraWulf Says AI Leasing Now Generates 83% of Revenue as Bitcoin Mining Recedes

TeraWulf reported $63 million in third-quarter high-performance-computing lease revenue, accounting for roughly 83% of its $76.2 million total, as AI hosting overtakes Bitcoin mining as its primary business. The shift marks a strategic pivot for the formerly mining-focused firm, which is redirecting capital and data-center capacity toward AI tenants. The result underscores how Bitcoin miners are increasingly repositioning as AI infrastructure providers to capture steadier, contracted cash flows. Investors will watch whether TeraWulf can sustain lease revenue growth and signing momentum as it scales capacity, and whether mining revenue continues to shrink as a share of the business.