TeraWulf's operating identity changed before its name did. The company's first-quarter filing shows high-performance-computing leases contributing more revenue than bitcoin mining for the first time in the comparable table.
Filed first-quarter revenue mix
| Segment | Q1 2025 | Q1 2026 | Change |
|---|---|---|---|
| Digital assets | $34.4m | $13.0m | -$21.4m |
| HPC leasing | $0 | $21.0m | +$21.0m |
| Total revenue | $34.4m | $34.0m | -$0.4m |
Filed segment revenue comparison
Method: HashObserver converted segment revenue from the comparative table in TeraWulf's Q1 2026 Form 10-Q to USD millions. Segments are company-reported lines; the near-flat total is stated in the article table and is not plotted.
The pivot preserved revenue while changing its source
Total revenue was almost flat year over year even though digital-asset revenue fell sharply. New HPC lease revenue replaced nearly all of the missing mining revenue.
The mix shift can reduce direct bitcoin-price and network-difficulty exposure, but it introduces construction, tenant-concentration, financing and delivery risk.
Capacity and contract boundaries
- Operational in Q1
- 60 MW of critical IT HPC capacity for Core42
- Anthropic lease
- 401 MW planned, with service expected from the second half of 2027
- Contract headline
- About $19bn over 20 years, subject to delivery and performance
A different valuation problem
A miner is usually evaluated through production, power cost and bitcoin economics. A leased data-center platform adds backlog, tenant credit, construction milestones and financing cost.
Investors should not apply data-center multiples until the contracted buildings are delivered and rent begins, but they should no longer model TeraWulf as a pure miner either.
| Q1 2025 | Q1 2026 | |
|---|---|---|
| Digital asset revenue | $34.4m / 100% | $13.0m / 38% |
| HPC lease revenue | $0 / 0% | $21.0m / 62% |
| Bitcoin mined | 372 BTC | 168 BTC |
Method: Percentages and dollars are transcribed from the Q1 2026 Form 10-Q; later-quarter claims are excluded.
Next filing or release
- Filed Q2 segment revenue and profit rather than the secondary headline percentage.
- Construction and rent-commencement milestones for contracted capacity.
- Customer concentration and the cost of capital required to build the backlog.