TeraWulf gets 71% of revenue from HPC leases

TeraWulf generated $31.9 million of its $44.8 million second-quarter revenue from HPC leases, putting the AI-infrastructure business at about 71% of sales. TeraWulf’s earnings release says Lake Mariner now has 102 MW of revenue-producing IT capacity and another 336 MW under construction, although the company also recorded a $940.8 million quarterly net loss dominated by warrant revaluation. For operators tracking the circular financing behind large AI campuses, the mix shift is the fact to file: repurposed mining power can become a neocloud business quickly, but contracted megawatts do not erase financing risk.