TeraWulf (WULF), the Bitcoin miner-turned digital infrastructure company, reported third-quarter 2026 revenue of $76.2 million, with high-performance computing (HPC) leasing accounting for approximately 83% at $63 million. Net income came in at roughly $709.9 million, driven largely by non-cash fair value changes on warrants, while adjusted EBITDA stood at negative $12.8 million. As of September 30, TeraWulf's Lake Mariner campus had 102 MW of critical IT capacity operational with an additional 336 MW under construction. The Muskie campus saw contracted power capacity expand from 500 MW to 1 GW, pending approval from the Kentucky Public Service Commission. During the quarter, the company completed the sale of its 50.1% stake in the Abernathy joint venture, recognizing a $95 million gain, and ended the period with approximately $2.4 billion in cash and restricted cash. The earnings follow TeraWulf's landmark lease agreement with Anthropic, covering roughly 401 MW over a 20-year term valued at approximately $19 billion.