Terawulf and IREN shift to AI as Bitcoin mining revenue shrinks

Key points

• Terawulf's HPC lease revenue reached $63m of its $76.2m total revenue in Q3 2026, but its operating loss widened to $88.2m from $24.7m a year earlier.
• IREN's Bitcoin mining revenue fell 88% to $28m from $233m a year earlier, with production down to 402 BTC from 2,039 BTC.
• IREN expects to substantially complete its move from Bitcoin mining to AI cloud operations by 31 Dec 2026.

Terawulf and IREN are shifting towards AI infrastructure as Bitcoin mining revenue shrinks, Bitcoin.com News reports. Terawulf's third-quarter 2026 results, released 6 Nov, showed total revenue of $76.2m, driven mainly by $63m in high-performance computing data centre leasing, about 83% of the top line.

The pivot has come at a cost. Terawulf's operating loss widened to $88.2m from $24.7m a year earlier, as total costs and expenses more than doubled to $165m. Selling, general and administrative spending rose with extra technical and electrical staff, and interest costs grew on a larger debt burden.

IREN mining revenue falls

Terawulf is expanding its campuses. Its Lake Mariner site had 102 megawatts of operational IT capacity at 30 Sept, with 336 MW under construction. It holds a 20-year lease with Anthropic worth about $19bn, backed by a Google credit backstop, and has expanded its Muskie campus in Kentucky to 1 gigawatt. It ended the quarter with about $2.4bn in cash and equivalents.

IREN's quarterly filing with the US Securities and Exchange Commission showed Bitcoin mining revenue of $28m for the quarter ended 30 Sept, down 88% from $233m a year earlier, with production falling to 402 BTC. Total revenue rose 66% to $228m on about $200m of AI cloud revenue, and the company expects to substantially finish its transition by 31 Dec 2026. Its shares fell 17% on 5 Nov to $18.03.

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