TeraWulf's HPC Shift Accelerates: Are Near-Term Revenues at Risk?

Key Takeaways TeraWulf generated $7.2M in initial HPC lease revenues after energizing 22.5 MW at Lake Mariner in Q3 2025.WULF reduced mining, with Bitcoin output falling 22% sequentially to 377 BTC, pressuring revenues.HPC capacity tied to $17B in assurances won't be online until 2026, extending near-term financial stress.TeraWulf (WULF) is accelerating its strategic pivot from Bitcoin mining to high-performance computing (HPC), but the transition is accompanied by clear near-term revenue risks. While the s ...