TeraWulf's AI/HPC hosting revenue surpasses Bitcoin mining for the first time in Q1 2026.

In Q1 2026, TeraWulf generated $21 million from AI and high-performance computing (HPC) hosting, overtaking its Bitcoin mining revenue of under $13 million for the first time. This shift marks a strategic pivot from volatile Bitcoin mining income to stable, contracted HPC revenue streams, supported by multi-year fixed-fee deals. Despite a net loss widening to $427.6 million due to non-cash warrant revaluation, the company is expanding its HPC capacity and expects this revenue mix to continue growing. This trend reflects a broader industry move where crypto miners are repositioning as compute infrastructure providers to capitalize on rising AI demand.