TeraWulf Lands Up to $33 Billion Anthropic HPC Lease, Posts $939.9 Million Loss

One Bitcoin miner just signed a deal worth more than the market cap of most companies in the industry combined, and still ended the quarter deep in the red.

TeraWulf landed a new HPC lease with Anthropic worth up to $33 billion, a 401-megawatt, 20-year agreement at its Justified Data campus guaranteed at roughly $19 billion with two optional five-year extensions pushing the total toward $33 billion. HPC lease revenue jumped 52% sequentially to $31.9 million, now accounting for 71% of TeraWulfs total revenue.

Despite the massive new lease, TeraWulf posted a $939.9 million GAAP net loss, driven almost entirely by a $755.7 million non-cash fair-value hit on warrants the company holds tied to Google, rather than any operational shortfall in the underlying business.

The scale of the Anthropic agreement underscores how thoroughly some Bitcoin miners have pivoted toward becoming AI infrastructure providers, with HPC leasing now representing the clear majority of TeraWulfs revenue rather than a supplementary side business layered on top of mining.

Non-cash warrant valuation swings like the one behind TeraWulfs headline loss can create a genuinely misleading picture for anyone reading only the top-line number, since the underlying HPC and mining operations that actually generate cash flow performed well during the same period.

Want to understand how a 20-year HPC lease agreement like this actually gets valued and reported? Learn more in the Bitcoin Academy.