In the first quarter, mining company TeraWulf reported revenue of $34 million, with approximately $21 million generated from high-performance computing services.
Digital asset mining accounted for about $13 million, compared to $34.4 million in the same period last year.
As of March 31, the company’s total assets were approximately $7 billion, with liabilities exceeding this figure by $77.6 million. TeraWulf held around $3.1 billion in cash and cash equivalents.
During the quarter, TeraWulf incurred a net loss of $427.6 million (compared to $59.6 million last year). This result was due to increased operating expenses, depreciation, asset write-offs, and higher interest payments.
Last year, the company prioritized diversification into the AI sector. In August, TeraWulf signed a 10-year contract with the cloud platform Fluidstack, supported by Google. The miner committed to providing about 250 MW for a total of $3.7 billion.
According to TeraWulf, the first phase of critical capacity at 60 MW at the Lake Mariner Data facility under a previous agreement with another tenant, Core42, began generating “significant revenue” in the first quarter. Subsequent data center expansion phases, now in Fluidstack’s interest, will start operations in May.
“The company continues to repurpose part of its outdated Bitcoin mining infrastructure to support more valuable high-performance computing tasks, reflecting its shift to contractual, long-term computing infrastructure,” the press release stated.
IREN Accelerates Exit from Mining
IREN’s stock prices rose by 16% to $66 after trading opened on Friday, May 8. TheEnergyMag linked the movement to investor reactions to the company’s accelerated diversification into AI.
By the end of the session, the stock price adjusted to $61.2, maintaining a growth of about 7.7%. The firm’s market capitalization exceeded $20 billion.
In its quarterly report, Australia-based IREN announced the write-off of mining-related devices and electrical equipment amounting to $140.4 million. The firm classified approximately 5800 Antminer S21 Pro units from Bitmine as “held for sale.”
“We are strategically repurposing our infrastructure from Bitcoin mining to cloud solutions for AI,” the company stated.
IREN announced a five-year agreement with NVIDIA to provide cloud services for high-performance computing, valued at approximately $3.4 billion until 2032. The contract includes the provision of 60 MW of power.
IREN and @nvidia have announced a strategic partnership to accelerate deployment of up to 5GW of next-generation AI infrastructure. The companies have also signed a $3.4bn contract under which $IREN will provide AI infrastructure cloud services for NVIDIA internal AI and… pic.twitter.com/0SMzSYQjul
— IREN (@IREN_Ltd) May 8, 2026
The mining company also has a previously signed agreement with Microsoft for $9.7 billion to provide dedicated cloud services for GPUs over five years.
According to the stated plans, IREN’s total controlled capacity should reach 480 MW by the end of the year, 1.2 GW by 2027, and exceed 5 GW after 2028.
In the first quarter, IREN’s cryptocurrency mining revenue fell to $111.2 million, while revenue from AI services increased to $33.6 million. The firm expects continued revenue growth under the Microsoft contract and the commencement of operations for the acquired 50,000 GPUs.
In May, Hut 8’s shares rose by 35% following a $9.8 billion deal to lease a data center in Texas for training neural networks based on Nvidia architecture.