The quarter’s backside line regarded dramatic. Internet earnings reached roughly $709.9 million, which is much bigger than the income that generated it.
That hole comes largely from non-cash changes. These are accounting entries that transfer reported revenue with out transferring precise money, so the determine says little about how the core enterprise is performing each day.
TeraWulf’s market capitalization stood at roughly $5.8 billion as of early November 2026.
The capability pipeline behind the steering
The steering TeraWulf reaffirmed is about megawatts, not {dollars}. The corporate is focusing on 250 to 500 MW of extra vital IT capability every year.
At Lake Mariner, 102 MW is presently operational. One other 336 MW is below building throughout two buildings, referred to as CB-4 and CB-5.
The most important piece of the story sits on the Justified Information Campus. TeraWulf has a 20-year lease protecting round 401 MW of capability there.
Projections point out that lease might produce roughly $19 billion in contracted income over its life.
Two latest agreements help that undertaking. On November 4, 2026, the corporate introduced a credit score backstop from Google, and it has signed a definitive engineering, procurement and building (EPC) settlement with Fluor.
TeraWulf has additionally expanded its contracted energy on the Muskie Information Campus to 1 GW. That adopted an amended settlement with Kentucky Energy.
