Galaxy Digital (NASDAQ: GLXY) and TeraWulf (NASDAQ: WULF), two pure play Bitcoin miners to have made the AI pivot, noticed contrasting fortunes as each companies turned of their respective scorecards for the second quarter of 2026 on August 5.
Each companies’ comparatively nascent AI information middle companies did a variety of the heavy lifting within the Q2 outcomes, which have been launched earlier than markets opened Wednesday. TeraWulf’s earnings set it up for a pre-market run whereas Galaxy’s loss set off a slide that has grown to virtually 7%.
How did markets react to Galaxy’s Q2 earnings report?
Buyers weren’t impressed as Galaxy Digital (NASDAQ: GLXY) closed the quarter ending June 30, $85 million within the crimson, disregarding the truth that it made massive strides in slicing down on the $216 million loss it reported in Q1. Diluted and adjusted earnings got here in at adverse $0.09 per share.
Galaxy shares traded at $20.99 pre-market per Google Finance, down about 6.55% across the time of this report.
Galaxy pointed to the underperformance of the digital property in its portfolio as the rationale its second-quarter outcomes weren’t so sizzling.
Galaxy’s Knowledge Facilities section made up for the lag, although. Adjusted gross revenue got here in at $20 million, a $3 million enchancment on the primary quarter. Adjusted EBITDA was $11 million.
Cryptopolitan reported earlier within the quarter that Galaxy confirmed that it had delivered all 133 megawatts of essential IT load underneath the primary section of the CoreWeave lease at its Helios campus in West Texas. That association is meant to open an $80 million quarterly lease income stream, beginning with its subsequent Q3 report.
TeraWulf rides HPC leasing, crossing 70% of income
The opposite half of the info middle duo reporting across the similar time, TeraWulf (NASDAQ: WULF), noticed shares rise 1.64% to $19.19 in pre-market buying and selling, in keeping with Google Finance.
Excessive-performance computing leases made up for $31.9 million of the $44.8 million income that Terawulf reported for the quarter. That roughly 71% contribution from the HPC section represents a doubling down on the AI compute rush that earned it about $34 million within the first quarter.
TeraWulf reported one other $3 billion in money and restricted money.
Executives are projecting a greater third quarter too, pointing to 102 MW of revenue-generating essential IT capability at its Lake Mariner website in New York, which got here on-line in early July. One other 336 MW is anticipated to be delivered in some unspecified time in the future. Chief Monetary Officer Patrick Fleury additionally stated the CB-3 supply unlocked $600 million of credit score assist from Google backing tenant Fluidstack’s lease obligations.
Energy, not chips, is the expansion story
Each corporations used the quarter to stretch their pipelines effectively past present capability. TeraWulf disclosed a 20-year lease with Anthropic for about 401 MW at its Justified campus in Hawesville, Kentucky, a deal it values at roughly $19 billion in contracted income, or as a lot as $33 billion if Anthropic workouts two five-year extensions. It additionally agreed to promote its 50.1% stake within the Abernathy three way partnership for about $530 million and received FERC authorization to accumulate the Morgantown producing station in Maryland.
Galaxy, for its half, stated it expanded its energy pipeline previous 5.7 GW after shopping for three Texas improvement websites following quarter-end, and it closed a $3.5 billion senior secured notes providing on July 28 to fund the subsequent section of Helios. The corporate additionally struck a multi-year settlement with BNY, the custody financial institution that oversees greater than $60 trillion in property, to assist staking on BNY’s digital asset platform.
The frequent thread is electrical energy. As Cryptopolitan reported when TeraWulf secured its Muskie website in Might, entry to energy, transmission, and utility approvals has change into the binding constraint on AI buildouts, with the Worldwide Power Company projecting information middle electrical energy use will practically double to about 945 terawatt-hours by 2030.
