In the first quarter, mining company TeraWulf reported revenue of $34 million, with approximately $21 million coming from high-performance computing services.

Bitcoin mining generated around $13 million, down from $34.4 million in the same period last year.

As of March 31, the company’s total assets were about $7 billion, while liabilities exceeded this figure by $77.6 million. TeraWulf had approximately $3.1 billion in cash and cash equivalents.

For the quarter, TeraWulf incurred a net loss of $427.6 million, compared to $59.6 million the previous year. This result was driven by increased operating expenses, depreciation, asset write-downs, and rising 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, backed by Google. The miner committed to providing around 250 MW worth $3.7 billion.

According to TeraWulf, the first phase of critical capacity at the Lake Mariner Data facility, under a previous agreement with another tenant, Core42, began generating "significant revenue" in the first quarter. Subsequent phases of the data center expansion, now in the interest of Fluidstack, are set to commence in May.

"The company continues to repurpose part of its outdated Bitcoin mining infrastructure to support more valuable high-performance computing tasks, reflecting its transition to a contractual, long-term computing infrastructure," the press release stated.

IREN Accelerates Exit from Mining

Shares of IREN surged 16% to $66 after trading opened on Friday, May 8. TheEnergyMag attributed this 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 ~7.7% increase. The firm's market capitalization surpassed $20 billion.

Source: Yahoo Finance.

In its quarterly report, the Australia-based IREN announced a write-off of $140.4 million related to mining devices and electrical equipment. The firm classified approximately 5,800 ASIS 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 for cloud services for high-performance computing, valued at around $3.4 billion until 2032. The contract includes a power allocation of 60 MW.

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 prior agreement with Microsoft for $9.7 billion to provide dedicated cloud services for GPUs over five years.

According to stated plans, IREN's total capacity is expected to 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 rose to $33.6 million. The firm anticipates continued revenue growth from its contract with Microsoft and the deployment of 50,000 GPUs.

Notably, 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.