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Financials, valuations and news for neoclouds and HPC/AI colocation providers.

TerawulfNov 6, 2026Earnings

Terawulf reports Q3 2026 revenue of $76.2 million

$76.2M
Revenue
+50.7%
YoY
+70.3%
QoQ
-$12.8M
Adj. EBITDA
  • Q3 2026 revenue $76.2 million; HPC lease revenue $63.0 million, about 83% of total
  • Net income $709.9 million on warrant fair-value gain; adjusted EBITDA $(12.8) million
  • Lake Mariner 102 MW live, 336 MW building; Justified 401 MW leased to Anthropic for $19B
IRENNov 5, 2026Earnings

IREN reports Q1 FY27 results, AI Cloud revenue nearly triples

$228M
Revenue
-5.1%
YoY
+66.2%
QoQ
$66M
Adj. EBITDA
  • Total revenue rose 66% to $228 million as AI Cloud revenue nearly tripled to $200 million.
  • Revenue backlog grew 22% to $20.3 billion; net loss narrowed to $263 million from $684 million.
  • More than $4 billion ARR target pushed from year-end 2026 to January 2027.
Core ScientificNov 5, 2026Earnings

Core Scientific reports third quarter 2026 results

$233M
Revenue
+187%
YoY
+41.8%
QoQ
$134M
Adj. EBITDA
  • Colocation revenue hits $215.4M in Q3 2026, up from $136.7M in Q2 2026.
  • ~1.1 GW total customer-contracted power leased to CoreWeave and AMD-backed neoclouds (~$24B).
  • Billing capacity reached ~485 MW; CoreWeave buildout nearly done, AMD leases delivering through 2028.
Riot PlatformsNov 5, 2026Analysis

Riot's Corsicana lease: high yield, concentrated credit risk

  • Riot has signed a 15-year lease worth about $28B for 910 MW at Corsicana, Texas. The press release calls the tenant a "Frontier AI Lab." The 10-Q says it's Anthropic.
  • The unusual part is how little Riot builds. It provides the land, power and powered pads, while Anthropic buys, installs, owns and runs the modules. Riot puts the cost at $6M/MW, against roughly $9-16M on comparable leases by my estimates. Rent doesn't fall with it: at an average of $1.97M/MW a year…
  • I'd adjust those numbers a little. The 33% uses average rent over the lease. Rent starts at $130/kW/month, or about $1.42B a year at full capacity, and rises 3% a year, so the yield on starting rent is closer to 26%. That's still very high. The $1.8B of average rent and the 99% margin also exclude t…
  • Those reimbursements matter more for the financing. Of the $6M/MW, $4M goes back to Anthropic for modules Anthropic owns. Anyone lending against this project is mostly underwriting Anthropic's rent, with far less in physical assets behind the loan.
  • Riot does have a fallback. The plan is $4.4-4.9B of non-recourse project debt, plus $0.5-1.1B of Riot's cash. If debt isn't available on comparable terms, Anthropic funds the reimbursements itself and recovers them through rent credits at 12%, though Riot still has to pay for $1.8B of site work. I e…
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Comparison of five data center leases. Riot Corsicana: $6M of capital per MW, $1.97M of rent per MW a year, 33% yield on cost. Riot Rockdale: $11-12M, $2.36M, about 17%. Cipher Black Pearl: about $9.5M, $1.70M, about 17%. TeraWulf Fluidstack: about $9.1M, $1.90M, about 17%. Hut 8 River Bend: about $15.6M, $1.91M, about 12%.
Riot PlatformsNov 4, 2026Earnings

Riot leases Corsicana to AI lab for $28B, reports Q3 results

$181M
Revenue
+0.6%
YoY
+4.1%
QoQ
$191M
Adj. EBITDA
  • Signed 15-year, 910 MW lease with Anthropic worth ~$28B at Corsicana.
  • Q3 2026 revenue $181.4M; net income $4.0M; adjusted EBITDA $191.3M; $748.2M cash on hand.
  • First phase delivers 400 MW in September 2027; no equity raise currently anticipated.
Hut 8Nov 4, 2026Earnings

Hut 8 reports third quarter 2026 results

$71.1M
Revenue
-14.9%
YoY
-5.2%
QoQ
$33M
Adj. EBITDA
  • Q3 2026 revenue $71.1M, net income $189.5M, Adjusted EBITDA $33.0M (incl. BTC mark-to-market $350.3M)
  • Fully commercialized 1 GW Beacon Point campus; agreed to acquire two Texas sites for up to $180M
  • Closed $1.07B credit facility; raised buyback authorization to $1.0B
TerawulfNov 4, 2026Update

TeraWulf secures Google credit backstop and Fluor EPC agreement

  • Google backstops Anthropic's ~$19B Justified Data Campus leases to support project debt financing.
  • TeraWulf also signed a definitive GMP-basis Fluor EPC agreement for the Hawesville buildout.
  • Phased completions are expected from late 2027 through Q2 2028.
Cipher DigitalNov 2, 2026Earnings

Cipher Digital reports third quarter 2026 results

$26.7M
Revenue
-62.8%
YoY
+7.5%
QoQ
-$10M
Adj. EBITDA
  • Q3 2026 revenue of $26.7M; recognized first HPC lease revenue at Black Pearl.
  • Barber Lake lease extended to 20 years, ~$9.1B contracted; Black Pearl delivers first 18 MW.
  • Pipeline grows to ~5.9 GW after Horizon (70 MW) buy; Colchis gets conditional ERCOT base load status.

Neoclouds — own and operate GPU fleets and sell AI compute as a cloud service; revenue comes from compute contracts, capex includes the GPUs themselves.

HPC/AI Colocation — develop, own and lease AI data center capacity to hyperscalers and neoclouds; landlord economics (long-term leases, NOI), no GPU ownership.

Emerging Landlords — early-stage aspiring landlords: no signed binding major lease or first billed megawatts yet.