Last quarter was a “crossing the Rubicon” moment for bitcoin miners. We can’t really call them bitcoin miners anymore. They’re data center developers and operators, and this shift is clear as day in certain financial statements.

TeraWulf is a prime example: the company’s AI lease revenue hit $31.9 million in Q2, nearly triple its $12.8 million bitcoin mining revenue. For the first half of 2026, TeraWulf earned $53 million in AI leasing revenue versus $25.8 million from bitcoin mining.

TeraWulf has ~$27 billion in contracted revenue for AI leases between its Lake Mariner, NY and Hawesville, KY sites. And it’s even finding extra change in the cushion for its Lake Mariner deal: during earnings, the company announced it had amended its Fluidstack leases for buildings CB-3, CB-4, and CB-5 to add $500 million of incremental revenue over the lease terms.

Apparently, Fluidstack made a design change that will allow it to juice more MWs for critical IT (+6 MW each at CB-4 and CB-5), increasing TeraWulf’s revenue for those MWs in line with an increase in rack efficiency.

TeraWulf paid $150 million for the design change, but any additional costs will fall onto Fluidstack.

Paying that sticker price for a revenue bump was an easy decision, TeraWulf CFO Patrick Fleury said on today’s Blockspace Live, especially considering the company is “very flush” with cash after TeraWulf’s $872.6 million equity raise in April and its sale of its Abernathy, Texas JV with Fluidstack.

We couldn’t help but feel like Fluidstack’s design revamp is a parable for general data center development, including financing; the AI data center industry is so dynamic that sometimes, not only do you have to build the car while driving it — you have to redesign it, too.

While grilling Fleury on TeraWulf’s capital strategy, it became clear that he respects the need for dexterity not just in operations but in financing, as well.

Case in point, Fleury is somewhat unorthodox compared to his peers when he approaches project financing. While others are chasing investment-grade bonds, he would prefer high-yield bonds and debts.

“Some of my peers have done investment-grade bonds, which I continue to scratch my head on, because you can't call those for 15, 16 years. I'm not interested in doing those, because I think my cost of capital is going to change a lot over the next few years. High-yield bonds and loans tend to be more like one-on-one par call protection — just a much more flexible instrument.”

Fleury would rather take a higher interest rate now — with the prospect of refinancing under more attractive terms later — than lock in a lower rate that he can’t exit.

Once TeraWulf has built a portfolio of data centers, it should have an easier time securing lower rates, Fleury argued: “If you have something that's operating, with reliable cash flow, and it doesn't have a construction ramp or construction risk, it's generally going to be cheaper than something that has construction and execution risk.”

That’s why Fleury told Bloomberg in July that the company would pursue a mix of high-yield bonds and leveraged loans for its Hawesville site, and on Blockspace Live, he added that this raise would be “secured, asset-level financing — first-lien security on the data center.”

There’s plenty more to unpack from the interview (including CAPEX math on Morgantown, how TeraWulf will manage its convertible debt, and more), but Fleury’s financing philosophy really stood out: rather than take the lower rate today, he’s willing to bet on a lower rate tomorrow.

TeraWulf CFO Patrick Fleury joins the show to discuss Hawesville financing, project leverage, hyperscaler credit, plus the power economics and CAPEX math behind Morgantown.

We also cover Galaxy Digital’s earnings, SpaceX’s AI infrastructure expansion, plus its plan to deploy NVIDIA compute on Earth and in orbit.

Galaxy Digital reported an $85.3 million quarterly net loss, improving 61% from the first quarter. Its data-center segment produced $20.1 million of adjusted gross profit plus $11.5 million of adjusted EBITDA during its first revenue-producing quarter. Galaxy expects Helios Phase I to generate approximately $80 million of quarterly leasing revenue beginning in Q3.

SpaceX reported $14.1 billion of new cloud-service agreements as AI segment revenue rose 247% to $2.56 billion. The company expects more than 2 GW of compute online by year-end. Elon Musk said cumulative capacity could approach 10 GW by the end of 2027.

Needham raised its Bitdeer target from $19 to $22 following the company’s $4.7 billion Tydal agreement. The firm estimates a 54.6% yield on remaining construction costs, reflecting the site’s existing infrastructure plus its prior use for bitcoin mining.

Rosenblatt retained Buy ratings on Hut 8 plus Cipher Digital despite ERCOT’s Batch Zero delay. KBW reduced its targets for both companies, citing uncertainty around Texas interconnection approvals.

Siemens Energy reported €1.19 billion of quarterly net income as U.S. data-center demand supported gas-turbine plus grid-equipment orders. Gas Services booked 73 turbines representing 15 GW of capacity.

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