Investment banks rerated TeraWulf, Cipher Digital, and Hut 8 following earnings.

We also cover Google’s proposed $20 billion to $25 billion bond sale, SpaceX’s planned 100 million-square-foot Terafab complex in Texas, and Anthropic’s confirmed inference-chip project.

Earnings season is in full swing, and on today’s docket, we have CleanSpark and MARA.

For CleanSpark, the spotlight shone on its Sandersville, Georgia site, which it’s booked for a 20-year, $6.6 billion AI lease for 175 MW of critical IT capacity. MARA highlighted the actions it has taken toward advancing its AI, plus a heavy balance sheet restructuring that began in Q1 when it sold bitcoin to pay down debt.

Before we get into the details, some quick scorecards.

The headline numbers for either bitcoin miner can be misleading. The massive net losses, for instance, trace back to the fair-value change to their BTC holdings (both CleanSpark and MARA have large BTC treasuries compared to most their peers, with MARA’s actually topping the list and CleanSpark sitting in third, just behind Riot).

The street isn’t valuing either of these companies on these numbers anyway, based as they are in bitcoin mining, a business segment that is now a jumping off point into much richer AI services.

CleanSpark made its AI pivot the focus of the earnings, with Gary Vecchiarelli, CleanSpark’s president and chief financial officer, saying the company has “fully [funded] our anticipated equity commitment for Sandersville and [secured] the long-lead equipment required to meet the project ready-for-service schedule.”

CEO Matthew Schultz said on the call that CleanSpark estimates the build will cost $10-12 million/MW and that the company will tap project-based financing at a 90% loan-to-cost.

CleanSpark expects to begin delivering capacity at the site in Q4 2027, forecasting a $330 million bump to net operating income once full rent commences.

MARA, on the other hand, had fewer concrete updates on its AI strategy, as it hasn’t yet bagged a colocation deal. Management highlighted its agreement to acquire Ling Ridge Energy & Power, a 505 MW natural gas plant in Ohio; its controlling stake of Exaion, the data center subsidiary of France’s nationalized energy company, EDF; its partnership with datacenter developer Starwood; and its layoffs over Q2, a roughly 15% headcount reduction (as we reported in April) which incurred $5.4 million in severance costs. MARA is eyeing a near-term capacity expansion to 4.8 GW with the Long Ridge acquisition and the full energization of its Matagorda County, Texas site.

For us, MARA’s balance sheet restructuring was a highlight of its financial reporting for H1 2026. MARA sold $1.5 billion in BTC during Q1 to retire $367.5 million and $633.4 million respectively of its March 2030 and June 2031 convertible notes.

MARA received a $70.6 million aggregate discount to extinguish this debt, which seems great — until you realize that MARA issued these notes in December 2024 to buy bitcoin at an average cost of ~$98,500 per bitcoin, only to retire them a year and three months later by selling at an average cost of ~$70,100 per bitcoin.

This capital shuffle took place in Q1, but MARA also sold $127 million in Q2. And the reshuffling is particularly notable given that MARA exited the quarter with ~$2.3 billion in outstanding convertible notes, so we expect to see more selling throughout the year as MARA plumbs much needed capital to pay down debt.

We wouldn’t be surprised to see CleanSpark shed some of its bitcoin treasury throughout the year, as well. Investors just don’t value hoards of bitcoin like they did in the heady days of 2025’s Bitcoin Treasury Summer, and they would rather see that capital put to use for more lucrative, AI ends, even if that simply means shoring up the balance sheet.

Needham maintained its $33 TeraWulf target despite cutting its 2026 revenue forecast from $393 million to $230 million.

Rosenblatt kept its $30 target while reducing near-term estimates. Both firms focused on TeraWulf’s contracted AI capacity rather than its shrinking mining operation.

Citadel disclosed ownership of 20.9 million Core Scientific shares, equal to 6.5% of the company.

The filing followed Citadel’s purchase of public equities from Situational Awareness, the AI-focused fund founded by former OpenAI researcher Leopold Aschenbrenner.

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