TeraWulf Inc.
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Range $15 – $72
Price Chart
About the company
TeraWulf Inc. , together with its subsidiaries, owns, develops, operates digital infrastructure in the United States. It also develops and operates bitcoin mining facilities for bitcoin mining and high-performance computing workloads, leveraging clean, cost-effective, and reliable energy.
- CEO
- Paul Prager
- IPO
- 1994
- Employees
- 141
- HQ
- Easton, MD, US
AI snapshot
Six angles, distilled from the data.
The stock is still in a corrective regime after a strong run, trading below its 200-day average and well under the 52-week high. That leaves the setup more tactical than secular, with the burden on buyers to reclaim longer-term trend levels before momentum can reset.
Street sentiment is constructive: 14 Buy ratings and no Holds or Sells, with a consensus Buy and a $34.92 target versus a $15.49 last close. Recent coverage has stayed positive, including fresh Buy/Overweight initiations from UBS and Wells Fargo, though one new Neutral at Redburn adds a more cautious note.
The next print follows a weak EPS pattern, with 2 beats in the last 7 quarters and three straight misses before the upcoming report. Analysts still expect negative EPS of -$0.2396 next year, so shareholders should watch whether revenue growth and margin discipline can narrow losses rather than chase a clean profit inflection.
Activity is mixed, but the signal is not strongly bearish. Discretionary buying showed up from director Michael Bucella, while the CEO and another director sold shares in August; most of the other filings were awards, exempt exercises, or other non-discretionary events that carry less signal.
Profitability remains pressured, with ROE at -12.1% and operating margin at -3.1%, while trailing EPS sits at -4.46. Revenue growth is slightly negative at -6%, but gross margin is still a solid 69.3%, and free cash flow was positive at $937.0 million for fiscal 2025.
WULF trades like a high-beta digital infrastructure name, with a 4.25 beta and a valuation that still reflects execution risk rather than stable cash generation. Against the sector, the market is paying for growth optionality and clean-energy infrastructure exposure, not current earnings power.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $7.33B
- P/E
- -3.36
- Fwd P/E
- 49.37
- PEG
- 0.03
- P/S
- 44.37
- P/B
- 48.78
- EV/EBITDA
- -11.27
- Div Yield
- 0.00%
- Gross Margin
- 69.26%
- Op Margin
- -228.47%
- Net Margin
- -1179.94%
- ROE
- -1708.70%
- ROIC
- -6.89%
Latest fiscal year · YoY change
- Revenue
- $168.46M+20.3%
- Gross Profit
- $85.79M+10.8%
- Op Income
- $-170,309,000
- Net Income
- $-661,416,000-813.3%
- EPS
- $-1.66-690.5%
- OCF Growth
- -404.4%
- FCF Growth
- -304.8%
- 52W High
- $29.84
- 52W Low
- $10.47
- 50D MA
- $16.43
- 200D MA
- $18.07
- Beta
- 4.25
- RSI (14)
- 42
- Avg Volume
- 31.65M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
TeraWulf said Q2 was an execution quarter, with Lake Mariner ramping, Kentucky expanding, and management reaffirming its annual contracted capacity target despite labor and power-market constraints.· August 5, 2026
- Q2 revenue was $44.8 million, up from $34.0 million in Q1, driven mainly by more HPC capacity coming online.
- HPC lease revenue rose 52% quarter over quarter to $31.9 million and was about 71% of total revenue.
- CB-3 is now online and generating revenue; CB-4 is expected to begin generating lease revenue in late September and CB-5 in very early January.
- Management said the Anthropic lease at Justified represents about $19 billion of contracted revenue over 20 years, and the Abernathy JV sale is expected to bring about $530 million.
- The company reaffirmed its target of contracting an incremental 250 to 500 megawatts of critical IT capacity annually.
Revenue was $44.8 million in Q2 versus $34.0 million in Q1. HPC lease revenue increased 52% quarter over quarter to $31.9 million and represented approximately 71% of total revenue. Cost of revenue, excluding depreciation, was $12.4 million versus $2.4 million in Q1; operating expenses were $23.4 million versus $11.2 million; SG&A was $126.9 million versus $127.8 million, and adjusted SG&A was $28.6 million versus $26.3 million. Reported HPC leasing segment profit margin was approximately 28%, while adjusted for tenant fit-out revenue/costs, pre-revenue operating costs and development costs, margin was approximately 80%. GAAP net loss attributable to TeraWulf was $939.9 million versus $427.6 million in Q1, and non-GAAP adjusted EBITDA was negative $18.3 million versus negative $4.1 million. Cash and restricted cash were about $3.0 billion at June 30; unrestricted parent cash was about $1.2 billion, rising to about $1.45 billion after the initial $250 million Abernathy payment. At WULF Compute, gross cash was about $1.9 billion, or about $1.5 billion net of reserves and construction accounts. Management said approximately $2.3 billion of project capex has been completed with about $1.7 billion remaining, and total project cost is now estimated at about $9.1 million per megawatt. Forward-looking items included CB-4 initial delivery in late September, CB-5 energization in very early January, more than $500 million of incremental lease revenue from the FluidStack amendments, and no need to access the equity markets based on current liquidity and expected Abernathy proceeds.
Paul Prager framed the quarter as one of execution and expansion: CB-3 was delivered, Lake Mariner is converting contracted capacity into recurring revenue, and the company added another major lease in Kentucky with Anthropic. He emphasized TeraWulf’s model of controlling power-secured infrastructure, contracting with high-quality customers, delivering in phases, and recycling capital into larger opportunities it directly controls. His tone was confident and strategic, but he repeatedly stressed discipline, power control, and execution certainty over pure growth for growth’s sake.
Patrick Fleury focused on the financial profile shifting toward long-duration contracted HPC revenue. He highlighted the $44.8 million of Q2 revenue, the 52% jump in HPC lease revenue to $31.9 million, the approximately 28% reported HPC leasing margin and approximately 80% adjusted margin, and the very large noncash Google warrant loss of $755.7 million that drove the GAAP net loss. He also pointed to strong liquidity, including about $3.0 billion of cash and restricted cash, about $1.45 billion of unrestricted parent liquidity after the initial Abernathy payment, and about $1.5 billion of gross cash at WULF Compute net of reserves and construction accounts. On capital allocation, he said current liquidity plus expected Abernathy proceeds should fund remaining Lake Mariner commitments, planned Justified equity, Muskie letter-of-credit needs, Chesapeake, and other new sites without equity issuance, while keeping leverage conservative.
Analysts pressed on utility partnerships, tenant credit quality, pipeline size, labor constraints, political/regulatory risk, and financing. Management said utility partners such as Kentucky Power are effectively solving for load and generation separately, while TeraWulf focuses on transmission commitments, energy backstops, and credit support; they also said the company prefers direct deals with high-quality counterparties and expects tenant diversification over time. On pipeline and execution, management said 250 to 500 megawatts annually is the current operating bound because labor, contractor capacity, and financing are real constraints, though it sees strong demand for later-year capacity, especially around Muskie. On financing, Patrick said future projects will follow a project-finance style structure with conservative leverage rather than being 95% to 100% levered, and that Hawesville and Muskie will likely be financed in debt markets, with Muskie likely in the first half of next year.
The call showed visible progress: CB-3 is online, CB-4 remains on track for late-September delivery, and CB-5 is moving toward early-January energization. Management also pointed to major expansion catalysts, including the Anthropic lease, Muskie’s utility-backed growth path, and Chesapeake regulatory approval, while saying the balance sheet and Abernathy proceeds should cover near-term funding needs without equity dilution.
The company is still dealing with heavy execution complexity, including constrained electrical labor, evolving tenant design requirements, and updated capital costs of about $9.1 million per megawatt. Reported margins were well below the long-term target because of pre-revenue operating and development costs, and the quarter included a large $755.7 million noncash warrant loss that drove the GAAP loss. Management also acknowledged that power availability, interconnection timing, and regulatory scrutiny could cause fits and starts across the industry.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 77.3%
- Shares Outstanding
- 495.53M
- Float Shares
- 383.08M
of shares held by institutions
522 13F filers
Buy/sell ratio 1.33. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 33.64M | ▲ 9.16M |
| Lone Pine Capital LLC | 24.14M | ▲ 4.22M |
| Blackrock, Inc. | 23.39M | ▼ 4.75M |
| Vanguard Portfolio Management LLC | 22.30M | ▼ 166.75K |
| Vanguard Capital Management LLC | 17.90M | ▲ 2.27M |
| Fmr LLC | 14.44M | ▲ 9.65M |
| Value Aligned Research Advisors, LLC | 12.26M | ▲ 4.41M |
| Morgan Stanley | 11.89M | ▲ 5.96M |
| Two Sigma Investments, LP | 11.50M | ▲ 3.66M |
| Geode Capital Management, LLC | 7.92M | ▼ 607.72K |
| Scoggin Management LP | 7.83M | ▲ 325.00K |
| Invesco Ltd. | 7.11M | ▲ 3.08M |
Held by 418 ETFs
Biggest fund positions in WULF by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Sep 30, 26 | Prager Lisa A. | other | 1,690 |
| Sep 30, 26 | Carter Walter E. | other | 2,112 |
| Sep 30, 26 | Bucella Michael C. | other | 1,690 |
| Sep 29, 26 | Khan Nazar M. | other | 666,667 |
| Sep 29, 26 | Khan Nazar M. | other | 666,667 |
| Sep 22, 26 | Prager Paul B. | other | 3,000,000 |
| Sep 15, 26 | Bucella Michael C. | buy | 6,085 |
| Sep 10, 26 | Khan Nazar M. | other | 350,000 |
| Sep 10, 26 | Khan Nazar M. | other | 350,000 |
| Sep 8, 26 | Motz Catherine J. | sell | 56,023 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our WULF coverage
Recent articles, reports, and earnings notes.

TeraWulf (WULF): AI Infrastructure Growth vs. Heavy Debt
TeraWulf is shifting from bitcoin mining to contracted HPC infrastructure, with Q2 revenue increasingly driven by lease income. The upside is real, but so are the execution and balance-sheet risks.

TeraWulf is not a Bitcoin miner anymore, and the market still has not caught up
TeraWulf is being priced with bitcoin-miner baggage even after landing a 20-year Anthropic lease tied to roughly $19 billion of contracted revenue. The story has shifted toward AI infrastructure ownership, and the market still looks early to that re-rating.

TeraWulf (WULF): AI Power Ramp Meets Heavy Leverage
TeraWulf is transitioning from bitcoin mining to contracted HPC leasing, with 60 MW already online at Lake Mariner and more capacity slated for 2026. The opportunity is real, but so are the losses, leverage, and valuation risk.
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Nasdaq Nabs Another Record as PMI Data Rolls In
schaeffersresearch.com · Oct 5
TeraWulf Slides 5% Despite Doubling Muskie Power Contract to 1 Gigawatt; Core Scientific Drops 3%, Riot Eases
247wallst.com · Oct 5
Kentucky Power, TeraWulf Finalize Expanded Agreement Providing for $100 Million in Customer Benefits
prnewswire.com · Oct 5
TeraWulf Expands Contracted Power Capacity at its Muskie Data Campus to 1 GW
globenewswire.com · Oct 5
TeraWulf Spikes 7% as Digital Power Stocks Rebound; IREN Climbs 6%, Cipher Digital Rises 4%
247wallst.com · Oct 2
Crypto ETFs: Resilience Defines a Changing Market
etftrends.com · Oct 1
Cipher Digital Slips 3% Despite 20-year Barber Lake Lease Extension; TeraWulf Retreats 2%, IREN Limited Treads Water
247wallst.com · Sep 30
AI Data Center Leases Stretch to 20 Years as Power Becomes the Asset
gurufocus.com · Sep 30
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed October 5, 2026 · Live quote · Not investment advice