TeraWulf (WULF)
Market Price (6/21/2026): $29.01 | Market Cap: $12.3 BilSector: Financials | Industry: Diversified Capital Markets
TeraWulf (WULF)
Market Price (6/21/2026): $29.01Market Cap: $12.3 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27% Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Datacenter Power. Themes include Cryptocurrency Mining, and Sustainable Datacenter Power. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -247 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -147% Expensive valuation multiplesP/SPrice/Sales ratio is 73x Stock price has recently run up significantly6M Rtn6 month market price return is 131%, 12M Rtn12 month market price return is 675% Weak revenue growthRev Chg QQuarterly Revenue Change % is -1.1% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 68% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -117%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1004% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 155% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% High stock price volatilityVol 12M is 105% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 26% Key risksWULF key risks include [1] a highly leveraged financial structure with substantial debt and liquidity concerns, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Datacenter Power. Themes include Cryptocurrency Mining, and Sustainable Datacenter Power. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -247 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -147% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 73x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 131%, 12M Rtn12 month market price return is 675% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -1.1% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 68% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -117%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1004% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 155% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% |
| High stock price volatilityVol 12M is 105% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 26% |
| Key risksWULF key risks include [1] a highly leveraged financial structure with substantial debt and liquidity concerns, Show more. |
Qualitative Assessment
AI Analysis | Feedback
TeraWulf (WULF) stock has gained about 80% since 2/28/2026 because of the following key factors:
1. Strategic Shift Towards High-Performance Computing (HPC) and AI Infrastructure.
TeraWulf has been actively transitioning its business model from volatile Bitcoin mining to higher-growth high-performance computing (HPC) and artificial intelligence (AI) data center infrastructure. This strategic pivot gained significant traction in fiscal Q1 2026 (ended March 31, 2026), when HPC lease revenue reached $21.0 million, surpassing digital asset (Bitcoin mining) revenue of $13.0 million for the first time. This reorientation towards stable, contracted revenue streams, rather than the fluctuating nature of Bitcoin mining, has been a core driver for investor confidence.
2. Expansion of HPC/AI Data Center Capacity and Development Pipeline.
The company demonstrated tangible progress in expanding its infrastructure. By March 31, 2026, TeraWulf had fully delivered 60 megawatts (MW) of critical IT HPC capacity for Core42 at its Lake Mariner facility, which commenced revenue generation. Furthermore, in May 2026, TeraWulf acquired the Muskie Data Campus, a hyperscale HPC development site in Eastern Kentucky, capable of supporting over 1 gigawatt (GW) of data center capacity over time. This acquisition, along with other ongoing developments, expanded the company's total infrastructure inventory to approximately 3.8 GW and positions TeraWulf to capitalize on the increasing demand for AI compute.
Show more
TeraWulf (WULF) stock has gained about 80% since 2/28/2026 because of the following key factors:
1. Strategic Shift Towards High-Performance Computing (HPC) and AI Infrastructure.
TeraWulf has been actively transitioning its business model from volatile Bitcoin mining to higher-growth high-performance computing (HPC) and artificial intelligence (AI) data center infrastructure. This strategic pivot gained significant traction in fiscal Q1 2026 (ended March 31, 2026), when HPC lease revenue reached $21.0 million, surpassing digital asset (Bitcoin mining) revenue of $13.0 million for the first time. This reorientation towards stable, contracted revenue streams, rather than the fluctuating nature of Bitcoin mining, has been a core driver for investor confidence.
2. Expansion of HPC/AI Data Center Capacity and Development Pipeline.
The company demonstrated tangible progress in expanding its infrastructure. By March 31, 2026, TeraWulf had fully delivered 60 megawatts (MW) of critical IT HPC capacity for Core42 at its Lake Mariner facility, which commenced revenue generation. Furthermore, in May 2026, TeraWulf acquired the Muskie Data Campus, a hyperscale HPC development site in Eastern Kentucky, capable of supporting over 1 gigawatt (GW) of data center capacity over time. This acquisition, along with other ongoing developments, expanded the company's total infrastructure inventory to approximately 3.8 GW and positions TeraWulf to capitalize on the increasing demand for AI compute.
3. Enhanced Liquidity and Financial Strength.
TeraWulf reported a strong liquidity position with approximately $3.1 billion in cash and restricted cash as of March 31, 2026. This robust financial standing provides ample capital to fund its ambitious development pipeline for HPC and AI infrastructure. Additionally, the company secured a revolving credit facility of up to $250 million in April 2026, further enhancing its financial flexibility and ability to support working capital and development initiatives.
4. Positive Analyst Sentiment and Increased Price Targets.
The company's strategic direction and operational progress have been met with favorable analyst coverage. Multiple financial institutions initiated or reiterated "Buy" ratings with increased price targets during the period. For instance, in May 2026, Citigroup initiated coverage with a "Buy" rating and a $28 price target. In June 2026, Bank of America Securities initiated coverage with a "Buy" rating and a $34 price target, specifically citing TeraWulf's transition to AI data center infrastructure as a key reason for their bullish outlook. These endorsements from the analytical community contributed to positive investor sentiment and the stock's upward trend.
5. Significant Insider Selling Activity.
Despite the positive stock trend, there was notable insider selling activity during the period. Paul B. Prager, the CEO, executed multiple sales of company stock. Specifically, he sold shares totaling $8,389,969 on May 28, 2026, and an additional $4,071,259.50 on May 26, 2026, with further sales in April 2026 exceeding the $5 million threshold. Overall, insider sales in the three months leading up to mid-June 2026 amounted to $20,462,114.00, significantly outweighing insider purchases.
Show less
Stock Movement Drivers
Fundamental Drivers
The 78.7% change in WULF stock from 2/28/2026 to 6/20/2026 was primarily driven by a 81.0% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.22 | 28.98 | 78.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 168 | 168 | -0.2% |
| P/S Multiple | 40.3 | 72.9 | 81.0% |
| Shares Outstanding (Mil) | 419 | 423 | -1.0% |
| Cumulative Contribution | 78.7% |
Market Drivers
2/28/2026 to 6/20/2026| Return | Correlation | |
|---|---|---|
| WULF | 78.7% | |
| Market (SPY) | 9.2% | 69.8% |
| Sector (XLF) | 4.7% | 27.5% |
Fundamental Drivers
The 86.8% change in WULF stock from 11/30/2025 to 6/20/2026 was primarily driven by a 96.3% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.51 | 28.98 | 86.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 168 | 168 | 0.3% |
| P/S Multiple | 37.2 | 72.9 | 96.3% |
| Shares Outstanding (Mil) | 402 | 423 | -5.1% |
| Cumulative Contribution | 86.8% |
Market Drivers
11/30/2025 to 6/20/2026| Return | Correlation | |
|---|---|---|
| WULF | 86.8% | |
| Market (SPY) | 9.9% | 56.7% |
| Sector (XLF) | 1.3% | 18.3% |
Fundamental Drivers
The 721.0% change in WULF stock from 5/31/2025 to 6/20/2026 was primarily driven by a 612.0% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.53 | 28.98 | 721.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 132 | 168 | 27.3% |
| P/S Multiple | 10.2 | 72.9 | 612.0% |
| Shares Outstanding (Mil) | 383 | 423 | -9.4% |
| Cumulative Contribution | 721.0% |
Market Drivers
5/31/2025 to 6/20/2026| Return | Correlation | |
|---|---|---|
| WULF | 721.0% | |
| Market (SPY) | 28.1% | 39.7% |
| Sector (XLF) | 6.7% | 23.5% |
Fundamental Drivers
The 1832.0% change in WULF stock from 5/31/2023 to 6/20/2026 was primarily driven by a 676.5% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.50 | 28.98 | 1832.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26 | 168 | 537.8% |
| P/S Multiple | 9.4 | 72.9 | 676.5% |
| Shares Outstanding (Mil) | 165 | 423 | -61.0% |
| Cumulative Contribution | 1832.0% |
Market Drivers
5/31/2023 to 6/20/2026| Return | Correlation | |
|---|---|---|
| WULF | 1832.0% | |
| Market (SPY) | 85.7% | 41.6% |
| Sector (XLF) | 77.0% | 29.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WULF Return | 51% | -96% | 261% | 136% | 103% | 142% | 179% |
| Peers Return | 31% | -85% | 410% | -3% | 66% | 95% | 212% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| WULF Win Rate | 58% | 17% | 58% | 67% | 67% | 83% | |
| Peers Win Rate | 44% | 33% | 73% | 45% | 67% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| WULF Max Drawdown | -71% | -96% | -76% | -48% | -66% | -24% | |
| Peers Max Drawdown | -71% | -89% | -57% | -61% | -60% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RIOT, MARA, CLSK, CIFR, HUT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | WULF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -52.5% | -18.8% |
| % Gain to Breakeven | 110.7% | 23.1% |
| Time to Breakeven | 83 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -32.2% | -7.8% |
| % Gain to Breakeven | 47.4% | 8.5% |
| Time to Breakeven | 10 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -72.9% | -9.5% |
| % Gain to Breakeven | 269.0% | 10.5% |
| Time to Breakeven | 215 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.2% | -6.7% |
| % Gain to Breakeven | 19.3% | 7.1% |
| Time to Breakeven | 5 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -92.7% | -24.5% |
| % Gain to Breakeven | 1275.2% | 32.4% |
| Time to Breakeven | 1114 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.4% | -33.7% |
| % Gain to Breakeven | 86.7% | 50.9% |
| Time to Breakeven | 260 days | 140 days |
In The Past
TeraWulf's stock fell -52.5% during the 2025 US Tariff Shock. Such a loss loss requires a 110.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | WULF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -52.5% | -18.8% |
| % Gain to Breakeven | 110.7% | 23.1% |
| Time to Breakeven | 83 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -32.2% | -7.8% |
| % Gain to Breakeven | 47.4% | 8.5% |
| Time to Breakeven | 10 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -72.9% | -9.5% |
| % Gain to Breakeven | 269.0% | 10.5% |
| Time to Breakeven | 215 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -92.7% | -24.5% |
| % Gain to Breakeven | 1275.2% | 32.4% |
| Time to Breakeven | 1114 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.4% | -33.7% |
| % Gain to Breakeven | 86.7% | 50.9% |
| Time to Breakeven | 260 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.9% | -19.2% |
| % Gain to Breakeven | 51.2% | 23.8% |
| Time to Breakeven | 763 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -29.1% | -3.7% |
| % Gain to Breakeven | 41.0% | 3.9% |
| Time to Breakeven | 366 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -49.5% | -6.8% |
| % Gain to Breakeven | 98.1% | 7.3% |
| Time to Breakeven | 2023 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -56.9% | -53.4% |
| % Gain to Breakeven | 131.8% | 114.4% |
| Time to Breakeven | 1136 days | 1085 days |
In The Past
TeraWulf's stock fell -52.5% during the 2025 US Tariff Shock. Such a loss loss requires a 110.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About TeraWulf (WULF)
TeraWulf Inc. (WULF) is a digital asset technology company that specializes in the development, ownership, and operation of large-scale Bitcoin mining facilities located in the United States. Its core business activity involves employing specialized hardware and significant energy resources to execute the complex computational processes necessary for Bitcoin mining. This fundamental operation is essential for verifying transactions on the Bitcoin network and introducing new bitcoins into circulation.
Operating from its two primary facilities in New York and Pennsylvania, TeraWulf's main "product" is newly minted Bitcoin. The company's operations effectively contribute to the global supply of Bitcoin, which is then sold into the digital asset market. Therefore, its primary customers are the broad market of investors, traders, and users who participate in the cryptocurrency ecosystem and drive the demand for Bitcoin.
AI Analysis | Feedback
Newmont for digital gold: TeraWulf operates like a gold mining company, but extracts Bitcoin instead of physical gold.
An Intel factory for Bitcoin: Imagine a high-tech manufacturing facility, but its 'product' is newly minted Bitcoin.
Equinix for Bitcoin mining: A specialized data center operator, exclusively dedicated to powering Bitcoin mining.
AI Analysis | Feedback
- Bitcoin Mining: TeraWulf operates specialized facilities to mine new bitcoins, generating digital assets.
AI Analysis | Feedback
TeraWulf Inc. (WULF) operates as a bitcoin mining company. Its business model does not involve selling products or services to traditional customers, either businesses or individuals. Instead, TeraWulf generates revenue by developing, owning, and operating bitcoin mining facilities. Through these operations, the company earns new bitcoins (block rewards) and transaction fees for contributing to the security and operation of the Bitcoin network. These earned bitcoins are then typically held or sold on cryptocurrency exchanges to generate revenue.
Therefore, TeraWulf does not have "major customers" in the conventional sense.
AI Analysis | Feedback
The major suppliers for TeraWulf (WULF) are:
- Bitmain Technologies Ltd.
- MicroBT Technology Co., Ltd.
- Talen Energy Corporation (TLNE)
AI Analysis | Feedback
Paul Prager, Co-Founder, Chairman & Chief Executive Officer
Paul Prager has served as the Co-Founder, Chairman of the Board of Directors, and Chief Executive Officer of TeraWulf Inc. since February 2021. Since 1990, Mr. Prager founded and has been the CEO of Beowulf Electricity & Data Inc., a private energy and digital infrastructure company, and its predecessor companies. He also founded Brooklyn Marine & Oil LLC, a shipowner and operator, and was previously the Chief Executive Officer of Direct Gas.
Patrick Fleury, Chief Financial Officer
Patrick Fleury is the Chief Financial Officer of TeraWulf Inc. He brings 24 years of finance experience, encompassing capital markets, principal investing, and advisory roles. Most recently, Mr. Fleury was a founding member of the credit team at Platinum Equity, where he managed public and private credit investments. Prior to that, he was a Managing Director at Blackstone's global credit platform, GSO Capital Partners.
Nazar Khan, Co-Founder & Chief Technology Officer
Nazar Khan is the Co-Founder, Chief Technology Officer, and a Board Member of TeraWulf Inc. He previously served as Executive Vice President of Beowulf Energy LLC for nearly 20 years, where he oversaw acquisition and development efforts. Before his tenure at Beowulf, Mr. Khan worked at Evercore Partners Inc. in both investment banking and private equity. He is also the founder of NovaWulf Digital Management LP.
Kerri Langlais, Chief Strategy Officer
Kerri Langlais serves as the Chief Strategy Officer for TeraWulf Inc., where she is responsible for developing and implementing the company's overall corporate strategy, business development, and strategic partnerships. Her background includes extensive experience in energy and infrastructure, notably a decade-long period at Goldman Sachs.
Sean Farrell, Chief Operating Officer
Sean Farrell was promoted to Chief Operating Officer of TeraWulf Inc. in November 2024. He has over 13 years of experience in the energy sector, with expertise in renewables, grid optimization, and storage solutions. Mr. Farrell previously held the position of Senior Vice President of Operations at TeraWulf and was the North American Head of Onshore Sales and Marketing at Siemens Gamesa Renewable Energy Inc. before joining the company.
AI Analysis | Feedback
The key risks for TeraWulf (WULF) are primarily tied to the volatile nature of the cryptocurrency market, the company's significant debt burden and need for further capital, and the execution challenges associated with its strategic growth initiatives.
-
Volatility of Bitcoin Price and Cryptocurrency Market: TeraWulf's financial performance and profitability are highly dependent on the fluctuating price of Bitcoin and the broader stability of the cryptocurrency ecosystem. Instability, including regulatory scrutiny, market disruptions, and fraud, can adversely affect Bitcoin prices and, consequently, the company's operations. A prolonged downturn in cryptocurrency values could significantly strain TeraWulf's revenue streams and its ability to meet financial obligations.
-
High Debt Levels and Need for Additional Capital/Dilution: The company faces substantial financial risk due to its significant debt burden, with a reported debt-to-equity ratio of 37 and a low Altman Z-Score, which indicates financial distress. TeraWulf has largely financed its strategic growth through the issuance of new common stock, which has a dilutive effect on existing shareholders. The company may require additional capital for future growth initiatives, and there is no guarantee that such financing will be available on favorable terms, or at all, further risking dilution or impaired growth.
-
Execution Risks of Strategic Growth Initiatives and Operational Challenges: TeraWulf is undergoing a strategic shift towards high-performance computing (HPC) hosting, which involves considerable capital investments and carries inherent execution risks. These risks include potential delays, cost overruns, or technical difficulties in completing data center campuses and other strategic growth initiatives. Furthermore, operational challenges such as ensuring power supply reliability, managing supply chain disruptions, and securing specialized expertise could adversely affect the company's business operations and financial results.
AI Analysis | Feedback
AI Analysis | Feedback
The addressable markets for TeraWulf's main products or services are related to the Bitcoin and broader cryptocurrency mining industry.
The global Bitcoin miner market, which includes hardware and systems used for cryptocurrency mining, is estimated to be approximately USD 9.25 billion in 2026. This market is projected to grow to USD 119.34 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 26.7% from 2026 to 2035.
In terms of the United States, the overall cryptocurrency market size, which includes both mining and transactions, was estimated at USD 1,345.8 million in 2024. This market is expected to reach USD 5,065.5 million by 2035, growing at a CAGR of approximately 12.81% from 2025 to 2035. Within the U.S. cryptocurrency market, the mining segment held the highest revenue share in 2024.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for TeraWulf (WULF) over the next 2-3 years:
- Expansion of High-Performance Computing (HPC) and AI Infrastructure and Services: TeraWulf is strategically pivoting and expanding its High-Performance Computing (HPC) and AI infrastructure and services. The company has secured long-term data center lease agreements for 522 critical IT megawatts (MW), providing substantial multi-year revenue visibility. TeraWulf aims for an annual target of 250-500 MW of new HPC lease signings, capitalizing on the increasing demand for AI-powered data centers. Key projects include a 168 MW liquid-cooled AI data center joint venture in Abernathy, Texas (with potential for up to 240 MW), and hosting AI workloads for partners like Fluidstack at its New York facility, supported by Google credit enhancement. This shift is expected to yield stable revenue and position the company for future growth.
- Increased Digital Asset Mining Capacity and Efficiency: While diversifying into HPC, TeraWulf continues to scale its digital asset mining operations. The company is actively working to increase its operational self-mining capacity, targeting approximately 9.7 EH/s (Exahash per second). This growth is supported by miner refresh programs, replacing older models with more efficient ones like the S21 Pro miners, which enhances overall profitability and bitcoin production.
- Acquisition and Development of New Digital Infrastructure Sites: TeraWulf has expanded its digital infrastructure portfolio through the acquisition of two brownfield sites in Kentucky and Maryland, adding approximately 1.5 gigawatts (GW) of potential capacity. These sites, including the Morgantown Generating Station in Maryland and a former industrial site in Hawesville, Kentucky, are strategically located to support future compute-intensive uses and are expected to enable the development of 250 to 500 MW of new contracted capacity annually, contributing to long-term revenue growth.
- Strategic Partnerships and Long-Term Contracted Revenue: The company has secured significant long-term, credit-enhanced customer contracts totaling over $12.8 billion in revenue, which offers predictable and durable cash flow. Partnerships with key players such as Fluidstack and Google underscore investor confidence and provide a strong foundation for scaling its platform. This robust backlog and growing customer base for its energy-advantaged, low-carbon computing capacity are critical drivers for sustained revenue over the next few years.
AI Analysis | Feedback
Share Repurchases
- On October 23, 2024, TeraWulf's Board of Directors authorized a share repurchase program of up to $200 million of its common stock through December 31, 2025.
- Concurrently with a convertible notes offering on October 24, 2024, the company repurchased approximately 17.97 million shares of common stock for an aggregate price of approximately $115 million.
Share Issuance
- TeraWulf has significantly increased its shares outstanding, rising from 0.111 billion in 2022 to 0.351 billion in 2024.
- As of December 31, 2025, 444,534,694 shares of common stock were issued, with 420,065,944 shares outstanding.
- On December 9, 2025, TeraWulf mandatorily converted all outstanding Series A Convertible Preferred Stock into approximately 1.215 million shares of common stock.
Inbound Investments
- During 2025, TeraWulf completed a capital-formation strategy securing over $6.5 billion in committed capital to support its multi-regional development roadmap.
- In October and November 2025, the company completed several convertible notes offerings, including $425 million of 2.75% Convertible Senior Notes due 2030, $1.025 billion of 0.00% Convertible Senior Notes due 2032, and $1.0 billion of 1.00% Convertible Notes due 2031.
- TeraWulf also closed a $3.2 billion private offering of 7.75% Senior Secured Notes due 2030 to finance the Lake Mariner HPC buildout and secured long-term HPC lease agreements, including $6.7 billion with Fluidstack (backed by Google) and $1.1 billion with Core42.
Outbound Investments
- In February 2026, TeraWulf acquired two brownfield infrastructure sites in Kentucky and Maryland, which are expected to add approximately 1.5 gigawatts (GW) of capacity to its digital infrastructure portfolio.
- In October 2025, TeraWulf entered a joint-venture agreement with Fluidstack to develop the Abernathy HPC Campus in Texas.
Capital Expenditures
- TeraWulf invested $615.0 million in capital expenditures during the fourth quarter of 2025, primarily focused on supporting organic growth in HPC/AI and potential site acquisitions.
- Proceeds from a $1.025 billion convertible notes offering in October 2025 are primarily dedicated to financing the construction of a data center campus in Abernathy, Texas.
- For 2026, the company plans to expand its infrastructure through acquisitions in Kentucky and Maryland, aiming to add 1.5 GW to its platform and target 250-500 MW of new contracted capacity annually.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 28.54 |
| Mkt Cap | 10.8 |
| Rev LTM | 469 |
| Op Inc LTM | -319 |
| FCF LTM | -1,172 |
| FCF 3Y Avg | -795 |
| CFO LTM | -362 |
| CFO 3Y Avg | -216 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 37.8% |
| Rev Chg 3Y Avg | 100.0% |
| Rev Chg Q | -9.8% |
| QoQ Delta Rev Chg LTM | -2.3% |
| Op Inc Chg LTM | -104.4% |
| Op Inc Chg 3Y Avg | -107.6% |
| Op Mgn LTM | -82.0% |
| Op Mgn 3Y Avg | -73.8% |
| QoQ Delta Op Mgn LTM | -14.4% |
| CFO/Rev LTM | -83.7% |
| CFO/Rev 3Y Avg | -60.0% |
| FCF/Rev LTM | -240.6% |
| FCF/Rev 3Y Avg | -228.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Digital Asset Mining | 152 | 140 | ||
| High-performance computing (HPC) Leasing | 17 | 0 | ||
| Digital Currency Mining | 69 | 15 | ||
| Total | 168 | 140 | 69 | 15 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Digital Asset Mining | 59 | 70 |
| High-performance computing (HPC) Leasing | 7 | -0 |
| Impairment of property, plant, and equipment | 0 | 0 |
| Gain on fair value of digital assets, net | -1 | 2 |
| Loss on disposals of property, plant, and equipment, net | -5 | -18 |
| Selling, general and administrative expenses – related party | -8 | -13 |
| Change in fair value of contingent consideration | -10 | 0 |
| Depreciation | -89 | -60 |
| Selling, general and administrative expenses | -139 | -58 |
| Realized gain on sale of digital assets | 0 | |
| Total | -186 | -76 |
| $ Mil | 2021 |
|---|---|
| Digital Currency Mining | 265 |
| Total | 265 |
Price Behavior
| Market Price | $28.98 | |
| Market Cap ($ Bil) | 12.3 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $23.20 | $16.07 |
| DMA Trend | up | up |
| Distance from DMA | 24.9% | 80.3% |
| 3M | 1YR | |
| Volatility | 80.5% | 105.8% |
| Downside Capture | 416.19 | 289.33 |
| Upside Capture | 446.25 | 454.85 |
| Correlation (SPY) | 69.4% | 38.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.43 | 4.01 | 3.73 | 3.86 | 3.34 | 3.17 |
| Up Beta | 6.16 | 3.26 | 2.88 | 3.44 | 1.66 | 2.55 |
| Down Beta | 5.25 | 4.20 | 4.29 | 3.14 | 3.33 | 2.91 |
| Up Capture | 385% | 576% | 644% | 1005% | 3355% | 223198% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 22 | 32 | 61 | 134 | 365 |
| Down Capture | 389% | 477% | 303% | 270% | 190% | 114% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 19 | 30 | 62 | 114 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WULF | |
|---|---|---|---|---|
| WULF | 676.6% | 105.6% | 2.39 | - |
| Sector ETF (XLF) | 8.3% | 14.6% | 0.33 | 21.8% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 38.2% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 22.1% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -3.0% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 7.9% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | 32.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WULF | |
|---|---|---|---|---|
| WULF | 23.1% | 128.0% | 0.76 | - |
| Sector ETF (XLF) | 9.3% | 18.6% | 0.37 | 25.2% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 34.0% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 11.4% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 9.1% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 19.2% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 33.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WULF | |
|---|---|---|---|---|
| WULF | 21.3% | 110.6% | 0.72 | - |
| Sector ETF (XLF) | 13.0% | 22.2% | 0.54 | 16.9% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 23.5% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 9.2% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 8.8% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 13.8% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 22.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/8/2026 | -2.6% | 0.6% | 7.7% |
| 2/26/2026 | -9.3% | -14.8% | -16.7% |
| 11/10/2025 | -13.5% | -22.7% | 10.7% |
| 8/8/2025 | 1.8% | 76.3% | 86.2% |
| 5/9/2025 | -8.8% | 6.7% | 37.3% |
| 2/28/2025 | 16.1% | -6.9% | -24.7% |
| 11/12/2024 | -13.9% | -13.5% | -11.7% |
| 8/12/2024 | -7.3% | 21.8% | 23.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 12 | 12 |
| # Negative | 14 | 9 | 9 |
| Median Positive | 5.2% | 11.5% | 27.1% |
| Median Negative | -7.5% | -13.5% | -11.7% |
| Max Positive | 35.5% | 76.3% | 110.6% |
| Max Negative | -13.9% | -22.7% | -30.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/8/2026 | -2.6% | 0.6% | 7.7% |
| 2/26/2026 | -9.3% | -14.8% | -16.7% |
| 11/10/2025 | -13.5% | -22.7% | 10.7% |
| 8/8/2025 | 1.8% | 76.3% | 86.2% |
| 5/9/2025 | -8.8% | 6.7% | 37.3% |
| 2/28/2025 | 16.1% | -6.9% | -24.7% |
| 11/12/2024 | -13.9% | -13.5% | -11.7% |
| 8/12/2024 | -7.3% | 21.8% | 23.8% |
| 5/13/2024 | -9.2% | -4.7% | 71.4% |
| 3/19/2024 | 35.5% | 43.0% | 23.8% |
| 11/13/2023 | -4.7% | 12.9% | 61.4% |
| 8/14/2023 | -1.4% | -22.7% | -30.6% |
| 5/15/2023 | -1.2% | -2.5% | -10.6% |
| 3/30/2023 | 18.3% | 26.0% | 110.6% |
| 12/5/2022 | -12.6% | 35.9% | -9.5% |
| 10/29/2021 | 5.2% | 10.1% | 25.7% |
| 8/6/2021 | -0.4% | 5.6% | 28.5% |
| 4/29/2021 | -1.0% | 4.9% | -5.4% |
| 2/18/2021 | -7.7% | -21.5% | -11.9% |
| 10/29/2020 | 4.3% | -4.6% | 16.4% |
| 8/7/2020 | 2.7% | 2.5% | -1.7% |
| SUMMARY STATS | |||
| # Positive | 7 | 12 | 12 |
| # Negative | 14 | 9 | 9 |
| Median Positive | 5.2% | 11.5% | 27.1% |
| Median Negative | -7.5% | -13.5% | -11.7% |
| Max Positive | 35.5% | 76.3% | 110.6% |
| Max Negative | -13.9% | -22.7% | -30.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/20/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/16/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/20/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/16/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
| 06/30/2021 | 11/12/2021 | 424B3 |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/8/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 New Contracted Capacity | 250.00 Mil | 375.00 Mil | 500.00 Mil | 0 | Affirmed | Guidance: 375 for 2026 | |
Prior: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Annual Critical IT MW Delivery | 250 | 375 | 500 | 0 | Affirmed | Guidance: 375 for 2025 | |
Insider Activity
Updated 5/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Prager, Paul B | Chief Executive Officer | Beowulf E&D Holdings Inc. | Sell | 5282026 | 25.92 | 166,650 | 4,318,759 | 105,799,937 | Form |
| 2 | Prager, Paul B | Chief Executive Officer | Beowulf E&D Holdings Inc. | Sell | 5282026 | 24.43 | 166,650 | 4,071,210 | 103,806,730 | Form |
| 3 | Prager, Paul B | Chief Executive Officer | Direct | Sell | 4282026 | 20.62 | 79,200 | 1,633,456 | 18,238,606 | Form |
| 4 | Prager, Paul B | Chief Executive Officer | Direct | Sell | 4282026 | 20.80 | 137,500 | 2,859,489 | 20,037,638 | Form |
| 5 | Khan, Nazar M | Chief Technology Officer | Direct | Sell | 4242026 | 0.00 | 452,152 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Prager, Paul B | Chief Executive Officer | Beowulf E&D Holdings Inc. | Sell | 5282026 | 25.92 | 166,650 | 4,318,759 | 105,799,937 | Form |
| 2 | Prager, Paul B | Chief Executive Officer | Beowulf E&D Holdings Inc. | Sell | 5282026 | 24.43 | 166,650 | 4,071,210 | 103,806,730 | Form |
| 3 | Prager, Paul B | Chief Executive Officer | Direct | Sell | 4282026 | 20.62 | 79,200 | 1,633,456 | 18,238,606 | Form |
| 4 | Prager, Paul B | Chief Executive Officer | Direct | Sell | 4282026 | 20.80 | 137,500 | 2,859,489 | 20,037,638 | Form |
| 5 | Khan, Nazar M | Chief Technology Officer | Direct | Sell | 4242026 | 0.00 | 452,152 | Form | ||
| 6 | Prager, Paul B | Chief Executive Officer | Direct | Sell | 3252026 | 16.96 | 137,500 | 2,331,676 | 3,674,721 | Form |
| 7 | Prager, Paul B | Chief Executive Officer | Direct | Sell | 3252026 | 16.10 | 137,500 | 2,213,324 | 5,701,522 | Form |
| 8 | Bucella, Michael C | Direct | Buy | 3192026 | 14.96 | 1,670 | 24,983 | 4,164,670 | Form | |
| 9 | Bucella, Michael C | Direct | Buy | 3192026 | 15.79 | 1,581 | 24,964 | 4,369,361 | Form | |
| 10 | Bucella, Michael C | Direct | Buy | 3192026 | 16.00 | 1,584 | 25,344 | 4,402,176 | Form | |
| 11 | Fleury, Patrick | Chief Financial Officer | Direct | Sell | 3192026 | 16.14 | 573,586 | 9,257,678 | 51,728,700 | Form |
| 12 | Fleury, Patrick | Chief Financial Officer | Teton Rough Riders Mining LLC | Sell | 3192026 | 16.14 | 26,414 | Form | ||
| 13 | Bucella, Michael C | Direct | Buy | 3122026 | 14.91 | 1,338 | 19,950 | 4,078,660 | Form | |
| 14 | Bucella, Michael C | Direct | Buy | 3092026 | 13.31 | 752 | 10,009 | 3,623,168 | Form | |
| 15 | Bucella, Michael C | Direct | Buy | 3092026 | 14.80 | 679 | 10,049 | 4,017,638 | Form | |
| 16 | Bucella, Michael C | Direct | Buy | 3092026 | 15.31 | 654 | 10,013 | 4,145,688 | Form | |
| 17 | Bucella, Michael C | Direct | Buy | 3042026 | 15.78 | 3,171 | 50,038 | 4,262,636 | Form | |
| 18 | Bucella, Michael C | Direct | Buy | 12112025 | 12.01 | 4,178 | 50,178 | 3,206,166 | Form | |
| 19 | Motz, Catherine J | Direct | Sell | 9222025 | 11.04 | 52,942 | 584,215 | 1,764,695 | Form | |
| 20 | Fabiano, Amanda | Direct | Sell | 8182025 | 8.64 | 4,600 | 39,744 | 352,244 | Form | |
| 21 | Motz, Catherine J | Direct | Sell | 6182025 | 3.92 | 21,182 | 83,033 | 749,500 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Capital Markets Resources |
| International Financing Review (IFR) |
| Financial News |
| Global Capital |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.