Why Has TeraWulf Stock Doubled?
TeraWulf (NASDAQ: WULF), a company once defined by the unpredictable world of Bitcoin mining, has just executed a stunning pivot that has sent its stock soaring. On August 14, 2025, the company announced a landmark 10-year agreement with AI cloud provider Fluidstack, a deal that instantly changed its trajectory and investor perception. The stock has grown 70% in just one week!
This isn’t just a simple contract; it’s a massive, multi-billion dollar commitment to high-performance computing (HPC). The initial agreement is valued at approximately $3.7 billion and covers more than 200 megawatts (MW) of critical IT load. But the truly surprising part is the strategic involvement of Google (NASDAQ:GOOG), which is providing a $1.8 billion backstop for Fluidstack’s lease obligations and has taken an 8% equity stake in TeraWulf. Just days later, Fluidstack expanded the deal, adding another 160 MW of capacity. This pushed the total contracted revenue to about $6.7 billion, with the potential to reach an astounding $16 billion if lease extensions are exercised, and increased Google’s backstop to $3.2 billion and its equity stake to 14%. While WULF stock has had a good run, if you want an upside with a smoother ride than an individual stock, consider the High Quality portfolio, which has outperformed the S&P, and clocked >91% returns since inception.
This monumental shift from Bitcoin mining to AI infrastructure is why the stock has more than doubled from its recent lows. In the second quarter of 2025, TeraWulf reported revenue of $47.6 million, a 34% increase year-over-year. While Bitcoin mining remains a part of its business, the new AI deals provide a stable, long-term revenue stream with an expected 85% site-level net operating income margin. This is a dramatic contrast to the highly volatile and lower-margin nature of cryptocurrency mining, where miner rewards were cut in April 2024. Buy or Fear WULF Stock?
What’s next for TeraWulf is a story of execution. The company is on a rapid deployment schedule, with the first 40 MW of liquid-cooled capacity expected to be online in the first half of 2026 and full deployment of the initial 200 MW by the end of that year. The company’s immediate goal is to successfully build out this capacity at its Lake Mariner campus in New York. With a significant pipeline for future growth and the backing of one of the world’s most influential tech companies, TeraWulf is no longer just a Bitcoin miner; it is now a pivotal player in the booming AI infrastructure market.
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