olivLaw · US equity research
TeraWulf Inc. WULF
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
TeraWulf is a vertically integrated operator of digital infrastructure in the United States, built for high-performance computing including artificial intelligence. The company is shifting its focus from bitcoin mining to long-term HPC hosting, which accounted for about 71% of revenue in the second quarter of 2026, out of total revenue of 44.8 million USD.
At the close of 02 Nov 2026, TeraWulf Inc. (WULF) stock was 10.94 USD (−6.73% on the day), with market capitalisation 5.5 bn USD, dividend yield 0.00%, beta 3.28, 52-week range 10.94–28.98 USD. Latest reported quarter (Q2 2026): revenue of 44.8 m USD (−6.0% YoY), net income of -939.9 m USD, diluted EPS -1.94 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 37.2
- weak (30–45)
- Bollinger (20, 2)
- 10.47 – 14.74
- in the lower half of the band · %B 0.11 · band width 33.9%
- SMA 50 / 200
- 14.58 / 18.07
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.86 / -0.90
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −29.4% | −2.3% | −27.0 pp | — |
| 3 months | −41.9% | −0.8% | −41.1 pp | — |
| 6 months | −50.9% | +4.7% | −55.7 pp | — |
| Year to date | −4.8% | +10.2% | −15.0 pp | — |
| 1 year | −29.4% | +10.3% | −39.7 pp | −50.1% |
| 3 years | +851.3% | +73.0% | +778.3 pp | −68.6% |
| 5 years | −62.6% | +61.8% | −124.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 27.1 m | 35.0 m | 34.4 m | 47.6 m | 50.6 m | 35.8 m | 34.0 m | 44.8 m |
| Cost of revenue | 14.7 m | 19.6 m | 24.6 m | 22.1 m | 17.1 m | 18.9 m | 2.4 m | 12.4 m |
| Gross profit | 10.8 m | 12.6 m | 7.0 m | 22.0 m | 29.0 m | 8.1 m | 20.4 m | 8.9 m |
| Operating income | -15.7 m | -51.4 m | -59.6 m | -15.6 m | -24.7 m | -86.3 m | -162.1 m | -140.5 m |
| Interest expense | 409.0 k | 3.0 m | 4.0 m | 4.0 m | 9.8 m | 62.4 m | 67.1 m | 56.4 m |
| Pre-tax income | -20.1 m | -25.8 m | -61.4 m | -18.4 m | -455.1 m | -126.5 m | -416.1 m | -929.7 m |
| Income tax | 0 | 0 | 0 | 0 | 0 | 76.0 k | 28.0 k | 28.0 k |
| Net income | -22.7 m | -29.2 m | -61.4 m | -18.4 m | -455.1 m | -126.6 m | -427.6 m | -939.9 m |
| Diluted EPS | -0.06 | -0.07 ≈ | -0.16 | -0.05 | -1.13 | -0.30 ≈ | -1.01 | -1.94 |
| Operating cash flow | -20.9 m ≈ | -42.7 m | 56.5 m | -54.8 m ≈ | -36.7 m ≈ | -88.2 m | -17.6 m | -136.7 m ≈ |
| Capex | 20.7 m ≈ | 153.6 m | 93.7 m | 119.9 m ≈ | 231.6 m ≈ | 615.0 m | 523.0 m | 855.6 m ≈ |
| Share repurchases | 0 ≈ | 118.2 m | 33.3 m | 0 ≈ | 0 ≈ | 0 | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2022 | ⚠ 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17.2 m | 18.2 m | 17.6 m | 13.4 m | 15.0 m | 69.2 m | 140.1 m | 168.5 m |
| Revenue YoY | −1.9% | +5.6% | −3.3% | −23.8% | unavailable | — | +102.3% | +20.3% |
| Net income | -226.1 k | 139.5 k | -813.6 k | -439.3 k | -90.8 m | -73.4 m | -72.4 m | -661.4 m |
| Net income YoY | unavailable | unavailable | −683.3% | unavailable | unavailable | — | unavailable | unavailable |
| Diluted EPS | -0.11 | 0.07 | -0.41 | -0.22 | -0.82 | -0.35 | -0.21 | -1.66 |
| Diluted EPS YoY | unavailable | unavailable | −685.7% | unavailable | unavailable | — | unavailable | unavailable |
| net % | -1.3% | 0.8% | -4.6% | -3.3% | -603.9% | -106.1% | -51.7% | -392.6% |
| Free cash flow | -25.4 k | 681.6 k | -955.4 k | -548.7 k | -95.2 m | -70.9 m | -292.4 m | -1.2 bn |
The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.3 bn USD
- Financial debt
- 3.1 bn USD
- Net debt
- -214.1 m USD
- Equity
- 140.4 m USD
- Total assets
- 6.6 bn USD
- Debt / equity
- 21.73x
- Current ratio
- 2.00x
- ROE
- -343.7%
- ROA
- -18.0%
- FCF margin
- -702.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 17.6 m | 13.4 m | 15.0 m | 69.2 m | 140.1 m | 168.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 12.2 m | 9.5 m | 11.1 m | 27.3 m | 62.6 m | 82.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 5.4 m | 3.9 m | 4.0 m | 37.0 m | 69.8 m | 66.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 870.3 k | 671.5 k | — | — | — | — | SEC (XBRL)· 03 Mar 2021verified |
| SG&A | 5.5 m | 5.0 m | 22.8 m | — | — | — | SEC (XBRL)· 31 Mar 2023verified |
| Operating income | -956.7 k | -1.8 m | -43.7 m | -29.4 m | -76.2 m | -186.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 640.0 k | — | — | — | — | — | SEC (XBRL)· 03 Mar 2020verified |
| EBITDA | -316.7 k ≈ | — | — | — | — | — | SEC (XBRL)· 03 Mar 2020derived |
| Interest expense | 90.1 k | 86.6 k | 24.7 m | 34.8 m | 19.8 m | 80.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | -985.6 k | -649.3 k | -86.2 m | -73.4 m | -72.4 m | -661.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | -172.0 k | -210.0 k | -256.0 k | 0 | 0 | 76.0 k | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -813.6 k | -439.3 k | -90.8 m | -73.4 m | -72.4 m | -661.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | -0.41 | -0.22 | -0.82 | -0.35 | -0.21 | -1.66 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 2.0 m | 2.0 m | 110.6 m | 210.0 m | 351.3 m | 397.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | — | — | 0.00 | 0.00 | 0.00 | 0.00 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 963.6 k | 3.7 m | 1.3 m | 54.4 m | 274.1 m | 3.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 2.4 m | 2.1 m | — | — | 475.0 k | 1.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 2.2 m | 1.6 m | — | — | — | — | SEC (XBRL)· 03 Mar 2021verified |
| Current assets | 8.7 m | 7.8 m | 14.1 m | 62.6 m | 281.4 m | 3.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 7.9 m | 7.4 m | 191.5 m | 205.3 m | 411.9 m | 1.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | — | — | — | — | 0 | 55.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 271.4 k | 243.6 k | — | — | — | — | SEC (XBRL)· 13 May 2021verified |
| Total assets | 16.9 m | 15.4 m | 317.7 m | 378.1 m | 787.5 m | 6.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | — | — | 21.9 m | 15.2 m | 24.4 m | 65.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 133.3 k | 2.7 m | 51.9 m | 123.5 m | 0 | 0 | SEC (XBRL)· 08 May 2026verified |
| Long-term debt | 2.7 m | — | 73.0 m | 56.0 k | 0 | 3.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 1.9 m | 3.6 m | 126.0 m | 154.7 m | 51.8 m | 1.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 4.6 m | 3.6 m | 199.9 m | 155.6 m | 543.1 m | 6.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 12.3 m † | 11.8 m † | 117.8 m | 222.5 m † | 244.4 m | 140.4 m | SEC (XBRL)· 08 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -477.0 k | -398.8 k | -34.1 m | 4.3 m | -24.4 m | -123.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 478.4 k | 149.9 k | 61.1 m | 75.2 m | 267.9 m | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | -955.4 k ≈ | -548.7 k ≈ | -95.2 m ≈ | -70.9 m ≈ | -292.4 m ≈ | -1.2 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | 7.6 k | 2.1 m | -94.0 m | -78.0 m | -91.2 m | -1.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -190.0 k | 1.1 m | 90.0 m | 119.9 m | 335.2 m | 4.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 49.6 k | — | 0 | 0 | 118.2 m | 33.3 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 5.5 bn USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1,179.9% | 15 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 123.8% | 100 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.1x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -45.9% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial15/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TERAWULF INC. (WULF). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 168.5 m USD in 2025; YoY growth 20.3%; net margin -1,179.9%; ROE -1,212.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 123.8%
What contradicts it
- Net margin: -1,179.9%
- Interest coverage: -2.1x
- Current ratio: 0.7x
- FCF yield: -45.9%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 219.9 bn | 18.4 | 35.9% | 27.9% | +6.4% | −10% / +92% |
| COINCoinbase Global, Inc. | 36.5 bn | — | -4.7% | -12.5% | +9.4% | −49% / +11% |
| SOFISoFi Technologies, Inc. | 21.4 bn | 34.7 | 7.1% | 104.3% | +23.1% | −44% / +128% |
| WULFTerawulf Inc. | 5.5 bn | — | -1,212.1% | -1,179.9% | +20.3% | −29% / +851% |
| KLARKlarna Group plc | 5.1 bn | — | -11.9% | -7.8% | +24.8% | −57% / unavailable |
| RIOTRiot Platforms, Inc. | 4.4 bn | — | -48.2% | -196.3% | +71.9% | −27% / −6% |
| CORZCore Scientific, Inc. | 4.0 bn | — | — | -324.9% | −37.5% | −26% / unavailable |
| SIISprott Inc. | 2.6 bn | 39.2 | 19.5% | 23.6% | +59.6% | +12% / +214% |
| MARAMara Holdings, Inc. | 2.5 bn | — | -107.2% | -430.2% | +38.2% | −46% / −46% |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| QFINQfin Holdings, Inc. | 1.3 bn | 1.7 | 25.3% | 31.1% | +16.8% | −73% / −66% |
| CANCanaan Inc. | 899.8 m | — | -59.8% | -39.7% | +96.7% | −81% / −87% |
| BURBurford Capital Limited | 823.4 m | — | -101.5% | — | −24.3% | −61% / −73% |
| TRONTron Inc. | 621.4 m | 90.5 | 3.8% | 135.6% | +10.0% | −29% / −52% |
| HTTHigh Templar Tech Ltd | 589.8 m | 5.8 | 6.3% | 1,729.9% | −80.2% | −63% / +15% |
| JFU9F Inc. | 555.2 m | 24.0 | 4.7% | 125.2% | +12.2% | −51% / −41% |
| HIVEHive Digital Technologies Ltd. | 469.0 m | — | -66.4% | -98.5% | +158.3% | −49% / −44% |
| BNCBNB Standard Corporation | 193.1 m | — | — | — | −59.4% | −35% / −27% |
| CNTNCanton Strategic Holdings, Inc. | 162.5 m | — | -43.1% | — | unavailable | −22% / −84% |
| USBCUsbc, Inc. | 161.8 m | — | -414.1% | — | −100.0% | −49% / −98% |
| SLNHSoluna Holdings, Inc. | 142.7 m | — | -114.6% | -185.9% | −21.8% | −66% / −81% |
| HSDTSolana Company | 121.8 m | — | -183.2% | -1,302.8% | +1,057.1% | −51% / −100% |
| GHIGreystone Housing Impact Investors LP | 111.7 m | — | — | -5.1% | −6.4% | −33% / −72% |
| MGLDThe Marygold Companies, Inc. | 84.1 m | — | -20.7% | -17.3% | +8.0% | +93% / +91% |
| SDEVStablecoin Development Corporation | 67.3 m | — | -80.3% | -751.9% | −6.4% | −83% / −98% |
1- and 3-year price returns: for WULF from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
TeraWulf is a vertically integrated operator of digital infrastructure in the United States, built for high-performance computing including artificial intelligence. The company is shifting its focus from bitcoin mining to long-term HPC hosting, which accounted for about 71% of revenue in the second quarter of 2026, out of total revenue of 44.8 million USD.
SWOT
Strengths
- The company controls land, interconnection and electrical infrastructure for most of its campuses, giving it a high degree of operational autonomy 1.
- Long-term contracts with credit support from partners such as Google support predictable revenue and project financing 23.
- High liquidity at the end of the second quarter of 2026 gives flexibility to fund development 3.
Weaknesses
- A significant part of revenue still comes from bitcoin mining, which is exposed to crypto price volatility 12.
- Many projects are still under construction, and revenue depends on finishing on time and within estimated costs 1.
- Control over the Abernathy campus is limited by the joint venture structure, reducing direct influence on strategic decisions 1.
Opportunities
- Demand for AI and HPC capacity could support new long-term contracts at the Justified, Muskie and Chesapeake campuses 3.
- Selling the Abernathy interest could fund projects where the company has greater control over infrastructure 23.
- Expanding the platform into Kentucky and Maryland could reduce geographic concentration of risk 23.
Threats
- Delays in obtaining power, approvals or interconnection could postpone deliveries and revenue 13.
- Competition for sites with available power and for top-tier customers could raise acquisition costs 1.
- If a customer delayed payments or became insolvent, contracted revenue could be significantly affected 1.
Risks
- Construction delayshigh
Delays or cost overruns at campuses could postpone deliveries and affect contractual terms with customers 1.
- Access to power and interconnectionhigh
Shortages of electrical capacity or interconnection delays could limit the development of new projects 1.
- Customer concentrationhigh
Revenue depends on a small number of large customers, and financial problems at one of them could have major effects 1.
- Capital requirementsmedium
Developing new capacity requires substantial financing, which could be obtained on less favorable terms or with dilution 1.
- Transition away from miningmedium
Reducing mining activity could remove one current revenue source before HPC fully covers the difference 2.
Investment thesis
What would need to be true (bull case)
- If deliveries at Lake Mariner and Justified stay on schedule, HPC lease revenue could become dominant in the coming years 23.
- Long-term contracts with credit support could ease project financing and reduce revenue volatility 2.
- Control of infrastructure and power expertise could give the company an edge on sites that are hard to secure 1.
What would break the thesis
- If construction or interconnection delays accumulate, planned deliveries and revenue could be postponed significantly 13.
- Dependence on a few large customers could amplify the impact of a payment problem or non-renewal of contracts 1.
- The large capital need could lead to costly financing or dilution for shareholders 1.
What to watch
- Delivery of CB-4 and start of rent at Lake Mariner2026 H2
- Delivery schedule at the Justified campus and status of construction approvals2027
- Completion of the Abernathy interest sale and the installment payments2026-2027
- Progress on closing the Morgantown acquisition and development of Chesapeakenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
TeraWulf controls infrastructure at utility scale, including land, interconnection rights, electrical and cooling systems and, where applicable, on-site generation. Its contracted platform rests on the Lake Mariner campus in New York and the Abernathy campus in Texas, which together had 522 MW of contracted critical IT load as of 31 December 2025, according to the annual report 1. More recently the company signed a 20-year lease with Anthropic for about 401 MW at the Justified campus in Kentucky 3.
The company has made a strategic transition from bitcoin mining to HPC hosting, and new capital is directed to data center development and infrastructure for AI workloads 1. Mining continues on existing infrastructure, but the company intends to keep mining where it remains economically attractive and does not conflict with HPC development, according to the August 2026 filing 2.
The Beowulf Electricity & Data acquisition, completed in May 2025, added internal capabilities in power infrastructure, site operations and project execution 1. The sale of the Abernathy interest, announced in July 2026, could release capital for projects where the company holds direct control over infrastructure and customer relationships 23.
Segments
HPC data center leasing
HPC lease revenue represented about 71% of total revenue in the second quarter of 2026, or 31.9 million USD of the 44.8 million USD total 3. Contracts are typically 10 to 25 years, and capacity at Lake Mariner reached 102 MW of revenue-generating critical IT after CB-3 was delivered 3.
Market context
The market for HPC and AI infrastructure is competitive and depends on sites with available power, affordable electricity and capital for construction 1. The company operates in regulated markets such as NYISO and SPP, where access to power and interconnection is decisive for the pace of development 1.
Demand from hyperscale and AI customers for large compute capacity is a major market driver, and contracts with credit enhancement are increasingly relevant for financing 23. However, delivery schedules depend on construction pace and power approvals, which can influence the timing of revenue 1.
Trends
- Demand for AI computetailwind
Rising demand for high-performance computing infrastructure supports the company's long-term contracts and the development of new campuses 13.
- Access to power and interconnectionheadwind
Power availability and delays in interconnection can limit new capacity and postpone deliveries, which could affect planned revenue 13.
- Credit support behind customersmixed
Google's credit support for Fluidstack obligations improves the bankability of contracts, but it takes effect only after certain conditions are met, creating dependence on execution 23.
- Reduced reliance on miningmixed
Lower dependence on bitcoin revenue reduces exposure to crypto price volatility, but it also removes one of the current revenue sources 2.
Competitive position
The company competes with data center REITs, independent developers, hyperscalers, infrastructure funds and, in some cases, digital asset miners whose infrastructure can be converted for HPC 1. Decisive factors include site availability, power, execution capability, access to capital and customer relationships 1.
Its advantage lies in control of power infrastructure and in-house grid expertise, which may differentiate projects from developers without such capabilities 1. Competitors could, however, secure power or capital faster for similar projects 1.
- Data center REITs
Compete for sites, power and capital to develop HPC capacity 1.
- Independent data center developers
Compete for projects and customers, sometimes with different power expertise 1.
- Hyperscalers
Can develop their own infrastructure, reducing room for external providers 1.
- Digital asset miners with convertible infrastructure
Can convert mining capacity to HPC use, competing directly for power and customers 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Sabre Wulf RemasteredHacker News · 25 Oct 2026 · EN
- Applied Digital and TeraWulf Climb 5% as Oversold AI Capacity Names Bounce; Cipher Digital Edges HigherYahoo Finance — News · 17 Sept 2026 · EN
- TeraWulf Drops 4% on Profit Taking After a 44% YTD Run; Applied Digital Falls 3%, IREN Pulls BackYahoo Finance — News · 10 Sept 2026 · EN
- Here Are Tuesday’s Top Wall Street Analyst Research Calls: Amgen, Baidu, Best Buy, Circle Internet, Corning, Intel, Lockheed Martin SpaceX, TeraWulf and MoreYahoo Finance — News · 08 Sept 2026 · EN
- A TeraWulf Director Sold $2 Million After Its $19 Billion Anthropic Deal. Should Investors Care?Yahoo Finance — News · 03 Sept 2026 · EN
- IREN Climbs 4% as Co-CEO Says Debt and Prepayments Can Fund FY27 Capex, TeraWulf SlipsYahoo Finance — News · 31 Aug 2026 · EN
- TeraWulf CEO Paul Prager Sells 137,500 Shares for $2.3 MillionYahoo Finance — News · 31 Aug 2026 · EN
- TeraWulf Jumps 6% as NVIDIA’s Guidance Reignites the Compute Trade, Applied Digital Gains 5%Yahoo Finance — News · 27 Aug 2026 · EN
- Crypto Mining Stocks Rally as Bitcoin Hovers Around $80K: MARA Jumps 7%, TeraWulf and IREN Climb 5%Yahoo Finance — News · 25 Aug 2026 · EN
- Applied Digital vs. TeraWulf: Which AI Data Center Stock Is the Better Buy?Yahoo Finance — News · 23 Aug 2026 · EN
- TeraWulf Eyes $3.5 Billion for Anthropic-Leased Data CenterBloomberg Markets · 09 Jul 2026 · EN
SEC filings
- Current report23 Oct 2026Material agreement · Creation of a direct financial obligation
- Current report05 Oct 2026Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report06 Jul 2026Other events · Financial statements and exhibits
- Current report10 Jun 2026Shareholder vote
- Current report26 May 2026Other events · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report08 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement28 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / TeraWulf Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / TeraWulf Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / TeraWulf Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.