TeraWulf (WULF)
Builds power-backed data campuses for AI computing while continuing to mine bitcoin.
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Builds and operates U.S. data campuses for AI and high-performance computing, earning mostly lease revenue from space, power, security and maintenance while retaining a smaller bitcoin-mining business. Its model pairs controlled power infrastructure with phased construction under long-term customer contracts.
Develops, owns and operates power-backed data campuses for artificial intelligence and high-performance computing, while continuing to mine bitcoin at Lake Mariner in New York. HPC Leasing earns rent and fees for power delivery, security and maintenance; Digital Asset Mining contributes hash computation to a pool and receives bitcoin.
Controls land, grid connections, electrical systems and cooling infrastructure, then adds capacity in phases against long-term leases. Lake Mariner is the operating anchor for Core42 and Fluidstack deployments. The leased Justified site and power-backed Muskie campus in Kentucky extend the platform, with additional sites pursued in New York and Maryland.
Recent revenue comes mostly from HPC leasing. Growth depends on large power commitments, construction financing and delivery, regulatory approvals, and a concentrated customer base.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | Redburn Partners | Target | Target: — | Target: $15 |
| Sep 17, 2026 | Wells Fargo | Initiate | Rating: —Target: — | Target: $30 |
| Aug 28, 2026 | William Blair | Initiate | Rating: — | |
| Jul 26, 2026 | Chardan Capital | Target | Target: — | Target: $32 |
| Jul 15, 2026 | Cantor Fitzgerald | Reiterate | Rating: —Target: $30 | Target: $37 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $2.62B · Total debt $5.24B · Total assets $8.05B · Shareholders' equity $147.3M
- Revenue
- $44.8M
- Operating income
- −$140.5M
- Net income
- −$939.9M
| Institutions | ≈ 76.66% | 382.52M shares | |
|---|---|---|---|
| 578 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 9.03% | 45.05M shares | |
| 11 holders · as of Sep 16, 2026 | |||
| Strategic holders | 5.83% | 29.09M shares | |
| 1 holder · as of May 27, 2026 | |||
| Other | ≈ 8.48% | 42.31M shares | |
| remainder | |||
498.97M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Paul B. Prager1Insiderdirector, officer: Chief Executive Officer | 8.49% | 43.36M | filed Aug 28, 2026 |
Bank of Nova ScotiaInstitution | 7.98% | 39.82M | filed Jul 15, 2026 |
Citadel Securities GP LLCStrategic | 5.83% | 29.09M | filed May 27, 2026 |
Lone Pine Capital LLCInstitution | 4.84% | 24.14M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 4.69% | 23.39M | as of Jun 30, 2026 |
- Paul B. Prager's transaction reports restate only vehicles that traded; the 2025 ownership statement (43.36M) less the 1.02M net shares sold since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 15, 2026 | Michael C. Bucella | director | +6,085 | $14.79 |
| Sep 8, 2026 | Catherine J. Motz | director | −56,023 | $17.81 |
| Aug 31, 2026 | Walter E. Carter | director | −130,626 | $15.14 |
| Aug 27, 2026 | Paul B. Prager | director, officer: Chief Executive Officer | −137,500 | $17.06 |
| Aug 17, 2026 | Michael C. Bucella | director | +2,860 | $17.47 |
- Core Scientific
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- IREN
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- Applied Digital
Former crypto host building AI factory campuses; $5B Macquarie-backed.
- MARA
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- Hut 8
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- Cipher Digital
Mid-tier BTC miner; $5.5B AWS lease and $3B Fluidstack/Google AI hosting deal.
- CleanSpark
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- Riot Platforms
Large Texas Bitcoin miner with 50 MW AMD data-center deal at Corsicana campus.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| TeraWulf | $17.57 | +0.69% | $8.65B | — | — | 52.3 | −6.0% |
| Core Scientific | $18.51 | +0.82% | $5.90B | — | 805.0 | 13.4 | +108.8% |
| IREN | $48.21 | +2.06% | $16.85B | — | — | 23.8 | −26.8% |
| Applied Digital | $28.83 | +2.27% | $8.12B | — | — | 14.1 | +580.7% |
| MARA | $13.34 | +0.41% | $5.06B | — | — | 6.3 | −26.7% |
| Hut 8 | $106.78 | +3.25% | $11.64B | — | — | — | +81.4% |
| Cipher Digital | $18.95 | +0.26% | $7.73B | — | — | 40.5 | −43.0% |
| CleanSpark | $14.64 | −0.81% | $3.79B | — | — | 5.6 | −30.5% |
| Riot Platforms | $24.46 | +1.16% | $9.14B | — | — | 13.6 | +13.9% |
| Median | — | 805.0 | 13.6 | −6.4% |