TeraWulf
Builds power-backed data campuses for AI computing while continuing to mine bitcoin.
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Profile
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
Categories
Key statistics
Year to date +20.6% · Average volume (30d) 31.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 28, 2026 | William Blair | Initiate | Outperform | ||
| Jul 26, 2026 | Chardan Capital | Target | $32 | ||
| Jul 15, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $30 | $37 |
| Jul 8, 2026 | Morgan Stanley | Reiterate | Overweight | $66.50 | $72 |
| Jul 7, 2026 | Needham | Reiterate | Buy | $28 | $33 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | −$0.24 | −$1.94 | −696.2% | $46.0M | $44.8M | −2.7% | −4.29% |
| May 8, 2026Q1 FY26 | −$0.19 | −$0.44 | −130.5% | $34.7M | $34.0M | −2.0% | −0.09% |
| Feb 26, 2026Q4 FY25 | −$0.13 | −$0.28 | −115.4% | $44.6M | $35.9M | −19.4% | −9.28% |
| Nov 10, 2025Q3 FY25 | −$0.04 | −$0.07 | −60.4% | $53.0M | $50.6M | −4.6% | −13.50% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $34.4M | $47.6M | $50.6M | $35.8M | $34.0M | $44.8M | |
| Gross profit | $9.9M | $25.5M | $33.5M | $16.9M | $31.7M | $32.4M | |
| Operating income | −$59.6M | −$10.2M | −$13.9M | −$86.6M | −$136.4M | −$140.5M | |
| Net income | −$61.4M | −$18.4M | −$455.1M | −$126.6M | −$427.6M | −$939.9M | |
| Diluted EPS | −$0.16 | −$0.05 | −$1.13 | −$0.32 | −$1.01 | −$1.94 | |
| Gross margin | 28.6% | 53.6% | 66.1% | 47.3% | 93.1% | 72.3% | |
| Operating margin | -173.3% | -21.3% | -27.5% | -241.8% | -401.2% | -313.7% |
Fiscal years (4-quarter sums)FY21 $8.5M · FY22 $15.0M · FY23 $69.9M · FY24 $140.1M · FY25 $168.5M
Revenue by product · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $2.62B · Total debt $5.24B · Total assets $8.05B · Shareholders' equity $147.3M
Dividends
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Dec 14, 2021 | Dec 14 | $5.00 | special dividend |
Ownership
Shares outstanding 495.53M · Float 383.08M · 77.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Bank of Nova Scotia | 39.82M | 7.70% | 13G | Jul 15, 2026 |
| Morgan Stanley | 30.39M | 6.10% | 13G | Aug 13, 2026 |
| Citadel Securities GP LLC | 29.09M | 5.90% | 13G | May 27, 2026 |
| Jane Street Group, LLC | 27.75M | 5.80% | 13G | May 4, 2026 |
| Lone Pine Capital LLC | 24.14M | 4.87% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| 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 |
| Aug 14, 2026 | Michael C. Bucella | director | +3,023 | $16.54 |
| Jun 29, 2026 | Paul B. Prager | director, officer: Chief Executive Officer | −137,500 | $26.60 |
| May 27, 2026 | Paul B. Prager | director, officer: Chief Executive Officer | −166,650 | $25.92 |
Peers
- Core Scientific
First mover in BTC-miner-to-hyperscale-AI-colocation; 500 MW under conversion.
- IREN
Top-5 BTC miner on 100% renewables, aggressively pivoting to AI Cloud.
- Applied Digital
Former crypto host building AI factory campuses; $5B Macquarie-backed.
- MARA
Largest US public Bitcoin miner (66 EH/s), pivoting to energy-dominant AI/HPC.
- Hut 8
$7B Fluidstack/Google River Bend AI lease; 8,500 MW pipeline; BTC via ABTC sub.
- Cipher Digital
Mid-tier BTC miner; $5.5B AWS lease and $3B Fluidstack/Google AI hosting deal.
- CleanSpark
Pure-play US Bitcoin miner at 50 EH/s, now entering AI data-center buildout.
- Riot Platforms
Large Texas Bitcoin miner with 50 MW AMD data-center deal at Corsicana campus.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| TeraWulf | $15.43 | +0.42% | $7.61B | — | — | 46.0 | −6.0% |
| Core Scientific | $16.58 | +0.28% | $5.31B | — | 312.6 | 12.0 | +108.8% |
| IREN | $35.60 | +0.46% | $12.65B | — | — | 16.7 | −26.8% |
| Applied Digital | $25.52 | +0.61% | $7.29B | — | — | 12.7 | +580.7% |
| MARA | $10.68 | +0.19% | $4.07B | — | — | 5.1 | −26.7% |
| Hut 8 | $79.75 | +0.41% | $8.94B | — | — | 30.8 | +81.4% |
| Cipher Digital | $15.18 | +0.06% | $6.21B | — | — | 32.5 | −43.0% |
| CleanSpark | $11.65 | −0.08% | $2.99B | — | — | 4.4 | −30.5% |
| Riot Platforms | $18.96 | −0.16% | $7.18B | — | — | 10.6 | +13.9% |
| Median | — | 312.6 | 12.4 | −6.4% |