TeraWulf Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Bitcoin trades around the clock: each day is its close at midnight UTC, but Nov 12, 2026 is its price at 4:43 pm New York, when it was read; that day's close came after this page was drawn. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2024, Crypto Mining was 99% and Data Center Hosting was 1% of revenue; Crypto Mining rose from 89% in the fiscal year to Dec 2023.

Quarters: TeraWulf Inc.'s SEC filings, named by the month they end. Fiscal years: TeraWulf Inc.'s annual reports to the SEC.

How it makes money

The company loses $392.6 for every $100 of revenue. Operating expenses exceed all of gross profit.

Beyond ±100% the scale is logarithmic, so that Jun 2026's −2,100% and the quarters near zero both read. Circled: Sep 2025 (net −899.7%, operating −48.8%), Mar 2026 (net −1,257.3%, operating −476.7%), Jun 2026 (net −2,099.6%, operating −313.7%), Sep 2026 (net 931.3%, operating −115.7%). Net margin is usually about 38 points below operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: TeraWulf Inc.'s annual reports to the SEC; quarters: SEC filings.

Who pays for the build-out?

In the four quarters to Sep 2026, TeraWulf spent $2.8B on capital projects (data centers and equipment), while its operations used $267M. Interest was $54M in the latest quarter, 70.3% of revenue.

From TeraWulf Inc.'s SEC filings: operating cash flow and capital spending by quarter; debt at each quarter end; interest expense by quarter, the fourth quarter being the year minus nine months.

Customers and suppliers

Its 2 largest tenants named in the 10-K.

Since then its 8-K filings name Anthropic as a tenant (Nov 4, 2026), Alphabet as a partner (Nov 4, 2026).

Suppliers

Bitmain

C

Cayuga

NYDIG

S

Somerset

 

WULFTeraWulf

Customers

Foundry USA Pool

TeraWulf's 10-Q for the quarter to Sep 2025 gives one customer's share of its revenue: One Customer (100%).

From TeraWulf Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

AAbernathy Joint VentureDevelops and operates Abernathy HPC campus50.1% equity interest for $450.0 million as of December 31, 2025

Alphabet GOOGLinvested in TeraWulf · Provides lease backstop in exchange for warrantsWarrants for 73,580,000 common shares at $0.01 per share, issued in connection with 2025 leases

FFluidstack MemberJointly develops and operates Abernathy HPC campus

Alphabet GOOGLBackstops Anthropic’s data center lease obligations · 8-K, Nov 4, 2026

Changes since the previous annual report (10-K filed Mar 3, 2025)

CCayugaNamed for the first time, as a supplier

AAbernathy Joint VentureNamed for the first time, as a partner50.1% equity interest for $450.0 million as of December 31, 2025

Alphabet GOOGLNamed for the first time, as a partnerWarrants for 73,580,000 common shares at $0.01 per share, issued in connection with 2025 leases

FFluidstack MemberNamed for the first time, as a partner

FFluidstackNamed for the first time, as a tenant378 MW of critical IT load under August 2025 leases

Only the companies TeraWulf names in its 10-K filed Feb 27, 2026 (SEC) and in the 8-Ks it filed since, each with its date. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

EV/revenue of 53.4x, above the peer median of 12.4x.

EV/revenue above the peer median of 12.4x: pricier than its peers.

Its peers here are the other AI infrastructure companies on this site, a group kept by hand: Yahoo Finance's Capital Markets list is another business.

Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.

What analysts expect

The average analyst price target is $26.98, 107% above the current price; 96% of 24 analysts rate it a buy; earnings beat estimates in 1 of the last 4 quarters.

Buy or Strong Buy: 23 analysts (96%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $19.83 to $28.47 (+44%), while WULF went from $11.68 to $13.04 (+12%). In the past three months targets were raised once and cut 5 times. 1 upgrade and no downgrades over the year; the latest: Keefe, Bruyette & Woods moved it to Outperform from Market Perform on Dec 31, 2025.

The day after each of these reports the stock moved −9.5% (Dec 2025, missed); −2.7% (Mar 2026, missed); −6.7% (Jun 2026, missed); +22.8% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.20 a share, and revenue of $101M, up 183% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $898M, up 266% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $2.8B exceeds operating cash flow of −$300M, leaving free cash flow of −$3.1B. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 2.0, no pressure to repay short-term debt; shareholder equity is only 2% of assets, so debt-to-equity (36.8) says little; it has net debt and its operations used cash over the last four quarters.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 6 funds whose copy leaves WULF out (on the exchange, not in the app yet): Polen Capital Management, Canada Pension Plan Investment Board, Norges Bank, Bridgewater Associates, Swiss National Bank, Mirae Asset Global Investments.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 9 held WULF at the end of their latest quarter (for most, Q2 2026). Over that quarter 5 added shares, 2 cut, 2 bought new and 1 sold all. The largest of them is Lone Pine Capital, 24.14M shares worth $596M at Jun 30, 2026, 21.2% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of WULF at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $390K and sold $36.1M of WULF on the open market in the 12 months to Nov 13, 2026. 52% of the sales were made under 10b5-1 plans, set up in advance. The largest was Paul B. Prager (Chief Executive Officer; director), who sold $23.4M in 12 sales.

From the Form 4s filed with the SEC about TeraWulf Inc. (68 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 68 other transactions (grants, option exercises, shares sold to pay tax, gifts and other transfers).