TeraWulf Inc. (WULF) Stock Price & Analysis
TeraWulf Inc. (WULF) closed at USD 11.32 on Thursday, October 22, 2026, down 11.29% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 12.76; the Oct 22, 2026 session ranged USD 11.09–12.6 on volume of 50,087,085 shares. Market capitalization is $5.65B, with a 52-week range of USD 10.35–29.84 (NCM). Source: Nexqual, retrieved October 23, 2026 at 09:15 UTC.
Also available as compact Markdown for AI agents: nexqual.com/WULF.md
Key facts (WULF)
- Last four reported quarters (through Jun 30, 2026): revenue $165M, net income -$1.95B (-1179.9% margin) (SEC filings).
- 2 of 80 tracked superinvestors hold WULF (13F, Q2 2026): 0 new, 2 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 1.84 on a 1–5 scale) (25 analysts), mean target USD 32.67 (range 15–65).
- Total return with dividends: 1Y -12.1% vs S&P 500 +14.9%; 5Y -52.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD -0.36, revenue estimate $63.8M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (WULF)
| USD | FY2020 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $13.4M | $15.0M | $69.2M | $140M | $168M | $165M |
| Gross profit | $3.9M | $4.0M | $37.0M | $69.8M | $66.0M | — |
| Operating income | -$1.8M | -$43.7M | -$29.4M | -$76.2M | -$186M | -$414M |
| Net income | -$439K | -$90.8M | -$73.4M | -$72.4M | -$661M | -$1.95B |
| EPS (diluted) | -$0.22 | -$0.82 | -$0.35 | -$0.21 | -$1.66 | — |
| Free cash flow | -$549K | -$95.2M | -$70.9M | -$292M | -$1.18B | -$2.50B |
| Gross margin | 29.1% | 26.3% | 53.5% | 49.8% | 39.2% | — |
| Operating margin | -13.3% | -291.0% | -42.5% | -54.4% | -110.5% | -250.4% |
| Net margin | -3.3% | -603.9% | -106.1% | -51.7% | -392.6% | -1179.9% |
| Revenue growth | -23.8% | — | +360.5% | +102.3% | +20.3% | — |
| Cash + short-term investments | $3.7M | — | $54.4M | $274M | $3.27B | — |
| Total debt | — | $125M | $124M | $0K | $3.10B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (WULF)
P/S 34.2x · P/B 38.4x · FCF yield -44.34% · Earnings yield -34.51% · Buyback yield (TTM) 0.00%
Superinvestors (SEC 13F-HR, Q2 2026) (WULF)
2 of 80 tracked investors hold WULF. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Stephen Mandel | Lone Pine Capital | 3.65% | $596M | Added +21.2% |
| Polen Capital | Polen Capital Management | 0.12% | $13.9M | Added +429.4% |
Analysts (WULF)
Consensus Buy (mean 1.84 on a 1–5 scale), 25 analysts; mean target USD 32.67 (low 15, high 65).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Cantor Fitzgerald | Target lowered | Overweight | $37 → $30 |
| 2026-10-12 | Morgan Stanley | Target raised | Overweight | $62.5 → $65 |
| 2026-10-12 | TD Cowen | Initiated | Buy | $21 |
| 2026-09-23 | UBS | Initiated | Buy | $24 |
| 2026-09-21 | Rothschild & Co | Initiated | Neutral | $15 |
| 2026-09-17 | Wells Fargo | Initiated | Overweight | $30 |
| 2026-09-08 | Freedom Capital Markets | Initiated | Buy | $19 |
| 2026-08-28 | William Blair | Initiated | Outperform | |
| 2026-08-21 | Rosenblatt | Maintained | Buy | $30 |
| 2026-08-13 | Morgan Stanley | Target lowered | Overweight | $72 → $62.5 |
| 2026-08-06 | Rosenblatt | Maintained | Buy | $30 |
| 2026-08-05 | Chardan Capital | Maintained | Buy | $32 |
Total return (dividends reinvested) (WULF)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -12.1% | -52.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -12.2% | -13.9% |
| Volatility (annualized) | 93.0% | 120.7% |
| Max drawdown | -60.9% (Jun 2026→Oct 2026) | -98.4% (Nov 2021→Mar 2023) |
WULF suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Talen Energy Corp (TLN) | “In May 2021, the Company and a subsidiary of Talen Energy Corporation ("Talen") (each a "Member" and collectively the "Members") entered into the Nautilus Joint Venture ("Nautilus") to develop, construct and operate up to 300 MW of zero-carbon bitcoin mining in Pennsylvania which was subsequently amended in August 2022 (the "A&R Nautilus Agreement") and in March 2023 (the "Second A&R Nautilus Agreement").” |
| Partner | Alphabet (Google) (GOOGL) | “Management believes the Abernathy Joint Venture reflects the extension of the Company's commercial relationship with Fluidstack, supported by continued credit enhancement from Google, to an additional site.” |
| Partner | Nautilus Cryptomine | “To support operations, invest in our previously owned Nautilus joint venture, and purchase miners and other fixed assets, we have raised capital through both equity issuances and corporate-level debt.” |
Quoted from the company's 10-K filed Feb 27, 2026.
Companies that name WULF in their SEC reports
| Relationship to WULF | Company | Filing | Sentence |
|---|---|---|---|
| partner | Talen Energy Corp (TLN) | 10-K Feb 26, 2026 | “Nautilus Cryptomine LLC, a cryptocurrency project that was previously a joint venture between the Company and TeraWulf.” |
WULF customer concentration
In the period ended Dec 31, 2023, a single direct customer accounted for 10.9% of revenue, per the company's 10-K filed Feb 27, 2026. The company does not name it.
WULF company outlook (results filed Aug 5, 2026)
- “The first CB-4 data hall has entered commissioning, with phased delivery and rent commencement expected during the second half of 2026, while CB-5 remains targeted to begin phased delivery in early 2027.”
- “WULF Compute continues to progress within the Company's previously disclosed cost guidance of $8-10 million per critical IT MW. • Acquired the Muskie Data Campus in Eastern Kentucky and entered into electric service and related infrastructure agreements with Kentucky Power Company providing for up to 1 GW of contracted electric service.”
- “Subsequent to quarter-end, TeraWulf entered into a 20-year lease with Anthropic for approximately 401 MW of critical IT capacity, with initial delivery expected in the second half of 2027 and full delivery expected in early 2028.”
- “Electric service and related infrastructure agreements with Kentucky Power Company provide for up to 1 GW of contracted electric service, with initial service expected in the fourth quarter of 2028 and phased development thereafter.”
Quoted word-for-word from the SEC 8-K results press release.
WULF analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $-0.36 | $-0.15 | +142.2% | $63.8M | 3 |
| Next quarter (ends Dec 2026) | $-0.33 | $-0.01 | +3166.7% | $102.3M | 3 |
| Current fiscal year (ends Dec 2026) | $-0.56 | $-0.47 | +19.4% | $258.8M | 2 |
| Next fiscal year (ends Dec 2027) | $-0.67 | $0.20 | -442.4% | $892.5M | 5 |
WULF options: expected move
Options price a move of about ±19.5% (±$2.19) by Nov 6, 2026, which includes earnings on Nov 6, 2026; the earnings reaction alone is priced at about ±5.3%. Over the last 8 reports the stock moved ±13.9% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 120.3% | ±14.3% |
| Nov 6, 2026 | 14 | 120.6% | ±19.5% |
| Nov 13, 2026 | 21 | 115.7% | ±22.6% |
| Nov 20, 2026 | 28 | 111.0% | ±24.8% |
| Nov 27, 2026 | 35 | 102.3% | ±25.5% |
| Dec 4, 2026 | 42 | 101.6% | ±27.9% |
| Dec 18, 2026 | 56 | 103.6% | ±32.3% |
| Jan 15, 2027 | 84 | 98.5% | ±37.4% |
30-day implied volatility 110.1% vs 85.8% realized over the last 30 trading days. Put/call ratio (volume) 0.27. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:15 UTC)
| Price | USD 11.32 |
|---|---|
| Change | ▼ 11.29% (down) |
| Previous Close | USD 12.76 |
| Open | USD 12.38 |
| Day Range | USD 11.09 – 12.6 |
| 52-Week Range | USD 10.35 – 29.84 |
| Volume | 50,087,085 shares |
| Market Cap | $5.65B |
| Exchange | NCM |
Technical Analysis (WULF)
Nexqual's technical model rates WULF "SELL" based on 1 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 09:15 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 35.29 (neutral) |
| vs SMA50 | Below (USD 15.18) |
| MACD | -1.11 (negative) |
Analyst Ratings (WULF)
Wall Street analysts rate WULF "Buy" based on 25 analysts, with a mean price target of USD 32.67 (range USD 15–65), per Nexqual as of October 23, 2026 at 09:15 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 25 |
| Mean Target | USD 32.67 |
| High Target | USD 65 |
| Low Target | USD 15 |
| Buy / Hold / Sell | 24 / 1 / 0 |
Earnings (WULF)
| Next Earnings Date | 2026-11-06 |
|---|---|
| EPS Estimate | USD -0.36 |
| Revenue Estimate | $63.80M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.33 vs est -0.27 ▼ miss |
| 2026-03-31 | USD -0.2 vs est -0.19 ▼ miss |
| 2025-12-31 | USD -0.27 vs est -0.16 ▼ miss |
| 2025-09-30 | USD -0.04 vs est -0.05 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:15 UTC.
Financials & Fundamentals (WULF)
| Total Revenue | $165.19M |
|---|---|
| Revenue Growth (latest quarter, YoY) | -6.00% |
| Gross Margin | +69.26% |
| Operating Margin | -307.04% |
| Profit Margin | +0.00% |
| ROE | -1211.81% |
| Debt / Equity | 35.5 |
| Current Ratio | 0.75 |
| Total Cash | $2.62B |
| Total Debt | $5.24B |
Source: Nexqual, October 23, 2026 at 09:15 UTC.
Financial Health Score (WULF)
Nexqual rates TeraWulf Inc.'s overall financial health "Weak" across five dimensions, as of October 23, 2026 at 09:15 UTC.
| Growth | Strong — Revenue +20% YoY (annual) |
|---|---|
| Profitability | Critical — Net margin -393% (last 12 months); banks have no gross margin |
| Balance Sheet | N/A — Not comparable for banks: deposits and customer funds sit on the balance sheet, so cash vs debt does not measure safety (SEC industry: Finance Services) |
| Cash Flow | N/A — Not meaningful for banks and lenders: lending and trading move operating cash flow by billions each year (SEC industry: Finance Services) |
| Efficiency | Critical — ROE -1212%, ROA -4.8% |
Ownership (WULF)
| Insider Ownership | +23.01% |
|---|---|
| Institutional Ownership | +88.09% |
| Shares Outstanding | 498.97M |
| Float | 383.38M |
| Short % of Float | +28.13% |
Source: Nexqual, October 23, 2026 at 09:15 UTC.
Leadership (WULF)
TeraWulf Inc. is led by Paul B. Prager, Co-Founder, Chairman & CEO, per Nexqual as of October 23, 2026 at 09:15 UTC.
| Co-Founder, Chairman & CEO | Paul B. Prager |
|---|---|
| Co-Founder, CTO & Executive Director | Nazar M. Khan |
| Chief Financial Officer | Patrick A. Fleury |
| Chief Strategy Officer & Executive Director | Kerri M. Langlais |
| Chief Operating Officer | Sean Farrell |
Major Backers & Investors (WULF)
Notable institutional backers of TeraWulf Inc. include Lone Pine Capital, FMR, LLC, Value Aligned Research Advisors, LLC , according to Nexqual as of October 23, 2026 at 09:15 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Lone Pine Capital | 4.84% |
| FMR, LLC | 2.89% |
| Value Aligned Research Advisors, LLC | 2.46% |
| Morgan Stanley | 2.38% |
| Two Sigma Investments, LP | 2.3% |
| Scoggin Management, LP | 1.57% |
| AIM Counselor Series TRT -Invesco Discovery Fd. | 1.04% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 8.06% |
| BlackRock | 4.69% |
| Geode Capital | 1.59% |
Source: Nexqual, October 23, 2026 at 09:15 UTC.
From TeraWulf Inc.'s Latest SEC 10-K Filing (filed 2026-02-27)
Key Strengths & Strategy (as disclosed to the SEC)
- We are a vertically integrated owner, developer, and operator of large-scale digital infrastructure in the United States, purpose-built to support high-performance computing ("HPC") workloads, including artificial intelligence ("AI"), machine learning, and advanced cloud applications.
- Our platform is differentiated by long-term control of utility-scale infrastructure, deep in-house power and grid expertise, and a scalable development model supported by long-term, credit-enhanced customer contracts.
- Our approach is differentiated by: •Infrastructure Control and Vertical Integration – We retain majority ownership and direct operational control over core infrastructure assets, including land positions (through ownership or long‑term ground leases), interconnection rights, electrical systems, cooling infrastructure, and, where applicable, on‑site generation.
- Our infrastructure is designed to support high-load-factor operations and mission-critical compute, while maintaining flexibility to integrate grid-supplied power and, where appropriate, on-site dispatchable resources.
Partnerships
- Of the campus's total power needs, 90 MW is allocated under an agreement with the New York Power Authority ("NYPA") executed in February 2022, providing high-load factor power under a ten-year term commencing with NYPA's initial power delivery.
Legal & Regulatory Risks (Item 1A, quoted)
- We are subject to a highly-evolving regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our business, reputation, prospects or operations.
- Our bitcoin mining and HPC data center operations require a substantial amount of power and can only be successful, and ultimately profitable, if the costs we incur, including for electricity, are lower than the revenue we generate from our operations.
- The compliance costs of responding to new and changing regulations could adversely affect our operations.
- Our interactions with a blockchain may expose us to specially designated nationals ("SDN") or blocked persons and new legislation or regulation could adversely impact our business or the market for cryptocurrencies.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
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| MKTX | MarketAxess Holdings, Inc. | USD 164.66 | ▲ 0.24% |
| FIGR | Figure Technology Solutions, In | USD 24.04 | ▼ 5.21% |
| BGC | BGC Group, Inc. | USD 11.89 | ▲ 0.51% |
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Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:15 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt