# TeraWulf Inc. (WULF)

> Source: Nexqual · https://nexqual.com/WULF · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, TeraWulf Inc. (WULF), nexqual.com/WULF" · informational, not investment advice.

**Price:** USD 11.32 (-11.29% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 12.76 · day 11.09–12.6 · 52w 10.35–29.84 · market cap $5.65B · NCM

## Key facts
- 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.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $21.9M; 4 not under a Rule 10b5-1 plan ($7.5M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $190K; 0 by opportunistic insiders, 0 by routine insiders.
- 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)
| 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)
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)
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% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-08 | Motz Catherine J. | Director | 56,023 | $998K | 26.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-31 | Carter Walter E. | Director | 130,626 | $2.0M | 36.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-27 | Prager Paul B. | Chief Executive Officer | 137,500 | $2.3M | 0.3% | Yes (adopted December 23, 2025) | Too little history (no open-market trades in 2024 or 2025) |
| 2026-06-29 | Prager Paul B. | Chief Executive Officer | 137,500 | $3.7M | 0.3% | Yes | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-26…2026-05-27 | Prager Paul B. | Chief Executive Officer | 333,300 | $8.4M | 0.8% | Yes | Too little history (no open-market trades in 2024 or 2025) |
| 2026-04-27…2026-04-28 | Prager Paul B. | Chief Executive Officer | 216,700 | $4.5M | 0.5% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-04-24 | Khan Nazar M. | Chief Technology Officer | 452,152 | $0K | 1.7% | No | Too little history (no open-market trades in 2024 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $190K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-15 | Bucella Michael C. | Director | 6,085 | $90K | 14.79 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-14…2026-08-17 | Bucella Michael C. | Director | 5,883 | $100K | 16.99 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
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)
|  | 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) |

## Peers (Capital Markets)
SNEX (StoneX Group Inc.) USD 57.3 -0.23% · PJT (PJT Partners Inc.) USD 142.85 +4.77% · 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% · RIOT (Riot Platforms, Inc.) USD 12.89 -8.06%

## More
Full page: https://nexqual.com/WULF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WULF's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1083301/000108330126000031/wulf-20251231.htm):

| 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 t…" |
| 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." |

Other companies that name WULF in their own reports (relationship from WULF's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Talen Energy Corp (TLN) | 10-K 2026-02-26 | "Nautilus Cryptomine LLC, a cryptocurrency project that was previously a joint venture between the Company and TeraWulf." |

## Customer concentration

Period ended 2023-12-31: 10.9% of revenue from unnamed direct customers (10-K, filed 2026-02-27).

## Company outlook (8-K filed 2026-08-05)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.36 | $-0.15 | +142.2% | $63.8M | 3 |
| Next quarter (ends 2026-12-31) | $-0.33 | $-0.01 | +3166.7% | $102.3M | 3 |
| Current fiscal year (ends 2026-12-31) | $-0.56 | $-0.47 | +19.4% | $258.8M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.67 | $0.20 | -442.4% | $892.5M | 5 |