TeraWulf Inc. (WULF)

TeraWulf's stock has experienced significant events in the past six months. The stock demonstrated remarkable momentum, delivering a 283% return over the six months leading up to September 2025. Analysts have shown optimism, with price targets ranging from $6.50 to $15.00 per share, and the stock trading near its 52-week high of $11.53 as of September 2025. The company's third-quarter 2025 results showed an 87% year-over-year revenue surge to $50.6 million, largely driven by initial HPC lease revenue. A major catalyst has been the strategic pivot into High-Performance Computing (HPC) hosting, highlighted by a 10-year hyperscale lease with Fluidstack, backed by Google, announced in Q2 2025, representing approximately $6.7 billion in contracted revenue. The stock price increased by 151.92% from January 13, 2025 ($5.20/share) to January 9, 2026 ($13.10/share). More recently, an analyst upgrade in January 2026 was tied to its HPC shift and a Texas financing milestone. However, the stock also experienced a softer patch, with a 30-day share price decline of 8.58% and a 90-day decline of 15.27% as of January 12, 2026. The stock's market perception remains closely tied to Bitcoin price swings, as seen with a rally on January 13, 2026, after Bitcoin moved above $92,000. Conversely, the stock traded down by 5.8% on January 6, 2026. On November 18, 2025, TeraWulf's stock traded up by 8.82% following positive sentiment around its joint venture with Fluidstack and AI computing facility development.

Demand seasonality for TeraWulf's Bitcoin mining operations is influenced by factors affecting electricity costs and hardware efficiency. Bitcoin network hashrate growth often stalls or dips during summer months due to increased cooling demands and higher electricity rates. TeraWulf actively participates in demand response programs, curtailing operations during peak demand periods to reduce power costs and support grid stability. TeraWulf's strategic pivot towards HPC and AI hosting is intended to reduce its reliance on the volatile price of Bitcoin and capitalize on the robust, medium- and long-term demand for high-density, energy-efficient digital infrastructure, which is generally less seasonal than pure Bitcoin mining.

TeraWulf, Inc. is a digital asset technology company focused on Bitcoin mining and high-performance computing (HPC) in the United States, emphasizing environmentally sustainable operations using zero-carbon energy sources. The company operates in the Information Technology sector, specifically within the Software industry or Data Processing Services/Technology Services, and the Blockchain & Cryptocurrency sector. TeraWulf's business model has evolved from a primary focus on proprietary Bitcoin mining to a dual-segment approach that includes HPC hosting services. The company's major products and services include self-mining Bitcoin, providing miner hosting services to third parties, and offering HPC hosting for GPU-based workloads, artificial intelligence (AI), machine learning, and cloud computing applications. This strategic pivot aims to leverage its low-cost power capacity for both blockchain and data-intensive AI workloads.

TeraWulf, Inc. is headquartered in Easton, Maryland, United States. The company's primary operating facilities are located in the United States, including the wholly-owned Lake Mariner facility in Western New York, which utilizes hydro-powered energy. Previously, TeraWulf also had a stake in the Nautilus Cryptomine facility in Pennsylvania, a joint venture co-located next to a nuclear power generating station; however, the company announced the sale of its 25% equity interest in this joint venture in October 2024.

TeraWulf's brand reputation has been shaped by both positive developments and significant controversies. The company has been recognized for its strategic transition to HPC and AI infrastructure, its partnerships with companies like Fluidstack (backed by Google), and its commitment to utilizing zero-carbon energy sources. However, TeraWulf has also faced reputational challenges, including allegations of falsely branding itself as a "zero-carbon Bitcoin miner" and investigations into claims of securities fraud and unlawful business practices. Further allegations of misleading green energy claims continued to spark doubts about TeraWulf's image. Allegations that the company was a "charade to enrich insiders" and focused on selling stock rather than building a legitimate crypto mining operation, also noting internal control issues and a restatement of 2023 financial results. These ongoing legal probes have placed TeraWulf under scrutiny regarding company governance and potential investor deception.

TeraWulf, Inc. has a mixed ownership structure comprising institutional, individual, and retail investors. Institutional investors hold a significant portion, with 496 to 503 institutional owners holding a total of 300 to 301 million shares, representing between 56.7% and 72.5% of the company. Major institutional shareholders include BlackRock, Inc., Vanguard Group Inc, Susquehanna International Group, Llp, D. E. Shaw & Co., Inc., Nomura Holdings Inc, Citadel Advisors Llc, Jane Street Group, Llc, VTSMX - Vanguard Total Stock Market Index Fund Investor Shares, Driehaus Capital Management Llc, and Morgan Stanley. Individual insiders hold approximately 14.1% of the shares. Co-founder and CEO Paul B. Prager is the largest individual shareholder, owning 9.64% (40.37 million shares), while co-founder and CTO Nazar M. Khan owns 6.22% (26.03 million shares). Insider trading activity in the past three months (as of December 2025) shows that insiders have bought more shares than they have sold. Retail investors hold approximately 16.4% to 18.01% of the shares.