TeraWulf Inc. (WULF) is a Financials stock trading at $14.49 (as of 2026-09-15), with a market capitalization of $7.18B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.
TeraWulf Inc. is a digital asset technology company that develops, owns, and operates bitcoin mining facility sites. It operates two mining sites in New York and Pennsylvania, supporting bitcoin mining activities.
Understand TeraWulf Inc.: how it makes money
TeraWulf builds and operates data center facilities in New York and Pennsylvania, leasing power infrastructure to AI and computing tenants while still running a small bitcoin mining operation. The business is pivoting from variable mining rewards toward long-term fixed-fee leases, with contracted pipeline revenue now far exceeding current quarterly revenue.
The profit model converts owned, grid-connected electric capacity into long-term fixed-fee leases, where secured power access replaces hash-rate competition as the core value driver.
Revenue by segment (latest quarter)
HPC Lease
$0.0B
Digital Asset
$0.0B
Business quality (Unprofitable): Pre-revenue infrastructure developer in transition: operating margin is negative 477%, quarterly revenue is immaterial, but a $19 billion contracted lease base and 510 MW of contracted HPC load give the pipeline real forward visibility.
Bull case
Anthropic lease locks in multi-decade revenue: The Anthropic lease adds approximately $19 billion of contracted revenue over 20 years (latest_call), transforming TeraWulf from a speculative developer into a company with a visible, long-duration income stream.
Utility-backed power is the moat: The Muskie site has a utility-supported pathway for one gigawatt of electric service (latest_call), and management reaffirmed annual contracting targets of 250 to 500 megawatts (latest_call). In a market where grid interconnection is the binding constraint, owning that pathway is the durable competitive advantage.
Bear case
Cash burn persists well into the future: Adjusted EBITDA remained negative $18.3 million amid pre-revenue operating and development costs (latest_call), and the HPC lease segment generated only $20 million in quarterly revenue against that burn. Investors are funding a multi-year construction program with no near-term cash flow offset.
Unit economics are deteriorating: Project costs rose to $9.1 million per megawatt from $8.6 million financed previously (latest_call), meaning each incremental megawatt is more expensive to build than the prior vintages. With remaining Wolf Compute expenditures totaling approximately $1.7 billion (latest_call), cost overruns would pressure the cash flow timeline materially.
Execution risk across a large buildout: Management flagged that electrical labor remains constrained and required scaling toward 1,000 electricians (latest_call). Delivering 510 MW of contracted HPC load on schedule depends on a skilled-labor market that is already tight, adding schedule and cost risk to the contracted pipeline.