TeraWulf Inc. (WULF) is a Financials stock trading at $16.36 (as of 2026-08-20), with a market capitalization of $8.11B. 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 operates bitcoin mining facility sites in the United States, making money from (1) contracted hosting and capacity arrangements tied to high-performance computing leases and joint venture agreements, and (2) bitcoin mining where it retains a net share of mined bitcoin.
The company’s profit model is driven by converting mining-site capacity into long-term contracted revenue (hosting and joint venture contract value), with an additional lever from how much bitcoin it self-mines and keeps as its net share.
Business quality (Weak): Strong gross margin shown, but operating results are deeply negative, and the provided revenue figure is shown as 0.0B while multiple contracted revenue and operating activity metrics are provided. A clean, reportable segment revenue breakdown is not available from the facts provided.
Bull case
Contracted capacity and hosting relationships appear central: Provided contracted revenue items include Akela Ten-Year Fluidstack Leases Contracted Revenue (6.7B) and Core42 Contracted Revenue (1.1B), plus Joint Venture Contract Value (9.5B).
Some capacity is already producing hosting revenue at Core42: Critical High-Performance Computing Capacity Energized and Generating Revenue (Core42 at Lake Mariner) is listed as 60.0.
The self-mining portion is producing bitcoin: Bitcoin Mined (Lake Mariner - Self-Mined) is listed as 377.0, and Nautilus Net Share of Bitcoin Mined is listed as 113.0.
Bear case
Operating profitability is sharply negative: Operating margin is listed as -476.7 for the latest reported period (2026-03-31).
Revenue presentation may be inconsistent with other figures: Total revenue is shown as 0.0B, while multiple contracted revenue and operational activity metrics are provided, which can make quarter-to-quarter interpretation harder for investors.
Execution risk in ramping capacity to revenue: Capacity-related KPIs include large capacity figures (for example, Operational Capacity (Megawatts) 245.0), but only some capacity is shown as energized and generating revenue (for example, 60.0 at Core42), implying ramping and conversion timing matter.