TeraWulf
WULFVertically integrated digital infrastructure firm offering compute hosting
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Tokenized Assets
| Ticker | Exchange | Price | 24H | Spread | Liquidity ±2% | 24H Volume | OI | Funding | Max Leverage | Fees |
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Fundraising
| Round | Amount | Valuation | Date | Source | Investor |
|---|---|---|---|---|---|
| -- | $ 32M | -- | Feb 2, 2023 | -- | -- |
| -- | $ 10M | -- | Dec 12, 2022 | -- | -- |
| -- | $ 17M | -- | Sep 2022 | -- | -- |
| Debt Financing | $ 200M | -- | Dec 2, 2021 | -- | -- |
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About TeraWulf
TeraWulf (NASDAQ: WULF) is a Bitcoin mining company transitioning into an AI data center operator. Its core business now centers on leasing high-performance computing (HPC) capacity, which generated $31.9 million in Q2 2026, about 71% of total revenue, while Bitcoin mining contributed $13 million. The company's key competitive edge lies in securing low-cost power and developing large-scale infrastructure, such as the 102 MW Lake Mariner facility and the 401 MW Justified campus leased to Anthropic for 20 years.
The market pain point TeraWulf addresses is the volatility and declining profitability of Bitcoin mining, coupled with the surging demand for AI compute. By pivoting to HPC leasing, it offers stable, long-term revenue streams. However, the transition is capital-intensive: the company posted a net loss of $427 million in Q2 2026, driven by a $755.6 million warrant valuation charge, while adjusted EBITDA turned negative. Cash and restricted cash stood at $3 billion.
Over the past six months (Feb-Aug 2026), TeraWulf signed a landmark 20-year lease with Anthropic, sold its 50.1% stake in the Abernathy JV to Fluidstack, and received regulatory approval for 482 MW in Kentucky. Despite these wins, the company faces execution risks: rising interest expenses, negative operating cash flow, and delays in new capacity deliveries. Its forward guidance reiterates 250-500 MW of annual IT capacity signings and $8-10 million per MW build costs, but provides no revenue or profit forecast.
TeraWulf (NASDAQ: WULF) began as a Bitcoin miner and has pivoted into AI infrastructure. In 2025, it reported full-year revenue of $168.5 million, with Q4 missing expectations. Through 2025, it raised capital multiple times: a $900 million private placement (expanded from an initial $900 million), a $1.025 billion convertible preferred note issuance, and a $1.035 billion equity fundraising. In Q3 2025, revenue surged 87%, with operations shifting toward AI. In Q1 2026, HPC revenue surpassed Bitcoin mining for the first time, though the company posted a net loss of $427 million. TeraWulf then announced plans to raise $3.5 billion to build a data center leased by Anthropic, marking its entry into the leveraged loan market. These milestones reflect its strategic transition from pure Bitcoin mining to AI-focused infrastructure.
TeraWulf's Q2 2026 revenue was $44.8M, down ~6% YoY, with HPC lease revenue accounting for 71%. GAAP net loss widened to $940.8M, driven by warrant fair value changes, higher interest expense, and stock-based compensation. Adjusted EBITDA turned negative at -$18.3M. The company is transitioning to contracted HPC revenue, but profitability remains elusive amid rising costs and capital intensity.
Paul Prager (Co-Founder, Chairman & CEO): Since Feb 2021, he has led TeraWulf. A U.S. Naval Academy graduate, he founded Beowulf Electricity & Data Inc. in 1990, with expertise in power generation, infrastructure, commodity trading, and shipping.
Amanda Fabiano (Board Member): Since Jan 2024, she serves on the board. She is COO of Nakamoto Holdings, co-founder of Second Gate Advisory, and previously held roles as Head of Mining at Galaxy Digital and Director of Bitcoin Mining at Fidelity. She holds a bachelor's degree from UMass.