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Cloud ComputingPublic

TeraWulf

Ticker
WULF
Beat
datacenters
Size
Public Company
Revenue
$44.8M
as of Jun 2026
Cash
$2.6B
as of Jun 2026
Burn
$992M/qtr
as of Jun 2026
Runway
~3 qtr at this rate
as of Jun 2026
Researched · Fresh
2 days ago

TeraWulf is now an Anthropic landlord, not a Fluidstack one — roughly nine-tenths of its ~839 contracted MW very probably ends at one AI lab — and the stock fell 44% since June while the contracted book grew (~606 → ~839 MW; roughly $12.8B → ~$22B of lease revenue, with Abernathy sold and Anthropic added); the equity now turns on one unproven step, project-financing a $4.0–4.5B Kentucky build behind a still-unnamed credit without new shares, as management promises, while adjusted EBITDA is still

Orbit · who it trades with and competes with
1 on the rings · 0 trade · 1 rival
1 mentions across our dossiers
Focus · Datacenters
TeraWulf
WULF · public
No published house view
Competes with
Next prints in its web
Links · 1 company · 0 trade · 1 rival
“- New competitor names the 10-K now lists: Digital Realty, Equinix, plus IREN, Cipher, TeraWulf, Hut 8, Riot, CleanSpark, HIVE, Core Scientific, Bitdeer, Galaxy Digital, Fermi Inc., Keel Infrastructure, MARA.”Applied Digital · RIVAL · from Applied Digital’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

WULF · weekly close
11.37 USD−3.1%
Friday 6 Nov 2026 · last 52 Fridays 10.99–28.98
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 128,133,970 sh · 3.36 days to cover, FINRA · settled 15 Oct 2026
  2. Insiders bought, 90 days: 678,244 sh · 5 filings, Form 4 · 30 Sept 2026
  3. Next print: in 103 days, Scheduled · 22 Feb 2027, scheduled
11.37USD-3.1%datacenters -12.3%WULF · 110 weekly closes to 2026-11-06

Who is buying

Insiders bought, last 90 daysSEC Form 4 · newest 30 Sept 2026
5 filings · 678,244 shares
Shares sold shortFINRA · settled 15 Oct 2026
128,133,970 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
3.36
see the whole series
Financials

The reported figures

Revenue · quarterly
$44.8M
latest, Q2 ’26 · 8 periods stored
Filed · primary
Q2 ’26
$44.8M USD
as of 30 Jun 2026 · fiscal FY2026-Q2
Source: 10-q-2026-q2
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
TeraWulf, quarterly figures held, Q3 ’24 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashNet debtShares outstandingGradingSource
Q3 ’2430 Sept 2024$27.1M USD-58.1% share of revenue-$41.7M USD$20.7M USD$23.9M USD-$23.9M USD—Filed · primary10-q-2024-q3
Q4 ’2431 Dec 2024$35.0M USD—-$196M USD$154M USD$274M USD$213M USD385.7M sharesFiled · primary10-k-2024-q4
Q1 ’2531 Mar 2025$34.4M USD—-$37.2M USD$93.7M USD$218M USD$270M USD—Filed · primary10-q-2025-q1
Q2 ’2530 Jun 2025$47.6M USD-32.7% share of revenue-$175M USD$120M USD$90.0M USD$399M USD—Filed · primary10-q-2025-q2
Q3 ’2530 Sept 2025$50.6M USD-48.8% share of revenue-$268M USD$232M USD$711M USD$349M USD—Filed · primary10-q-2025-q3
Q4 ’2531 Dec 2025$35.8M USD—-$703M USD$615M USD$3.3B USD$1.9B USD420.1M sharesFiled · primary10-k-2025-q4
Q1 ’2631 Mar 2026$34.0M USD—-$541M USD$523M USD$2.6B USD$2.7B USD425.1M sharesFiled · primary10-q-2026-q1
Q2 ’2630 Jun 2026$44.8M USD—-$992M USD$856M USD$2.6B USD$2.6B USD498.9M sharesFiled · primary10-q-2026-q2

TeraWulf’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’24 – Q2 ’26
$44.8M-6.0% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’24: $27.1M, as of Sep 2024Revenue Q4 ’24: $35.0M, as of Dec 2024 (Q4 worked out from the annual total)Revenue Q1 ’25: $34.4M, as of Mar 2025Revenue Q2 ’25: $47.6M, as of Jun 2025Revenue Q3 ’25: $50.6M, as of Sep 2025Revenue Q4 ’25: $35.8M, as of Dec 2025 (Q4 worked out from the annual total)Revenue Q1 ’26: $34.0M, as of Mar 2026Revenue Q2 ’26: $44.8M, as of Jun 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Free cash flow · quarterlyQ3 ’24 – Q2 ’26
-$992M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’24: -$41.7M, as of Sep 2024Free cash flow Q4 ’24: -$196M, as of Dec 2024 (Q4 worked out from the annual total)Free cash flow Q1 ’25: -$37.2M, as of Mar 2025Free cash flow Q2 ’25: -$175M, as of Jun 2025Free cash flow Q3 ’25: -$268M, as of Sep 2025Free cash flow Q4 ’25: -$703M, as of Dec 2025 (Q4 worked out from the annual total)Free cash flow Q1 ’26: -$541M, as of Mar 2026Free cash flow Q2 ’26: -$992M, as of Jun 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’24 – Q2 ’26
$2.6Bdebt $5.2B

Q2 ’26 · as of Jun 2026

Cash Q3 ’24: $23.9M, as of Sep 2024Cash Q4 ’24: $274M, as of Dec 2024Cash Q1 ’25: $218M, as of Mar 2025Cash Q2 ’25: $90.0M, as of Jun 2025Cash Q3 ’25: $711M, as of Sep 2025Cash Q4 ’25: $3.3B, as of Dec 2025Cash Q1 ’26: $2.6B, as of Mar 2026Cash Q2 ’26: $2.6B, as of Jun 2026Debt Q3 ’24: $0, as of Sep 2024Debt Q4 ’24: $488M, as of Dec 2024Debt Q1 ’25: $488M, as of Mar 2025Debt Q2 ’25: $489M, as of Jun 2025Debt Q3 ’25: $1.1B, as of Sep 2025Debt Q4 ’25: $5.2B, as of Dec 2025Debt Q1 ’26: $5.3B, as of Mar 2026Debt Q2 ’26: $5.2B, as of Jun 2026

CashDebt

The record

What happened

Compute market

Deals on the Ledger

The compute board →
Published compute deals with TeraWulf as a party
AnnouncedWithTypeValueSource
5 Oct 2026
  • Kentucky Power Supplier
Power dealundisclosedTeraWulf 8-K (Item 8.01, Ex. 99.1), 2026-10-05
6 Jul 2026Site lease$19BTeraWulf 8-K Ex. 99.1, 2026-07-06
28 Oct 2025Site lease$9.5BTeraWulf 8-K Ex. 99.1, 2025-10-28
16 Oct 2025No other party namedLoan against chips$3.2BTeraWulf 8-K, 2025-10-23
14 Aug 2025Backstop$1.8BTeraWulf 8-K, 2025-08-14
14 Aug 2025Site lease$3.7B~$3.7B over the initial 10-year terms; ~$8.7B with two five-year extensions. MW is 'more than 200'.TeraWulf 8-K Ex. 99.1, 2025-08-14

Every TeraWulf deal on the Ledger — each one read against its source.

Compute capacity

What TeraWulf has said about its capacity

3 statements · 1 campus · newest 28 Oct 2025

The capacity register →

Promised

Dated promises, and how each reads today
TeraWulf’s dated capacity promises, soonest due first
DueWhereWhat was promisedTheir wordsReadingSource
31 Dec 2026stated to the half-year, 14 days’ grace to 14 Jan 2027AbernathyDelivered · 168 MW critical IT“in the second half of 2026”DueRegulatory filing, 28 Oct 2025

Happened

Stages the company says it reached, in the basis it used
TeraWulf’s statements of capacity reached, newest first
StatedWhereWhat it saysIn its wordsSource
28 Oct 2025AbernathyContracted168 MW critical IT“Under the agreement, the parties will develop and deliver 168 MW of critical IT load at the Abernathy, Texas campus”Regulatory filing, 28 Oct 2025
28 Oct 2025AbernathyContracted240 MW gross“Capacity: 168 MW critical IT load (240 MW gross)”Regulatory filing, 28 Oct 2025

Megawatts are kept in the kind the source used and never added across kinds. A promised date is the latest day its words can bear, and only the company’s own later statements settle it.

How our view changed

2 dossiers on TeraWulf since . The verdict has held each time.

Research trail

The research around TeraWulf

Covered in the Knowledge Base

Datacenters & Digital Infrastructure

Company details

IndustryCloud Computing
SizePublic Company

Others in datacenters

5 names

Where TeraWulf sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.