What happened with WULF today?
No read yet
Uses news and trading volume to explain the day’s move and how it relates to the market.
Stop guessing. Get the call, a three-month target price, the best and worst cases, and a source for every claim.
TeraWulf operates U.S. bitcoin-mining facilities and is developing data centers for AI and other demanding computing workloads. Mining supplied most of its latest reported revenue. Its specialized computers help validate bitcoin transactions, and mining-pool operator Foundry distributes bitcoin rewards according to the computing power TeraWulf contributes. TeraWulf routinely sells those bitcoin for dollars. Mining earnings depend heavily on bitcoin’s price, electricity costs and the rewards its equipment can earn.
The company is directing growth investment toward data-center leasing rather than new mining equipment. Customers pay recurring rent for space and electrical capacity, with related services such as security and maintenance; electricity costs are passed through without markup. Core42 leases have begun operating at Lake Mariner in New York. Much of the contracted expansion is leased to Fluidstack at Lake Mariner and the Abernathy joint-venture campus in Texas, so the developing hosting business leans heavily on that customer. Google provides credit support for Fluidstack’s obligations, but the payment backstops apply only after the relevant leases begin and do not cover every default or termination.
Turning contracted capacity into rental income depends on completing and energizing the facilities, customer deployment schedules and project financing. Further Lake Mariner expansion also requires additional approvals from grid operator NYISO.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
TeraWulf’s growth hinges on delivering powered HPC capacity to Fluidstack and Core42, with Google’s credit support underpinning its major Fluidstack leases.
Cipher Digital and TeraWulf share bitcoin-mining economics while competing to lease power-secured data centers to long-term HPC tenants. Cipher’s progress on facilities for hyperscalers offers a comparison for TeraWulf’s shift from mining revenue to hosting rent.
Core Scientific competes with TeraWulf to turn mining infrastructure into facilities where customers pay to house power-intensive AI computing equipment. Its progress repurposing electrical and cooling systems is a useful comparison for TeraWulf’s own AI hosting buildout.
Applied Digital competes with TeraWulf for hyperscalers and other compute customers that lease high-density AI data centers for the long term. Watch its ability to secure power and grid connections—the same constraints TeraWulf faces in bringing contracted hosting capacity online.
Hut 8 challenges TeraWulf’s power-first approach: both secure energy infrastructure before developing facilities for paying HPC tenants. Hut 8’s site selection and interconnection progress offer a comparison for TeraWulf’s ability to turn controlled land and power into usable hosting capacity.
IREN shares TeraWulf’s exposure to AI demand and powered data-center delivery, but sells customers compute and software as well as infrastructure, while TeraWulf collects facility rent. IREN’s AI cloud capacity coming online offers a view of deployment progress, not a like-for-like measure of hosting revenue.
Ionic Digital Inc. and TeraWulf are replacing mining use of powered sites with long-term rent from AI infrastructure customers. Ionic’s Nscale lease payments and delivery of additional power capacity offer a concrete comparison for converting mining assets into recurring lease revenue.
Keel Infrastructure Corp. is pursuing the same move as TeraWulf from bitcoin mining toward long-term facility leases for hyperscalers and AI customers, but had no HPC revenue at December 31, 2025. Its expected first data-center revenue in 2027 makes the timing of paid capacity delivery the key comparison.
Galaxy Digital’s Data Centers business develops HPC infrastructure that competes with TeraWulf’s leased AI facilities. Watch that business’s development and move toward operations rather than Galaxy’s trading fees and investment results, which reflect a different source of earnings.
Riot Platforms and TeraWulf both earn bitcoin with their own mining fleets, so bitcoin prices, network difficulty and electricity costs affect their mining margins. Riot’s bitcoin output and low-cost Texas power resources offer a comparison for TeraWulf’s remaining mining business, not its HPC leases.
CleanSpark and TeraWulf turn computing power from owned mining fleets into bitcoin, leaving both exposed to bitcoin prices, global mining competition and electricity costs. CleanSpark’s fleet efficiency and use of mined bitcoin to fund operations help frame the cash-generating demands of TeraWulf’s mining business.
MARA Holdings and TeraWulf share mining exposure: their machines validate Bitcoin transactions for bitcoin rewards and fees, with profitability tied to rewards versus mining costs. MARA’s control of energy infrastructure and flexible electricity use provide a comparison for managing TeraWulf’s largest direct mining expense.
HIVE Digital Technologies Ltd. shares TeraWulf’s mining exposure while expanding facilities for paying AI customers; both also sell mining computing power to mining pools. HIVE’s upgrades of mining sites for high-density AI equipment offer a comparison for moving existing infrastructure beyond bitcoin revenue.
Bitdeer and TeraWulf both earn bitcoin from company-operated mining equipment, so mining economics remain material to both. Bitdeer’s self-mining revenue and SEALMINER power efficiency are the relevant comparisons for TeraWulf’s bitcoin business, rather than its equipment sales or other services.
WhiteFiber, Inc. competes with TeraWulf for AI customers paying to house computing equipment in owned HPC facilities, while also selling GPU cloud services. Its hosting and colocation revenue is the closer comparison for TeraWulf’s facility rents; cloud-service revenue includes a separate layer of compute services.
Fermi Inc. plans to lease powered AI campus infrastructure to the same large compute customer groups TeraWulf targets, but had generated no revenue through December 31, 2025. Definitive tenant leases and delivery of buildings with on-site power at Project Matador are the milestones to watch before treating its planned capacity as operating competition.
CoreWeave’s AI cloud demand offers a read on workloads that need facilities like TeraWulf’s, without implying it is a TeraWulf tenant: CoreWeave sells computing services to enterprises, AI labs and technology companies, while TeraWulf leases infrastructure. CoreWeave’s committed customer contracts are the concrete demand indicator to watch.
Digital Realty competes with TeraWulf to lease powered data-center space to enterprises and service providers that do not operate their own facilities. Its multi-megawatt leases are the closer comparison for TeraWulf’s large hosting contracts, rather than its smaller cabinet deployments.
Fed Interest Rate Decision
The Fed’s rate decision signals the cost of borrowing across the economy; for TeraWulf, higher rates can make financing HPC construction and future projects more expensive, while lower rates can ease that burden.
Expected4.0%Last release4.0%
If it comes in above expectations
More expensive new borrowing could raise the cost of funding TeraWulf’s HPC construction and make future project financing harder, though its fixed-rate debt limits the immediate effect on interest expense.
If it comes in below expectations
Cheaper new borrowing could ease the cost of funding TeraWulf’s HPC construction and make future project financing easier, though its fixed-rate debt limits the immediate effect on interest expense.
Digital Realty Trust, Inc. earningsDLR
Digital Realty's report will show whether customers are still leasing large blocks of powered data-center space, the same kind of capacity TeraWulf rents to HPC tenants.
Look at Digital Realty's large-lease activity and delivery of capacity. Continued multi-megawatt leasing and on-time delivery would show customers are still taking large data-center spaces, supporting the market in which TeraWulf rents high-density computing facilities. Weaker leasing or delays would point to a harder market for TeraWulf to grow rent. The companies do not share the same customers or facilities, so Digital Realty's leases are not TeraWulf orders.
Riot Platforms, Inc. earningsRIOT
Riot Platforms' report will show how bitcoin output and power costs shape its mining margins, offering a comparison for TeraWulf's still-important mining business.
Read Riot Platforms' bitcoin output alongside its mining costs. Output that holds up against costs would suggest bitcoin rewards can still help cover direct expenses such as electricity, a useful signal for TeraWulf's mining environment; weaker output or rising costs would point to shared industry pressure. Their locations and power conditions differ, so Riot's costs do not stand in for TeraWulf's.
Hut 8 Corp. earningsHUT
Hut 8's report will show whether securing sites and grid connections can turn into usable hosting capacity, a key step in TeraWulf's own buildout.
Look for whether Hut 8's site and grid-connection progress is turning into usable hosting capacity. Progress toward available capacity would show projects can advance even when power is a constraint; delays would underline that having a site is not the same as having operating power, and TeraWulf's contracted capacity also depends on power and interconnection.
Core Scientific, Inc. earningsCORZ
Core Scientific's report will show how far it has converted mining power and cooling systems into AI-hosting facilities, a comparison for TeraWulf's buildout.
Look at Core Scientific's progress converting existing power and cooling systems, and whether customers can use the resulting facilities. On-time readiness and use would show that mining infrastructure can become hosting capacity, a useful comparison for TeraWulf's buildout. Delays would show that construction and commissioning still stand between mining facilities and usable customer space; contracted capacity alone does not mean rent has started.
TeraWulf Inc. earningsThis company
This report will show whether TeraWulf is turning contracted AI data-center capacity into rent fast enough to change a business still led by bitcoin mining.
Read HPC lease revenue alongside digital-asset revenue, and distinguish rent from power passed through to tenants: that power is recorded in lease revenue even though TeraWulf charges no markup. More rent and segment profit from leases already underway, with mining no longer carrying the business alone, would show the shift reaching reported results. Little rent while mining remains dominant would mean the transition still depends on later construction and customer move-ins.
CoreWeave, Inc. earningsCRWV
CoreWeave's report will show whether businesses and AI companies are still committing to computing services that need data-center capacity like TeraWulf's; it is not identified as a TeraWulf customer.
Look at CoreWeave's disclosed customer commitments and progress delivering its services. More commitments and customers using computing services as planned would show AI buyers still want services that require substantial data-center capacity, supporting potential demand for TeraWulf's facilities. Weaker commitments or slower delivery would point to more cautious buyers. CoreWeave sells computing services and is not an identified TeraWulf tenant, so this is a demand signal, not a TeraWulf order.
