TeraWulf Inc. (WULF) Stock Price & How to Invest

TeraWulf Inc. (NASDAQ: WULF) operates data center infrastructure powered largely by low-cost, predominantly zero-carbon energy at its Lake Mariner campus in western New York. Historically it made money by mining bitcoin: running specialized computers to earn block rewards, with revenue tied directly to bitcoin's price and network difficulty. Increasingly it makes money a different way, by leasing turn-key, power-backed data center space to high-performance-computing and AI customers under long-term colocation agreements, where the customer brings the chips and TeraWulf provides the building, power, and operations in exchange for contracted rent.

The company went public via a 2021 merger and spent its early years scaling bitcoin mining. Beginning in 2024 and accelerating through 2025 and 2026, it pivoted toward AI and HPC hosting, signing a deal to deliver over 70 MW for Core42 (a G42 subsidiary) and 200-plus MW of 10-year agreements with Fluidstack that Google agreed to backstop (initially $1.8 billion, up to $3.2 billion with expansion, plus warrants for roughly an 8% equity stake). By Q1 2026 it had about 60 MW of critical IT capacity energized and generating HPC revenue, and that segment surpassed mining as its largest revenue source, marking the strategic shift from crypto-linked income toward contracted infrastructure cash flows.

TeraWulf still carries meaningful bitcoin price exposure through its remaining mining operations, so crypto weakness pressures part of the business. The larger risks are execution and the balance sheet: delivering hundreds of megawatts on schedule is capital-intensive, and the company reported roughly $5.8 billion of total debt as of March 31, 2026 plus a sizable Q1 net loss. Funding the build-out has involved equity and convertible issuance, creating dilution, and revenue is concentrated in a small number of large tenants, so any customer or financing setback would be material.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see TeraWulf Inc.'s investor relations page or your broker.

• Revenue (Q1 2026): ~$34 million total, including ~$21 million HPC lease revenue
• Energized HPC capacity: ~60 MW critical IT at Lake Mariner; ~594 MW contracted
• Cash and restricted cash: ~$3.1 billion as of March 31, 2026
• Total debt: ~$5.8 billion (incl. ~$2.5B convertibles, ~$3.2B senior secured notes)
• Shares outstanding: ~435 million as of April 2026
• Market cap: ~$13-14 billion (June 2026)

TeraWulf is valued on contracted future AI hosting capacity far more than on current earnings, which remain negative as it spends heavily to build. The market capitalization reflects the long-dated Fluidstack and Core42 leases and the Google backstop, so the figures swing with bitcoin sentiment, AI infrastructure enthusiasm, and construction milestones. All figures are approximate and drawn from Q1 2026 disclosures.

There are three common ways to get WULF exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so WULF sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where WULF fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

Right now TeraWulf is a power-and-real-estate AI infrastructure story wearing a bitcoin miner's history: its main driver is contracted HPC colocation capacity (about 594 MW signed with tenants like Core42 and Fluidstack, the latter backstopped by Google), and the clearest metric is the ~$21 million of HPC lease revenue it booked in Q1 2026, already larger than its mining segment. If you believe the build-out delivers on time and the long-term leases convert into the high-margin recurring cash flows management projects, the question becomes sizing and overlap with the rest of your AI and data center exposure, not timing. The risk is that heavy construction spending, roughly $5.8 billion of debt, ongoing dilution, and dependence on a small set of large tenants leave little room for slippage.

Whether WULF is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is WULF a buy?, and where the stock could go from here in the WULF stock forecast.

For income investors, whether WULF pays a dividend and how the payout looks is covered in does WULF pay a dividend?