WULF · TeraWulf
Crypto-miner-turned-AI/HPC data-center developer & colocation landlord
WULF·Crypto-miner-turned-AI/HPC data-center developer & colocation landlord
TeraWulf

TeraWulf

ConvictionModerate

Power-first real-asset landlord: monetize energized, interconnect-queued, zero-carbon power by building HPC colocation shells and leasing critical IT capacity to a neocloud tenant (Fluidstack) on long-dated (10-yr) contracts. The economic engine is the spread between contracted, credit-backstopped lease revenue (~$1.5-2M/MW/yr) and the debt-funded capex to build the shells — a shift away from volatile, hash-price-linked BTC hosting toward higher-multiple, contracted landlord cash flows. The scarce asset is the site's power, not ASICs.

Revenue
$34.0MQ1 FY26, ~flat YoY); $168.5M FY2025 (+20.3%) [fact]
Rev growth
FY2025 +20.3% YoYQ1 FY26 roughly flat YoY as mining fell and HPC lease revenue (~$21M, +117% QoQ) more than offset it [fact]
Gross margin
Not cleanly disclosed at a blended level during the pivotlegacy mining ran a positive gross margin on power cost, HPC lease revenue carries high incremental margin but is early-ramp [n/a — mixed transition]
Op margin
Deeply negative on a GAAP basis: Q1 FY26 net loss ~$427.6M~$1.01/sh) incl. a ~$25.7M impairment; loss dwarfs the $34.0M of quarterly revenue during the capex build [fact]
Capex intensity
Very high: multi-billion planned builde.g. ~$3-4B Hawesville campus) against <$200M annual revenue; capex is many multiples of revenue during the pivot [fact/guidance]
Market cap
~$11.7B equity cap2 Jul 2026; sources range ~$11.7B-$12.7B intraday) [fact]
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Scaling the AI Cloud

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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

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  • SWOT, moats & dependency map
  • Supplier–customer ecosystem graph
  • Signals, trends & valuation range
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Not investment advice — analyst work product for a qualified professional.· intel vintage Jul 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence
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