TeraWulf is pivoting from pure-play Bitcoin mining to an AI/HPC data center infrastructure company. With 141 employees and ~$168M in annual revenue, WULF operates clean-energy-powered facilities (primarily nuclear via Lake Mariner in NY). The company holds $3.3B in cash but carries $5.2B in total debt. At $13.75, the stock sits 46% below the $25.40 analyst consensus target, but with a beta of 4.3 and 28% short interest, this is an extremely volatile and contested name. The pivot to HPC/AI hosting is the thesis — execution risk is the question.
See article for business overview.
| Segment | Revenue | % Total | Description |
|---|---|---|---|
| Bitcoin Mining | Self-mining BTC using ASIC hardware at Lake Mariner (NY) & Nautilus (PA) | Active | Core revenue driver, ~$168M TTM |
| HPC/AI Hosting | Pivoting to GPU-based AI/HPC data center colocation for hyperscalers | Ramping | Higher-margin, long-term contracts, diversifies away from BTC |
| Infrastructure | 200+ MW nuclear-powered capacity at Lake Mariner with expansion plans | Expanding | Clean energy moat, cost advantage ~$0.02/kWh |
| Metric | Value | Signal |
|---|---|---|
| Revenue (TTM) | $168.5M | +2.4% YoY growth — slow but stable |
| Gross Margin | 50.9% | Strong for mining — clean energy cost advantage |
| Operating Margin | -210.5% | Deep negative — heavy infrastructure CapEx |
| EBITDA | -$80.8M | Cash burn from expansion investments |
| ROE | -343.7% | Negative equity returns — growth phase |
| ROA | -2.6% | Below breakeven on assets |
| Total Cash | $3.27B | Strong liquidity position |
| Total Debt | $5.20B | Highly leveraged — debt/cash ~1.6x |
| EV/Revenue | 46.1x | Premium valuation priced for HPC/AI pivot |
| Price/Book | 41.2x | Extremely elevated — book value $0.33/share |
| Analyst Target | $25.40 | Strong Buy consensus (+85% upside) |
| Q1 2025 | -$0.160 | -$0.087 |
| Q2 2025 | -$0.028 | -$0.058 |
| Q3 2025 | -$0.038 | -$0.048 |
| Q4 2025 | -$0.265 | -$0.160 |
| RSI (14) | 40.0 |
| EMA 20 | $2.00 |
| EMA 50 | $12.83 |
| EMA 200 | $9.47 |
| MACD | 0.000 |
| Signal | 26.700 |
| ATR (14) | $6.70 |
| Indicator | Value | Signal |
|---|---|---|
| BTC-USD | Very High (implicit via beta 4.3) | Primary driver — WULF amplifies BTC moves by ~4x |
| SPY (S&P 500) | 0.32 | Moderate — follows broad risk sentiment |
| NASDAQ | 0.34 | Moderate — tech growth correlation |
| Russell 2000 | 0.34 | Small-cap risk appetite |
| GLD (Gold) | -0.02 | Negligible — no safe-haven correlation |
| TLT (Bonds) | 0.04 | Negligible — rate-insensitive |
| USO (Oil) | 0.09 | Low — energy cost marginal (nuclear) |
Regime: risk-off
Extreme beta (4.3), high leverage ($5.2B debt), negative EBITDA, and 28% short interest combine to make WULF one of the highest-risk equities in the BTC mining sector. The HPC/AI pivot is the key de-risking catalyst but remains in early execution.
TeraWulf trades at a premium to book value (41x) because the market is pricing in the HPC/AI pivot potential, not current mining economics. The $25.40 analyst target assumes successful execution. The current $13.75 price reflects the market’s uncertainty about that execution, combined with BTC weakness and general tech/crypto selloff pressure. The 28% short interest signals that a significant portion of institutional investors believe the pivot thesis is overpriced at current levels.
This analysis is provided for informational and educational purposes only. It does not constitute financial advice, investment recommendation, or solicitation to buy or sell any security.
Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Always conduct your own research and consult a licensed financial advisor before making investment decisions.
Data sourced from real-time market data, Yahoo Finance, SEC EDGAR, and public market data. Accuracy is not guaranteed.
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