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WULF · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is TeraWulf Inc. Common Stock (WULF) stock moving?
TeraWulf beat Q3 2026 expectations on Nov 6, with revenue of $76.2 million against about $61.8 million expected and a loss of $0.03 per share against about $0.21 expected. The company also secured Google credit support for debt financing tied to its $19 billion of contracted Anthropic lease commitments at the Kentucky Justified campus, and signed a definitive Fluor EPC agreement for three buildings, with Fluor expecting to book the award in Q4. Delivery under the Justified leases is expected in phases from late 2027 to Q2 2028. Price action shows a volatile path: the stock rose from 11.32 on Oct 22 to a 13.42 high on Oct 28, fell to a 9.51 low on Nov 5 with a roughly 14% drop tied to post-midterm weakness in crypto and AI data center peers, and then rebounded on heavy volume around the earnings beat. Volume peaked at 106 million shares on Nov 6, and the stock has since recovered to a 12.56 close on Nov 10 on 46.5 million shares. Analysts from Jefferies, Citi, Morgan Stanley, Wells Fargo, Northland, Rosenblatt, Needham and Bernstein all kept Buy or Overweight ratings but cut price targets, with the recent range running from $14 to $47. The price target cuts weigh against the bullish story, as does the stock's sensitivity to sector sentiment, but the contracted revenue pipeline and the Google-backed financing support the medium-term case.
News behind the analysis
- TeraWulf Secures Google Credit Support and Expands Fluor EPC Agreement for Justified Data Center CampusTeraWulf obtained Google credit support for debt financing at its Kentucky Justified campus, which carries $19 billion in contracted Anthropic lease commitments. It also signed a definitive EPC agreement with Fluor for three data center buildings.
- TeraWulf Inc. Reports Third Quarter 2026 Financial ResultsTeraWulf reported Q3 2026 revenue of $76.2 million and a loss of $0.03 per share, both ahead of analyst expectations. The Benzinga data showed sales of $76.23 million against a $61.79 million estimate.
- TeraWulf Stock Moves Higher: What's Going On?Shares rose on Friday after TeraWulf reported $76.2 million of sales for July to September, ahead of analyst estimates. The move followed a sharp sell-off in the prior session.
- TeraWulf Q3 EPS $(0.03) May Not Be Comparable To $(0.21) Estimate, Sales $76.230M Beat $61.790M EstimateQ3 earnings per share of $(0.03) compared with a $(0.21) estimate, and sales of $76.230M beat a $61.790M estimate. Benzinga noted the EPS figure may not be directly comparable to the estimate.
- TeraWulf Stock Slides Ahead of Q3 EarningsTeraWulf stock fell about 14% with crypto and AI data center peers after the midterms, a day before its Q3 report. Analysts had set expectations ahead of the results.
- Fluor Announces Definitive Contract With TeraWulf For Three Kentucky Data Center Buildings; Value Not Disclosed, Expects To Book Award In Q4Fluor signed a definitive contract with TeraWulf for three Kentucky data center buildings, with the value not disclosed. Fluor expects to book the award in the fourth quarter.
- TeraWulf Analysts Stay Bullish After Google Backstops $19 Billion Anthropic LeaseAnalysts kept Buy ratings but cut price targets, citing the Google-backed $19 billion Anthropic lease and HPC growth. The note followed a revenue beat.
- Northland Securities Maintains Buy Rating on TeraWulf, Adjusts Price Target to $22.50Northland maintained its Buy rating and cut its price target from $30 to $22.50. The analyst is Michael Grondahl.
- Morgan Stanley Maintains Overweight on TeraWulf, Lowers Price Target to $47Morgan Stanley kept its Overweight rating and lowered its price target to $47. It remains the highest target among the recent analyst updates.
- Jefferies Maintains Buy on TeraWulf, Lowers Price Target to $14Jefferies kept its Buy rating and cut its price target from $15 to $14. It is the lowest of the recent targets cited in the news.
About TeraWulf Inc. Common Stock
TeraWulf is a US company that builds and runs large data centers. It started as a bitcoin miner and is now becoming mainly a landlord for AI and high-performance computing (HPC) customers. What sets it apart is its access to cheap, mostly low-carbon power, mainly at its Lake Mariner campus in New York, plus newer sites in Kentucky. It has long-term leases with customers such as Fluidstack (backed by Google), Core42 and, reportedly, Anthropic.
How it makes money
TeraWulf has two income streams. The first is leasing data-center space and related services to HPC/AI tenants, and the power cost is passed through to the tenant. In Q2 2026 this brought in about 71% of revenue (roughly $32M of about $45M). The second is mining bitcoin and selling it for dollars, which is a shrinking share of revenue. The company's growth plan relies heavily on borrowed money: total debt is roughly $6B, made up of convertible notes and secured notes.
What usually moves WULF
- AI and hyperscaler demand for data-center capacity
- New long-term lease signings and on-time construction
- Bitcoin price and mining economics
- Financing costs and debt or share issuance
- Power prices and access to grid power