Terawulf
WULF on Nasdaq. Terawulf sells data center capacity for AI computing to cloud and enterprise customers. Market value $7.4bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: -59 cents. Above 10 is good.
What you pay for each dollar of net assets: $50.72.
Profit per $100 you pay: $-26.09.
Quality score: 33 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$14.97 a share, 43% above its 1-year low
Over the past year the price has ranged from $10.47 to $29.84.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | $15m | $69m | $140m | $168m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.13bn | 0.24bn | 0.39bn | 0.42bn | 0.50bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 65.8% a year
- Buying back its own sharesNo, 289% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $45 million last quarter, down 6% on a year ago.
- A loss of $940 million, compared with a loss of $18 million a year ago.
- Over the past 12 months it spent $2.5 billion more cash than it brought in, compared with $450 million a year earlier.
- 26% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $27m |
| December 2024 | $35m |
| March 2025 | $34m |
| June 2025 | $48m |
| September 2025 | $51m |
| December 2025 | $36m |
| March 2026 | $34m |
| June 2026 | $45m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$23m |
| December 2024 | -$29m |
| March 2025 | -$61m |
| June 2025 | -$18m |
| September 2025 | -$455m |
| December 2025 | -$127m |
| March 2026 | -$428m |
| June 2026 | -$940m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 501 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Polen CapitalDan Davidowitz | $14m | 0.1% | Added |
Largest holders overall
- Lone Pine Capital$596mAdded
- BlackRock$578mCut
- Vanguard Portfolio Management$551m
- Vanguard Capital Management$442mAdded
- FMR$357mAdded
- Value Aligned Research Advisors$303mAdded
- Morgan Stanley$294mAdded
- TWO Sigma Investments, LP$284mAdded
- Geode Capital Management$234mCut
- Scoggin Management LP$193mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
9 investors own more than 5%.
- Paul B. PragerInsider or founderat least 10.7%+5.2 pts(filed with 8 related holders)Since 12 August 2025
- BANK OF NOVA SCOTIAPassive investor7.7%+1.5 ptsSince 30 June 2026
- Google LLCPassive investorat least 7.6%(filed with 2 related holders)Since 11 September 2026
- Paul B. PragerPassive investorat least 7.0%(filed with 1 related holder)Since 30 December 2024
- Morgan StanleyPassive investor6.1%Since 30 June 2026
- Citadel Securities GP LLCPassive investorat least 5.9%+2.2 pts(filed with 6 related holders)Since 19 May 2026
- Lone Pine Capital LLCPassive investorat least 5.1%(filed with 5 related holders)Since 8 April 2026
- Bryan J. PascualPassive investorat least 4.9%(filed with 1 related holder)Since 28 August 2025
What they said
On August 28, 2025, the Issuer filed its Preliminary Proxy Statement on Schedule 14A, in which it reported that there were 407,944,157 shares of Common Stock issued and outstanding as of August 25, 2025, which resulted in a decrease in the percentage of shares of Common Stock…
Read the filing - JANE STREET GROUP, LLCPassive investorat least 4.0%−1.8 pts(filed with 4 related holders)Since 30 June 2026
- REVOLVE CAPITAL LLCPassive investorSold down below 5%Since 5 June 2025
- Vanguard Portfolio ManagementPassive investorSold down below 5%Since 30 June 2026
- BlackRock, Inc.Passive investorSold down below 5%Since 30 June 2026
- Jane Street Options, LLCPassive investorSold down below 5%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Paul B. Prager Insider or founder | at least 10.7%+5.2 pts (filed with 8 related holders) | 12 August 2025 | |
BANK OF NOVA SCOTIA Passive investor | 7.7%+1.5 pts | 30 June 2026 | |
Google LLC Passive investor | at least 7.6% (filed with 2 related holders) | 11 September 2026 | |
Paul B. Prager Passive investor | at least 7.0% (filed with 1 related holder) | 30 December 2024 | |
Morgan Stanley Passive investor | 6.1% | 30 June 2026 | |
Citadel Securities GP LLC Passive investor | at least 5.9%+2.2 pts (filed with 6 related holders) | 19 May 2026 | |
Lone Pine Capital LLC Passive investor | at least 5.1% (filed with 5 related holders) | 8 April 2026 | |
Bryan J. Pascual Passive investor | at least 4.9% (filed with 1 related holder) | 28 August 2025 | What they saidOn August 28, 2025, the Issuer filed its Preliminary Proxy Statement on Schedule 14A, in which it reported that there were 407,944,157 shares of Common Stock issued and outstanding as of August 25, 2025, which resulted in a decrease in the percentage of shares of Common Stock… Read the filing |
JANE STREET GROUP, LLC Passive investor | at least 4.0%−1.8 pts (filed with 4 related holders) | 30 June 2026 | |
REVOLVE CAPITAL LLC Passive investor | Sold down below 5% | 5 June 2025 | |
Vanguard Portfolio Management Passive investor | Sold down below 5% | 30 June 2026 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 30 June 2026 | |
Jane Street Options, LLC Passive investor | Sold down below 5% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $440,486 of shares on the open market. 5 sold $36m, $19m of it under preset trading plans.
- Bucella Michael C.DirectorBought
- Date
- 15 September 2026
- Shares
- 6,085
- Price
- $14.79
- Value
- $89,967
- Motz Catherine J.DirectorSold
- Date
- 8 September 2026
- Shares
- 56,023
- Price
- $17.81
- Value
- $997,943
- Carter Walter E.DirectorSold
- Date
- 31 August 2026
- Shares
- 130,626
- Price
- $15.14
- Value
- $2m
- Prager Paul B.Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 27 August 2026
- Shares
- 137,500
- Price
- $17.06
- Value
- $2m
- Bucella Michael C.DirectorBought
- Date
- 17 August 2026
- Shares
- 2,860
- Price
- $17.47
- Value
- $49,964
- Bucella Michael C.DirectorBought
- Date
- 14 August 2026
- Shares
- 3,023
- Price
- $16.54
- Value
- $49,985
- Prager Paul B.Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 29 June 2026
- Shares
- 137,500
- Price
- $26.60
- Value
- $4m
- Prager Paul B.Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 27 May 2026
- Shares
- 166,650
- Price
- $25.92
- Value
- $4m
- Prager Paul B.Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 26 May 2026
- Shares
- 166,650
- Price
- $24.43
- Value
- $4m
- Prager Paul B.Chief Executive Officer, DirectorSold
- Date
- 28 April 2026
- Shares
- 79,200
- Price
- $20.62
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 September 2026 | Bucella Michael C. Director | Bought | 6,085 | $14.79 | $89,967 |
| 8 September 2026 | Motz Catherine J. Director | Sold | 56,023 | $17.81 | $997,943 |
| 31 August 2026 | Carter Walter E. Director | Sold | 130,626 | $15.14 | $2m |
| 27 August 2026 | Prager Paul B. Chief Executive Officer, Director | Sold under a preset trading plan | 137,500 | $17.06 | $2m |
| 17 August 2026 | Bucella Michael C. Director | Bought | 2,860 | $17.47 | $49,964 |
| 14 August 2026 | Bucella Michael C. Director | Bought | 3,023 | $16.54 | $49,985 |
| 29 June 2026 | Prager Paul B. Chief Executive Officer, Director | Sold under a preset trading plan | 137,500 | $26.60 | $4m |
| 27 May 2026 | Prager Paul B. Chief Executive Officer, Director | Sold under a preset trading plan | 166,650 | $25.92 | $4m |
| 26 May 2026 | Prager Paul B. Chief Executive Officer, Director | Sold under a preset trading plan | 166,650 | $24.43 | $4m |
| 28 April 2026 | Prager Paul B. Chief Executive Officer, Director | Sold | 79,200 | $20.62 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
Not checked yet. We haven’t read Terawulf’s annual report.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.